BR adverts to cease!

[MelanieGiles]

I agree - there will be an element of empathy from the creditors here, and most IP's would be happy to put that sort of offer forward for you on the basis of your impending retirement.

[ladyc]

Thank you so much for that Ian. I will definately approach Payplan regarding the IVA then. It's either thator try robbing a bank. The trouble is I can't run LOL.

[ladyc]

Thank's Melanie also. Has there been some sort of change that means that someone like me can be considered for an IVA.
Also, if I use the capital that I am collecting in to pay off some more do you think it would be better or worse.
I was hoping that with my sister's help that I could get rid of all the credit cards by June. This would mean there would be 5 loans left. 3 BOS
1RBOS and 1 Egg.
I say June because my husband had some Dinky toys that I've put in a specialist auction that is in May so I'll be pais in June. To my amazement one of them was valued at between 350 and 450 . That was the best one but there were a lot there so I'm hopful to raise a few bob.
I've also got my engagement ring that was valued 3 or 4 years ago at £7500 but selling it I may get £1000 to £1500 I'd like to think. I know you don't realistically get a lot and I'll cry when it goes but if I pay a creditor then I will be very happy.
Tell me what you think of my plan.

[lily]

LADY C

YOU SO DERSERVE TO BE DEBT FREE WITH AN ATTIDUTE LIKE THIS, I WISH YOU THE VERY BEST OF LUCK.

Ian

I am settling directly with creditors with a sold asset, vis a 3rd party. I did try to go down the IVA route and was then advised BR would be the best option. Its a long story, really (freelili, 2006).

[ladyc]

Thanks Lily I appreciate your support. That sounds like a good slogan you've got. I think I'll hang on to that through all of this minefield.
I'll call mine the Free Lilli campaign when I'm trying to work things out.
It just takes over your whole being doesn't it.
Visitors come who know nothing and I feel like I've been gagged as it's all I want to talk about, all I think about.

[lily]

Yeah, its like you just want to crawl into your bed and stay there, even thought about voluntary euthernasia, if it existed, but only for a short while, selling a kidney?

I do not talk about it to anyone, anymore. I still cant believe that its all happened. I just hope that one day I will be able to put it behind me and find the person I was before. My name on this forum was freelili but I changed it because I thought it was somehow a jinx, stupid I know, being so wrapped up with my own debt issues I didnt see what was about to happen.

I guess these things will make us stronger and more appreciative in the future, where there is a will theres a way, quite literally in my case.

[ladyc]

Have you got debt free lily. If so how?

[MelanieGiles]

Don't you dare sell that engagment ring to pay off creditors. This must have so many sentimental and precious memories for you, and it is completely unecessary.

I would suggest that you pay off no individual creditors at this point in time, but discuss your situation with an insolvency practitioner - perhaps Payplan if you have been happy with their services. I have often put forward low dividend offers for people in your situation, and have never had one turned down - what your IP will need to do is put up a good case to justify why creditors should take the money now rather than have it drip fed at a ridiculous rate over a ridiculous timescale.

[ladyc]

Thank for that Melanie. It made me cry. My ring is 43 years old this year and still looks beautiful.

[ianmillington]

Ladyc - I would totally, totally agree with Mel - Your engagement ring is sacred. Do not under any circumstances let that go. It was given to you to keep forever. You must do so.

If you have some effects that you are already in the process of selling and they don't mean that much to you then by all means sell them and get some money and make that part of your IVA offer. A few hundred pounds will get it off to a flying start, once approved but remember The Ring is Not an option. OK?

By the way - I can see why in the DMP you would want to pay off the cards first (interest rate). However if you are proposing an IVA don't give anyone special treatment. I'd put them in the IVA and if your sister wants to help you with the odd little luxury if and when the IVA is approved, that will be fabulous!

Let us know how you get on. If Payplan can't help you then I don't think there will be a shortage of volunteers who will be happy to give it a go. By all means keep the DMP going while the IVA is proposed- that will generate goodwill. I for one feel you have a real chance of getting a deal. With your ethics, if you can't get a deal I would be very surprised.

Lily "Freelily" - I like that[8D] I assume your plan is going OK - hope so. Let us know when lily is well and truly free.

Regards to you both

Ian

[ladyc]

Thanks Ian and Melanie. I've got a lot of thinking to do now.

[J-DOUBLEYA]

Hi again Ian. I pay £254 per month. I now owe £68000. I cannot get an IVA because I, unfortunately became disabled and had to be given medical retirement from work. I get 1/3 occ pension, 1/3 Incapacity Benefit and 1/3 DLA. So the majority is benefits. Plus after reading what I have on here , an IVA scares the life out of me.
I own my home that has a small amount of equity in it. It is a bungalow that was purchased purposely because of my condition so I don't want to move.
I don't see any other way than what I'm doing. The creditors are probably going to end up with much more than other ways but that's fine. I'd prefer to win the lottery and pay them it all.

How much equity is in your property ? is there any mortgage outstanding ?If so, how much ?

[ladyc]

Hi J-Doubleya I have a mortgage of £130000. I know a neighbour has had their bungalow up for sale for £199995 for well over a year and no takers. I like to think it would fetch £175000 but nothing much is moving round here at the moment.

[J-DOUBLEYA]

Hi LadyC, this may seem a bit extreme but have you considered an equity release scheme ? I am not sure if there is enough equity in the property to use this as a solution but what have you to lose in making enquiries.. You might be able to raise enough to do a F&Final VA or lump sum plus some payments etc. Its a long shot but might be worth a punt as they say !

I will get hold of a telephone number & name of a reputable company and post you the details tomorrow evening. JD

[ladyc]

Thanks JD I'll give it a go.Not sure if they'll lend any more to me though. It's worth a try isn't it.