Any help/advice would be greatly appreciated.

[Moneystinks]

We have £98,000 of debt with 15 creditors. Same old story we have tried and failed to dig ourselves out of a large hole on countless occasions and now it is time to face facts - we are not going to be able to do it on our own! We have managed to always pay our creditors and on time 98% of the time. Will this affect our chances of getting an IVA accepted? The only reason this has been possible is that we could 'juggle' between the creditors - now they are all closing in on us and preventing transfers/cash withdrawals and reducing credit limits whilst increasing minimum payments and intrest rates. (Virgin as an example tried to raise their intrest rate to 35%). Any help/advice would be greatly appreciated.

[MelanieGiles]

Hi Mazamd welcome to the forum

You are describing what has happened in at least 80% of the clients I regularly provide advice and support to, so you are certainly not alone, and the background will certainly not stop you from having an IVA accepted.

You should take direct advice from an insolvency practitioner who can spend time with you to understand the nature of your current financial difficulties and offer you a range of solutions to enable you to make the best reasoned choice for you and your family in the long-term.

Let us know how you get on, and do continue to use the forum for advice and support.

[ianmillington]

It looks like an IVA might be viable, given that you were able to manage these debts for some time. Much will, however depend upon the assets you have and your level of disposable income.

You need to consult an IP firm, ensuring you are taken through the options, so the correct course of action can be identified.

Ian

[barbara.worthington]

HI THERE - WE WERE IN A SIMILAR POSITION TO YOU ALWAYS PAID CREDITORS, THEN BORROWING FROM ONE TO PAY ANOTHER AND OUR HOLE GOT DEEPER THAN YOURS TO THE TUNE OF 140 THOUSAND PLUS - EVERYTHING JUST THE SAME STARTED TO CAVE IN AND WE ARE NOW WAI
TING FOR OUR OUR IVA PROPOSAL FOR US TO SIGN AND THEN THE CREDITORS MEETING

IF YOU HAVE ENOUGH SURPLUS INCOME AFTER PAYING YOUR ESSENTIAL BILLS I DONT SEE WHY YOU SHOULD NOT BE ABLE TO APPLY FOR A IVA, I HOWEVER AM NOT AN EXPERT AND AM SURE AN EXPERT WILL BE ALONG TO ADVICE YOU -
WHETHER IT BE AN IVA OR SOME OTHER ROUTE THERE WILL BE AN ANSWER FOR YOU.
TRY NOT TO STRESS YOU WILL GET THIS SORTED

KIND REGARDS

BARB

[size5]

I can only tell you that, in my own personal experience, that over 90% of people that I speak to have never missed a payment in their lives. However, what, in the end, does that mean? More and more debt in the vast majority of cases.

If you have seen the light, as it were, then speak to 2 or 3 different firms, go to www.iva.com and have a look at some IVA providers for yourself.

Regards.

[Moneystinks]

Thank you for all your replys.

We are really grateful.

Are we best getting a new bank account before we decide to set any wheels in motion? We have debt with our current bank. If so which one is usually best?

When I have more time tomorrow I will list our creditors. We have tons of questions - probably all of them have been answered before judging by what we have been reading ove the last two days.

Thanks again

Marie x

[MelanieGiles]

Getting a new bank account is definately a good idea, and I am recommending the Co-op to all of my clients as they get excellent feedback on this and other debt forums.

[size5]

I have said this before, but I will say it again, that having had to put my money where my mouth is, I recently called 08457 212 212, pressed the hash key and opened a Co-Op Cashminder account.

My account was opened in 10 minutes and I now have the facilities of direct payments in, S/O's and D/D's out, cashcard/debit card, phone banking and internet banking.

If this sounds like a ringing endorsement for the Co-Op, then it is. Customer service second to none.

Regards.

[markss]

Hi dont panic I had debts of £80k with 12 creditors and had my IVA approved last week with 81% of creditors accepting 15p in the £ have you contacted a iva company? if not definately recommend DEBT FREE DIRECT they handled my case and were fantastic hope this helps.

[markss]

ps the yorkshire bank easycash account is good it has dula function debit maestro card and usual DD/SO etc easy to open and not credit checked

[Moneystinks]

We filled in a questionaire type thingie on the Consumer Credit Councelling Service's web page. Has anybody ever used them? We have also forwarded our number onto Melanie Giles (thanks for the email).

We don't know who to contact/use?

Thanks for all the info regarding the banks, by the way certainly food for thought. Also, we will take a look at DFD and see what they look like - very confused.

We would like to pay back as much as possible - after all we spent it!! BUT we need to know we can afford the IVA, people still seem to be struggling???

[Soulgrowth]

Hi Maz ... my situation was exactly the same as yours! My advice would be to not panic, take each day as it comes, if you decide to go down the IVA route which, on the surface, seems a sensible and viable route to take, it will take some time for things to pan out anyway. The best thing at the moment is to get some advice from an IP practice and go with your intuition in choosing the righ one ... although Melanie Giles cannot be faulted in her ethical approach ... keep in touch with the Forum and we will all be her to answer your questions and support you throughout your journey.


Debbie