And so it begins.

I have decided to write this blog to record my debt journey so that others may see that anyone can get into this mess, and equally anyone can, with help, get out of it.   I start by saying that I am a professional person, a lawyer.  I am therefore supposed to have a degree of intellect that one would ordinarily think would have prevented me from descending into such  a serious and worrying position.  Debt can happen to anyone.  In my case I do not seek to blame anyone but myself.  My situation arose because of my self employed status, my failure to manage money properly, and my obsession with….. money.

I have a gorgeous and loving wife and two beautiful little girls.  I never wanted them to want for anything.  So, I would spend money I didn’t really have,  or that I didn’t have yet.  You see my income comes in fits and starts.  I am always expecting the next big cheque in.  So I got into the very bad habit of spending money before it was received.  Eventually it all caught up with me, and now here I am, our house, our home, on the line, and my only option appears to be the IVA route.

So this is where I am, and I have to deal with it.  The numbers are bad.  104k including 45k or so to the revenue.  The shock of writing it all  down is the first step.  Anyone finding themselves in this position must do that, write it all down and stare at it, take it on board.  It is frightening, but, as I found, you will deal with it.  Confronting the issue and taking the decision to do something about it is the most important stage.  It is the hardest stage.

In my case, the answer looks likely to be an IVA.   I have spent a great deal of time on the IVA forums, and I found an IP with a good reputation.  So far I could not have hoped for better help.  My creditors meeting is on the 25th November.  I have taken the day off.  I and my wife are nervous.  A no, means we will lose our house.  We are hopeful that an offer of 0.54/£ will be acceptable.   Keep your fingers crossed for us.