has anyone done an IVA/know ways of getting help with debt?

[mad4mybaby]

We have alot of debt and have a very high mortgage. We have a v high amount of outgoings and DH wage covers these.

Im pg and also have a 2 yr old. I can not go back to work (partly due to pg) but also to put 2 young children into full time nursery would be more than i could earn a month therefore not an option.

We have a very high mortgage with a £30k unsecured loan attached to it aswell. We can not sell our house as now in negative equity plus have a £12k redpemtion on it if move within 5 years (have been here 2 yrs).

The £30k isnt the only debt. Have thought about bankruptcy but decided against it as there would be so many things we'd lose and there fore have to find the money to buy replacements (car and things on finance) Also have a huge overdraft we cant get out of.

Now the hard part is DH earns very good money but we are in an awful situation.Have looked into IVA and wondering what they class as debt 'you can not afford to pay off'? As in we are paying toward debt but not getting out of it and wondering if DH size of wage makes a problem? Before anyone jumps in to have a go please dont just slate me, im just after anyones help/advice who have been in our situation.

yes a typo! I meant a £10k overdraft! I wish i only had a £10k mortgage! Ours is nearly £300k! Thanks, we have one of those spreadsheet thingy bobs that im working from each month... just trying to work out what else i can be doing

dont do a debt consolidation loan - that is just another debt

fill in the payplan forms and wait for them to contact you about it.

dont try to second guess what the best option is (that is why you got into this problem, sorry) you are NOT an expert at this and they are.

dont go for an iva if they advise you not to,

in the meantime you need to rein in and cut every single thng you spend money on so no meals out, no mags, no toys, books, no takeaways, tescos value stuff (or similar) make food dont buy ready made etc etc - borrow and sell everything you have you do not need eg spare jeans, outgrown clothes, etc

it is very very boring but completely common sense . you have to eat, pay the mortgage and the bills. apart from that cut back on everything so you can repay the debts you have run up buying stuff you cant actually afford.
google alvin hall for his take on the way we think we 'deserve' the lifestyles we buy through getting into debt! v interesting!

ooh that sounds a bit harsh - not being judgemental but it is the honest truth of it