We just got married 3 weeks ago, and starting married life very much skint.
He is a Civil Servant - earns approx £1300 per month, I am on incapacity benefit of £360 Per Month. We also receive £120 per month in Child Tax Credit and £112 in Child Benefit.
Our debts total around £900 a month, then we have rent, utlilty bills, food, etc (we have 2 children aged 6 and 1).
We haven't missed any payments yet and have used our credit within the last few weeks (used CC and have bought some clothing from catalouge).
Just wanted to point out this was because I had no money to buy my daughters any winter clothing, coats etc.
We really thought we could keep up and no we didn't have a huge wedding, it was small and we kept costs down. All overtime has been cancelled at hubbys work for the next 8 months (so I know without that we will go down the pan.)
This month I have just too much to pay out, we will have less than nothing left. It is becoming a worry and I am looking to what to do next.
I have read about IVA's, and some stories are good, some bad.
We are council tenants and would prefer this to bankruptcy (hubby works in a legal capacity).
Here are my questions:
Will an IVA be refused because we have had recent credit?
57% of our debt is from Beneficial Finance, if they say no, does that mean we will be refused (as they have the main vote)?
Will we be able to amas any savings (We haven't any, but could we save some money for things like Xmas etc) Or would they take it?
Will they take 50% of any bonus/payrise?
How long to set up ? Will I spent 8 weeks fobbing off calls and letters?
I probably have loads more questions, but hope someone can help with these.
BTW Was thinking of using http://www.payplan.com as recommended on this site.