help!!

[moneyworries]

I owe about �31k in loans, credit cards etc, my partner can only work part-time due to looking after our daughter of 12mths, I will be short of �-527 per month, the bank cannot help me, we rent our property and dont want our landlord to know, what should we do??

[Kathyan]

Maybe I wasn't too clear in my last post. First of all when you apply for an IVA, the company who you choose will ask for a list of people you owe money to, loans, credit cards, store cards etc. Then they will ask you how much you earn. They then make a list of your living allowances which includes food, hygiene, electricity, gas, phone, clothing etc and also allow a contingency of �50 per month. They add all this up and take it away from your earnings. You then start paying your IP the monthly payments and they distribute this to your creditors. After 5 years the IVA will end and what you haven't paid back will be written off. I may have made a mistake with the �250. It will all depend on how much you can afford to pay back and if your creditors will accept what is offered. I hope this makes things a lot easier to understand.

[deeboy]

Agree with mdoo98..sod it go bankrupt..if you live in Scotland then all the better.."Sequestration" (latin) meaning palce of safety. They cannot kill you jail you put you out of your house..if you receive a demand for payment from the court, wages arrestment, or statutory demand for council tax arrears then you could self suqestrate.at a cost of �63..and all that will happen is your name gets taken to court. I'm sure the system in endland would be a bit similar..however you have bailliffs to consider. But if you owe that large amout selling your goods wont raise near the amount you owe. Good luck ;-)