Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Pleasure. Keep posting and let us know how you get on.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
[:D] Robert, I had a feeling you didn't chose that kitten as your avatar! If you click on profile at the top, log in with your password and there are lots of avatars you can choose from. Good luck sorting your debts, keep posting. X
OK. Had a response from IVA company. Seems like my chosen IP is away on business til Thurs.
I have had Consumer Credit Counselling Service forms, telling creditors that I'm going on DMP through them, along with token payment cheques for £1 ready to go since Monday. I'm keen to get the payment in this calendar month (does it matter or am I just being paranoid???) but worry it might throw a spanner in the works if I subsequently decide to do an IVA with someone else. Could I just include a covering note to the effect that an IVA with my IP is presently under consideration?
CCCS wanted DMP papers back by 3rd Dec so hopefully at least we will be able to make a considered choice by Monday and if needed send special delivery. Probably would anyway.
Also just thinking about my life cover. I'm no spring chick and debt+mortgage is higher than my life insurance is now. Would I be OK to amend budget to top it up? Probably cost about £20 a month- but if I do chuck a seven at least her ladyship won't be saddled with the balance on her modest income.
I just want to finalise my plans, get back on track and get a full nights sleep!
Last edited by robert25 on Wed Nov 26, 2008 5:27 am, edited 1 time in total.
I get knocked down
But I get up again
You're never going to keep me down
I personally wouldn't have a problem with that at all, it seems very prudent and very sensible to me, but do take the time to cover this with your provider first, preferably with a concrete quote as to the cost in front of you when you do call.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
If you're happy with using them, and you have filled everything in, then I would send them off.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
IP is now putting together a proposal for IVA on the basis that we remortgage up to 85% TV (already in place) and use equity released as a full and final settlement.
If this could happen I'd be the happiest person on these boards!
That would effectively give us a clean start, remove all debt apart from the mortgage, allow me to retain my work, and ensure we have kept our home.
Also have started a part-time job to help pay the increased mortgage whilst the morgage market continues to struggle.
Waiting for the final proposals and looking forward with a degree of optimism.
I get knocked down
But I get up again
You're never going to keep me down
Hi all. Thought I'd give you an update. After quite complex discussions/calculations Michael's team have proposed an IVA and creditors meet on 23rd Jan. Will I get any sleep until then I wonder? Because the bulk of the debt is only in my name it's just me that will be in an IVA, my wife won't be and we are to continue servicing our joint debt. The proposal is to take out a remortgage to the maximum we can and use the equity released to cover my debts with a one off payment as Michael suggested. This will save us nearly £700 per month.
This seems a great way forward and my only concerns are that because I work "commission only" my income fluctuates a lot and recently this recession has hit very hard- but that would have been the case anyway- and the only mortgage deal I can get for us is a bit crappy and I've had to pay £4,000 redemption penalties to release the equity. With falling house prices we could soon be in negative equity, but if we're not selling that doesn't really matter.
We've started budgeting much better, we seem to have consistently halved our supermarket shopping bill and went through Christmas without a penny extra credit taken. That must be the first time in 15 years! I've now got a part-time job to help with cash-flow in the bad months and, as long as I can keep my business going through this economic crisis, things look brighter than they have in years.
I think I've become a stronger person for this, and my attitude to possessions and money has changed drastically.
It doesn't matter anymore what we've got so long as we have each other, the kids are happy (both few the nest in the last 18 months)and we've got our grandson to make us smile! (made myself a bit tearful there!!!!!)
You never know there might even be a holiday or 2 at some point that hasn't gone on the plastic!
Just lets hope my creditors accept the proposals and we can move on.
Once again thanks to all of you who have supported me in the forum. Not sure what our outlook would have been if I hadn't found this site.
I get knocked down
But I get up again
You're never going to keep me down
These type of IVAs used to be very popular a couple of years ago, they are less so now, but if you are putting together the best proposal possible then it ought to be accepted by your creditors.
