Another Newbie

[Hopefulmum]

Hi there, I've had a browse through the site and have to say what a wonderful, supportive crowd you all are. I'm new. Not set up with an IVA - I'm still at that frightened and confused stage where I'm terrified of being in the debt that I'm in, but too scared to do anything about it because of the implications. I stumbled across this forum while browing about IVA's. I'm just at the stage where I'm starting to take my head out of the sand and realise that I can't keep sliding as I am as I'm only sliding backwards and not getting anywhere. I own my home so don't want bankruptcy. It's not much, and isn't valued at much, but I've lived there for 20 years and all my three children have been brought up in it. I looked at a debt management plan but didn't like the sound of it.

An IVA seems the better option (the best option would be to be in a position to pay back what I owe to my creditors, rather than walk away from some of the debt, but I can't). If I don't do something then I may end up losing my home.

I'm rambling - just trying to get it all down, but confused about bank accounts, IVA, bad credit. I've always made sure I paid everything, hence why the credit card took such a hammering - robbing Peter to pay Paul.

I just wanted to introduce myself, and reassure myself that it's nice to see people come out of the clouds and see some sunshine. I'm hoping that will happen for me. I'll browse some more, and hopefully any advice and reassurance for a terrified newbie would be very welcome.

Ange

[millsy22]

hi and good luck on taking that first step i wish i had found this forum when we were first looking at ivas but we have been very lucky that payplan have set us right and are almost finished hopefully someone more expirenced will be along to give some advice but whatever you choose to do all the best

[Til]

Hi Ange you've come to right place - and I can say in all honesty whilst it is very scary to face and deal with your debts at first - the relief once you've sorted a plan to tackle it is enormous and so so worth it!

This forum is the best place in the world for support and advice ... a lot of very highly skilled IP's post on here so you're in the right place.

Pat yourself on the back for taking your head out of the sand - its the hardest part I think. Good luck with whatever path you choose and sure one of the Experts will be along soon to point you in the right direction )

[mumofthree]

Hi Ange,
You're sounding just like I did back in November. I had my head stuck in the sand for many months. I kept putting off doing anything about it. But one Sunday morning I just took the plunge and phoned up a debt firm and explained everything. It was the best thing I did. I have now been in an IVA for 1 month. The run up to it wasnt so bad.

The main thing that put me off doing anything about my debts was the thought of having to arrange a new bank account, as one of my debts was the overdraft with my bank and all my direct debits came out of it, but to be honest it was all a simple process really.

I too have 3 children and have lived in the house for over 18 years.

I always made payments to my creditors, but like you it was a process of robbing peter to pay paul.

I wish I had discovered this forum before I did, as it is just full of information and advice.

[Skippy]

Hi Ange and welcome to the forum. Most of us posting on here have been in a similar situation to you and understand how you're feeling.

I would suggest speaking to 2 or 3 companies about your situation and they will be able to advise you about your options. The details for the professionals who post on here are in the experts section at the side of the page, and you can also read reviews of companies on www.iva.com.

Good luck, and please keep posting x

[MelanieGiles]

You are a very welcome joiner Ange, and a lot of the other posters will recognise where you are right now with everything, because they have been there too! This is a great site for support and also professional advice, and when you are ready to take the plunge to speak to an insolvency practitioner you will know far more about the options by watching, listening and interacting on the forum. We will all look forward to following your journey with you.

[Shining]

Hi welcome to the forum from myself too. x

[Julie]

Welcome from me too Ange [:)]

Now you've taken your head out of the sand (well done), contact some IP's and talk through your options. I know its a daunting task, but honestly no-one will judge you and you'll feel so much better for discussing everything.

We're here to support you all the way xx

[debtfree-wannabee]

Hi Ange
Welcome to the forum and your story sounds very familiar indeed to us.
We found admitting our problems and making the decision to do something about them the hardest decision - but once that had been made we are now in the process of applying for an IVA.
The sense of relief is immense.
This forum is a great place for support and I am so glad I found it before applying for the IVA.

[steppingstones]

Hi Ange and Welcome to the forum.
It is a wonderful and supportive site. I am so glad I found it when I did. It really helped me to get a handle on my situation. I have got some fab advice on here.

[debt attack]

Hi Ange
Just a quick hello and welcome from me...I can only echo what everyone else has said really...get 2 or 3 different views from IP firms, keep looking here for support and most importantly of all - keep your chin up and congratulate yourself that you are doing something positive about your debts.

I am a newbie to IVA's - my first payment goes out tomorrow and I can't wait - for me its the first step towards financial freedom.

Once you're in the process of the application its all pretty straightforward and so long as you're with a good IP firm then you'll find they will help you every step along the way.

One thing to note..a good, reputable firm will never take any money from you in advance of the IVA being agreed so if you are asked for any type of payments then steer well clear. I'mn with Payplan who've been nothing but helpful...although had I discovered this forum earlier I would have gone with Melanie Giles as she's so helpful on here and always posting - so if she is like that on here I can only imagine how fantastic she is at supporting her clients.

Good luck - and keep us all posted...its good to know how you're getting on and for you, you'll find the support and advice invaluable!! xx

[banjoplayer]

Hi and welcome to a great forum, firstly speak with a few Insolvency Practitioners before making any major decisions, the ip's that have already replied to your thread would be a good starting point.

All are very experienced practitioners and will give you the best available advice their credentials are gilt edged.

Once you decide to enter an IVA set up a new bank account immediately (with a bank that you do not owe any monies to) cancel your direct debits and transfer them to your new account.

Stop making payments to your creditors and put the saved money into your new account, some IVA companies will require a first payment in advance.

You may get telephone calls from the collections people just tell them you are entering an IVA and that is all.

Iva acceptance should take about 8 weeks give or take.

Good luck for the future and remember the admins and ip's on this forum will always offer you good sound advice.

[kallis3]

Excellent advice from all. Visit the site that Skippy posted. The companies on there all have reviews and if you ring one or two you, the advice will be free and you can decide who you want to use.

The forum is here for any advice or support you may need.