Well, this it seems is the start of my IVA journey.
I have 60k of debt to lenders and about another 40-50 that will fall due to the revenue in the near future. For about 2 years now, I have simply been robbing Peter to pay Paul, and all that has happened is I have fallen further and further into debt. As a lawyer, you would have thought I would have known better.
I have been reading with great interest the posts on this site, and they provide a good deal of comfort in showing me that all sorts of people can find themselves in this sort of mess.
So I have bitten the bullet, and instructed McCambridge Duffy. having crunched the numbers we are looking at a di of 52p/£. I have been told this is good, but I cannot feel good about it, as I had hoped to repay much more. After all, I borrowed the money and accrued the tax liabilities.
I think the letters are going out early next week, and hopefully there will be a creditors meeting this month. Hopefully my offer will be accepted and I can begin my journey to a debt free future. I thank everyone on this site for their help.
If I can help anyone with anything, then I will. I have experience in a number of legal disciplines.
Never attribute to malevolence, that which equally explained by stupidity.
Hi Grinder and I am delighted you have placed your trust in ourselves. Debt problems happen to everyone and you are not the first lawyer we have had on our books. Do not feel in any way guilty or ashamed and hopefully we can get your situation resolved very quickly any allow you to concentrate on your work. Very best of luck.
Hello Grinder, and welcome aboard. You have chosen a great company to work with ( musical tastes apart ) and they and we are always on hand to help you with the inevitable bumps in the road.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
There are a wide cross section of people in this forum. You got caught in a vicous cylce as we all did. I am a Senior Manager (Non Exec Director) in an International Corp. I have made millions for my bosses through implementing effective cost control measures yet I couldn't manage my own financial affairs for toffee.... The lure of easy credit just sucked my in and eventually caught up with me. You have nothing to be ashamed of!! Good luck on your journey. Fletch
Hi grinder
The hardest part is done with having the confidence to look to solve your debt problems. Michael is very supportive to all forum members so your in good hands.
I found the forum in the last year of my iva and it was great to have somewhere to be open with.
Hi grinder, we were with mc Cambridge Duffy. They are a very professional company & get things done.
Hope the proposal goes well for you- keep posting, let us know how things are going & most of all make good use of the forum- I personally feel its an invaluable source of support -i've only just found it -
IVA COMPLETED & CLEAN CREDIT FILE.
An old bible proverb says this: the rich one rules the poor, and the borrower is a slave to the lender.
I am personally acting for a lot of lawyers and barristers right now, and I think there will be more as the increasing burden of statutory compliance, cost of PI cover and withdrawal of public funding bites right across the legal profession.
Hope you get the right result at the end of the day Grinder - as HMRC do seem to feel that professionals ought to have behaved much better than normal traders when it comes to tax compliance.
