A Lifeline

[daisy may]

I am currently in communication with a company with regards to setting up an IVA, I am around £18,000 in debt to about 12 creditors and most of my debts are quite advance (They have been pased onto Debt Collectors etc) I have only just this week plucked up the courage to admit to my parents just how bad my problem is (Something I should have done a long time ago) My father came with me to see the Citizens advive bureau last week, and after the meeting he said that he could possibly lend me the money providing that I can get the interest etc knocked off, how do I go about contacting my creditors and does anyone know how i should word everything to them to get the best final settlement figure (A lot of my total debt is actually interest and charges etc) If this doesn't work out my only other avenues will be the IVA Or Bankruptcy in either case they are either going to actually get very little of the money which I owe them back or wait a long time for it,

[hara]

May be IVA may be the thing for you depending how much you earn and your disposable income as it is legally binding unless you enter in to a debt management programme. But the draw back is all interest and charges may not be written off and may continue to accure,as I unerstand.

Is your father willing pay all of it if interet and charges are written off.

There may be case to approach creditors individually and see if some of the debt can be written off.

CAB may be able to negotiate.

If you do not want to consider IVA then approaching CAB may be the best,especially if your father is willing to help.

I feel with promised financial help clearing debt with negotiatins may be best than a restrictions imposed IVA,which ties you down for a few years.

hara