Hi
New to the forum, its nice to see people in the same position as we are at the moment.
We are £51000 in debt, accrued over the last ten years due to my wife taking a pay drop, having our second child amongst other things, we used to hide the debt in the back of our minds and just plodded on using credit cards to get us by.
I feel that we have made the first big step and finally accepted that we cannot go on this way, so i contacted the national debt line who were very understanding and helpful, we agreed that an IVA was the best bet and they sent me all the info.
I posted my budget and creditors list out yesterday and opened my "safe" bank account, just in the process of transfering my direct debits and cancelling my credit card & loan direct debits, i have written all of my letters for the creditors and plan to send them this week, hoping they will get them before my next payments are due, its very scary and im not getting much sleep at the moment!!
I was advised that i will be able to pay back my creditors back about 70p in the pound which enables us to financially breathe again!
I am told it shouldnt create many problems in the decision process.
I will keep you all posted.
C
Last edited by icap9912 on Tue Nov 09, 2010 2:03 pm, edited 1 time in total.
thefsg wrote:
Welcome to the forum icap9912. Keep us informed and don't hesitate to ask any questions if you need help or opinions on anything. Good luck!
Welcome from me as well and I hope your application goes smoothly.
However, even though you have written to the creditors, it's not guaranteed to stop the phone calls so you will have to brace yourself for those.
If you do online stuff with any of them, it might be an idea to go into your accounts and delete any numbers on there.
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
Thanks for the info, i am prepared for the calls, i know they are coming[:(]
I work in sales so atleast i have good experience in dealing with people over the phone, i suppose thats a help.
Anyway, will let you all know how it goes.
Thanks.
kallis3 wrote:
Welcome from me as well and I hope your application goes smoothly.
However, even though you have written to the creditors, it's not guaranteed to stop the phone calls so you will have to brace yourself for those.
If you do online stuff with any of them, it might be an idea to go into your accounts and delete any numbers on there.
We were in the same position as yourselves. It can be a bit scary at times but you do feel alot of pressure off you at some point, we did!!!
When we started the IVA road we were not behind with any payments but loads in debt.
We knew we would get lots of shi*y calls so the first thing we did was change our telephone number.
Like you we spoke to every creditor and explained exactly what we were doing.
Some were very understanding some were just plain rude.
WE have done our IVA through the cccs and when we got the odd letter we gave them our REF no and explained what was going on.
Even now after our IVA has been excepted and first payment due in DEC, today we got two shi*y letters from MBNA who would you belive did NOT even vote at our creditors meeting!!!
We will only end up paying around 42p in the pound.
Best thing i would say to you is make sure you get your budget right, ie: you know you can live off it.
If you really are spending £ 220 on petrol put it down dont kid yourself you can live off nothing because it aint gonna work!
The very best of luck to you,there are alot of nice people on this site with really good expert help so dont foget to post all your questions!!
Baldy
Hi
They have not advised one yet, they said that the National debtline work with a couple of IVA companies who follow the "protocol"
I have not been told yet about my IP.
MelanieGiles wrote:
Which IP firm have they referred you to?
Last edited by icap9912 on Wed Nov 10, 2010 8:13 am, edited 1 time in total.
You can always try another couple of firms if you wish, the experts that post on here come highly recommended as do the companies on www.iva.com
I think all companies now use the protocol.
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
Hi icap9912 - glad you found the forum so you can get support from everyone along the way.
Sounds like you are able to offer an excellent dividend to the creditors. Are you comfortable with the amount you would be asked to pay each month - making sure something has been allowed for things like haircuts, dentist, costs for children, household repairs etc. I am sure they have all been included for you but it is always best to check!
Best wishes and I hope the IP they choose for you has an excellent track record and looks after you. Keep us posted how you get on.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
Hi and welcome
Just be sure that any payment agreed is affordable, as your job is sales based do you receive commissions/bonus and have these been used in calculating your income figure ?
Regards
Hi
I am on a fixed salary, no bonus, so i think i should be safe with the figues i stated, my wife is a courier and her wages vary, so we just took an average from the last 12 months and used that.
Regards
C
Andy Davie wrote:
Hi and welcome
Just be sure that any payment agreed is affordable, as your job is sales based do you receive commissions/bonus and have these been used in calculating your income figure ?
Regards
Thanks for the message, i covered every expenditure i had so we are comfortable with the payments we can offer our creditors.
Regards
C
Tina S wrote:
Hi icap9912 - glad you found the forum so you can get support from everyone along the way.
Sounds like you are able to offer an excellent dividend to the creditors. Are you comfortable with the amount you would be asked to pay each month - making sure something has been allowed for things like haircuts, dentist, costs for children, household repairs etc. I am sure they have all been included for you but it is always best to check!
Best wishes and I hope the IP they choose for you has an excellent track record and looks after you. Keep us posted how you get on.
The referral team at National debtline have now got my forms, how long does it normally take to get sorted?
C
icap9912 wrote:
Hi
Thanks for the message, i covered every expenditure i had so we are comfortable with the payments we can offer our creditors.
Regards
C
Tina S wrote:
Hi icap9912 - glad you found the forum so you can get support from everyone along the way.
Sounds like you are able to offer an excellent dividend to the creditors. Are you comfortable with the amount you would be asked to pay each month - making sure something has been allowed for things like haircuts, dentist, costs for children, household repairs etc. I am sure they have all been included for you but it is always best to check!
Best wishes and I hope the IP they choose for you has an excellent track record and looks after you. Keep us posted how you get on.
It normally takes between six and eight weeks from start to finish.
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
