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Matesy
Matesy Posts: 39 Forumite
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in Debt-free wannabe
Hello everyone my hubby and I have finally decided to do something about our debt . We thought we could get through it but unfortunately we can’t. We haven’t missed any payments and our not behind in any payments We just find it hard to manage after paying everything . We r currently 52,000 in debt and totally embarrassed. But unfortunately we can’t go back we have to move forward . Is there light at the end of the tunnel. Can anyone that has been in the same situation give us some advice manythanksx x we don’t know whether to go for an Iva or dmp
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  • PrettyKittyKat
    PrettyKittyKat Posts: 1,270 Forumite
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    Well done on facing your debt and taking the first step Matesy.

    To get the best advice if you post your statement of affairs you can be offered advice on your personal circs.

    Do you have a house? equity?
    What about a car? worth?
    Would an IVA affect your employment?
  • fatbelly
    fatbelly Posts: 20,563 Forumite
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    I see I posted on your last thread in 2016 and that it petered out because you did not give us much information to go on.

    Please post a soa and preferably do it on the dfw board where it will be seen by more people.
  • Matesy
    Matesy Posts: 39 Forumite
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    Hi we have talked to stepchange and they have advised us on Iva or dmp
  • Matesy
    Matesy Posts: 39 Forumite
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    Hi I posted last night and feeling very nervous. We r Facing up to our debts
    As anyone gone down the route of Iva or dmp. Can somebody please tell me have they been through this many thanks
  • PrettyKittyKat
    PrettyKittyKat Posts: 1,270 Forumite
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    Ok, so what are you looking for in the replies if you already have your options?
  • fatbelly
    fatbelly Posts: 20,563 Forumite
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    Matesy wrote: »
    Hi we have talked to stepchange and they have advised us on Iva or dmp

    If we are going to advise which option suits you better (and also understand why bankruptcy is not an option) then we are going to need more than just a debt total.

    Please complete a statement of affairs, format for mse and post the results, preferably on the debt-free wannabe board

    http://www.stoozing.com/calculator/soa.php
  • MovingForwards
    MovingForwards Posts: 16,945 Forumite
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    I am in a paid DMP, was a weight off my shoulders at the time. Sadly, the DMC screwed up big time and I ended up with a CCJ.

    I tried for a charity DMP but the monthly payment was a lot, with hindsight I should have contacted stepchange and saw what they thought compared to the other charity.

    I couldnt do an IVA due to my job and regulated career. Hiding having a CCJ at work became a huge burden and when I had to renew to my regulatory body I would have been in the poo, had an investigation, faced upto £5k fine and strike off so had no option but to stop my career.

    Change of life a few years later (marriage went belly up, but I am with a much better person), no longer in the same career and still paying the DMP and picking off debts.

    DMP - In short - it was useful at the time but depends how long the DMP would be for.

    IVA - has an end date known and depends whether your job could be at risk by doing it.

    Post up a statement of affairs if you want us to help with your options.
    Mortgage started 2020, aiming to clear it in 2026.
  • sourcrates
    sourcrates Posts: 28,914 Ambassador
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    Merged and moved to DFW.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Ilona
    Ilona Posts: 2,449 Forumite
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    Hi Matesy. We last heard from you two years ago, your debt has shot up quite a lot since then. You were asked several times to post a Statement of Affairs. If you do this now the good people on here can advise you of your options, how to deal with it, but we need more information.

    Yes it is scary, it is embarrassing, but there is no quick fix. Your debt free journey will take a while, but if you start now it will be a weight off your shoulders. Contact Stepchange, a charity which can help you, or National Debtline, and post your SOA here. There is help, but you have to start the ball rolling with your SOA.

    ilona
    I love skip diving.
    :D
  • Matesy
    Matesy Posts: 39 Forumite
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    I know llona it has gone up but to be honest I thought by coming onto this forum was to get advice not to be judged. I feel bad enough and embarrassed. I thought this forum was a way of talking to people who have been through it . We have been chatting to people that can help And not judge
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