Hi everyone,
Im new to this sort of thing so bear with me if i ramble on a bit! Need help. I have c/card debts,overdraft,payday loans to the tune of £35,000, after considering suicide i realised i had to try and sort things out with my finances as i had a widowed elderly mother and after coming out of a very nasty 15 year relationship met a lovely guy whom deserved to know the truth about my situation.I contacted CCCS who did my income and expenditure budget for me,worked out i could afford £252 p month to enter an IVA.Im waiting an interview with Grant Thornton on 16 june,but for some reason im scared and terrified my creditors wont agree to it, My mum and partner know everything now and i feel so relieved i dont have to pretend things are ok anymore or hide letters from my creditors,however they are ringing me now every day especially lloyds tsb who are threatening me with court action if i dont contact them to arrange a payment plan,please help!
First of all a kind telling off. Never, ever, EVER let material goods and financial debts drive you to suicide. Speaking from experience of being suicidal from bullying at a young age I assure you suicide is never the only route and whenever you feel that way come on here or ring the samaritans and sort yourself out again because your life is the most important thing at the end of the day ok.
Now, as for your predicament, an IVA is quite simply for people like yourself who is unable to pay your debts monthly anymore and so an agreement is to be reached between yourself and your creditors and make it legally binding. When your creditors have the meeting they will look at your income and expenditure and what you can pay back over the 5 years and agree or disagree to the IVA (Only 75% have to agree). As long as your income and expenditure is accurate then £252 a month is likely to be accepted people have been accepted with less. Everyone gets nervous coming up to their creditors meeting and absolutely everyone hates the phone calls from the creditors. Just tell them you are entering IVA procedings and if you get any letters forward them to Grant Thornton to deal with direct.
I wish you the best of luck and I am sure everything will be fine. But listen to me when I say this. Even in worst case scenario and they make you bankrupt which is unlikely you still have life on the other side and it is NOT as bad as you think it is. I have had friends who have gone bankrupt and some of them say its the best thing thats happened to them. Skippy who posts on here went bankrupt and she can offer you all sorts of advice if that happened.
I don't think they would force you down that route anyway but i mention it because you have already been suicidal and if the result is not what you want at the creditors meeting i want you to come straight back on here for reassurance from people who have been there and done it and got the t shirt to prove to you its not as bad as you think ok.
Good luck
Last edited by Daveyboi on Sat May 29, 2010 4:08 pm, edited 1 time in total.
Hi Holly, Don`t be scared petal...Sounds like things are turning around for you. You`ve started the ball rolling for your IVA application and you say you`ve now got a great partner, whom I`m sure will be a great support for you....Hey, you can even let off some steam on here and get some great advice to boot[:)]
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
Hi Holly
Like you I am totally new to all of this - and I am still trying to find the courage to actually fill in the IVA paperwork. Also like you I have been very low at times but am proud of myself that I have finally faced up to things. And you should be proud of facing your fears and letting your mum and partner know too. From what I understand you don't have to speak with your creditors anymore just as Dave.Sr says. To stop you getting stressed when they call, you could write down what to say on a bit of paper, and if they ring again, just reel it off from the paper and put the phone down.
Listen girl, you have done brilliantly well so far!! Better than me!! You have at least made the first major steps so go for it!!
And I will sort myself out and fill in my paperwork - we can keep each other going!
Hi Helen -thanks so much for those first words of support. I have been reading all about you on the forum and it's been great to see that you've made it to the end of your IVA - all in one piece and still supporting lots of people - congratulations. I am terrified about what happens next but after 10 years of burying my head in the sand, deep down I know that this is the best way forward. I'm just so worried about how life will be. I've taken the day off on Tuesday to get all my paperwork together - 5 years seems such a long long time but at least I know that by the end of it I will be back in control.
Holly - trust me, with family and friends by your side, you are half way there. Keep talking to them - and they will support you all the way. I've been brave enough to tell my family and a few of my closest friends who have been fabulous- they just want the old me back again - the one that can smile and feel good about herself - so as well as doing this for me, I'm doing it for them too.
Welcome to you both from me too.
In my very first post I said that if Batchelors cup-a-soup is a hug in a mug, then this forum has to be a Cuddle in a Crisis and that's exactly what it is and more as you will no doubt find out.
Hang in there.
If we all threw our problems in a pile and saw everyone else’s, we’d grab ours back.
Funds paid to date accepted as F&F 16th August 2013, the wait for completion begins.
Wait over....certificate recieved 3rd May 2014
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 from me too Holly and Cakie, I am new on here too and found myself in a very similar position to yourselves quite a while a go (took me a long time to own up to problems as well), please take it from me that once you get that IVA accepted, things will get better. Holly please never get to the point of thinking such things, I felt the same quite a few times myself because I was keeping it all to myself and thought there was no way out but when all came to a head earlier this year my mam and sister, and even my brother, had actually figured out that something was seriously amiss with me and they have been absolute rocks throughout the whole process. Hang on in there and Cakie, get your forms filled out please [:)] took me 2 months to do mine and I wish I had just gotten on with it sooner now, just think the sooner the paperwork gets sent in the sooner the 5 years will come to an end (and after 6+ years of struggling with little or no money left and beyond in a month the 5 with some money left to buy things that I have forgotten that I need to buy etc... do not seem so bad at all)
I only wish I had found this site sooner, the guidance and support you get on here is second to none.
Hi to you both, the forum is here to help and support everyone and if we can help or offer words of support to you both, then we're here for you. Keep posting as your posts really do help others looking in, we all have our own stories and I wish you all the very best in getting on the road to debt freedom. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi and welcome to the forum. U both have done the hardest thing and admitted that theres a problem and seeked some advice out. Were still newbies to this process(just paid our 3rd month)its not been the easiest after making changes to our lifestyles but its certainly been worth it. The relief knowing all been paid with OUR own money is immnese. Its normal to have alll these feelings of doubt. Its a big thing to go through. I remember it well and more. You'll find loads of help, advice, support and friendship from the website. Good luck x
That is really odd as CCCS do have a special IVA department. I wonder what criteria they deem makes an IVA acceptable to them and what makes them need to refer it to Grant Thornton.
Holly, I can't add anything to what the others have said, but they are right, suicide isn't the answer. When I finally faced up to my debts I thought there wasn't a solution for me, but there was and now I'm nearly out the other side.
Cakie, as the others have said, get that paperwork completed and you'll be on your way - the sooner you take the plunge, the sooner it'll be over with.
Good luck to both of you, and please keep posting - there's always someone here to give you support and advice xxx
