I'm new to the forum and wondered if I could pick your brains!!
Me and my partner have roughly £39000 of debt (joint) and for the past 3 months we have been unable to pay anything to any of our creditors. We've had the phone calls and now the nasty, threatening letters are starting about court preceedings!![:0] Anyway these letters have brought me to my senses and stop burying my head in the sand!! I have made a phone call to Payplan and given my details to them, they are going to phone me to take all our debt details and I&E etc in a minute. I have not stated whether I want to do an IVA of DMP as I just don't know which to choose. Hopefully they will point me in the right direction.
What I wanted to ask you is, (before they phone me in a minute) which do you think would suit us. We would have about £150 DI, I woul prefer to avoid bankruptcy as we have a house. I'm new to all this and would like to be a bit clued up before they phone (haven't given myself much time I know!!)
I am with Payplan, and so far have received good service from them.
They will go through everything with you and advise as to the best way forward.
However, £150 is a little low for an IVA, but they will talk you through it.
A firm who does deal with low DI IVA's is Cleardebt, so if Payplan say they cannot assist, then give them a ring.
As far as bankruptcy is concerned, if your house is in negative equity then it would probably safe.
Let us know what they say, and any other advice you need,just ask.
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
Have we damaged our chances of getting a DMP or IVA by not paying them for past 3 months. We didn't pay because we got in such a mess we didn't know if we were coming or going and wanted primarily to make sure we paid our mortgage. Anyway was wondering if this non payment would have "annoyed" the creditors?
We didn't pay ours for a few months before our IVA.
You may well have annoyed your creditors, hence phone calls and letters! The calls are only from a call centre, and they have no say in an IVA, DMP or BR.
Don't worry.
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
Also (Sorry for loads of Q's) I have read on here that some people have their IVA payments increased at their annual reviews. Some I have read by about £300ish, and the posters have said they have no idea why its gone up and how will they pay it!! We could never afford for our payments to go up by that much each year. Surely if the debtor cant afford to pay that increase why do the IVA firms increase it by that much?
It depends on the company. If Payplan can't help - then phone Cleardebt. They do low DI IVA's and may well be able to help you.
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
Payplan are due to phone me at 6pm and i'm getting butterflies, so worried what the outcome of this will be! Why oh why was I so silly with money!! A question I suppose we all ask on here!
Don't worry, Payplan are pretty good. Any problems after the call, I'm here to try and answer any questions for you.
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
the phone call for me was the worst part. it was my wake up call to how much debt we were in, but also i realised that we had to do soemthing. it is embarrassing but i was reassured by the people on here, and i kept thinking it was for the better. good luck just think of it as astepping stone to a debt free life
Oh my god I don't know how I feel really. Basically we have a debt with Northern ROck (who we haven't paid for 3 months) and their not all that great! We need to start paying them again otherwise they put a charging order on the house. So that is all our DI used up in paying them. We could put them on a DMP with the rest of our debts, but then they will probably still put a charging order on the house and then that debt won't be able to be included in the DMP. So then we could try a IVA, but got quite a low DI. Also the creditors aren't going to like the fact that we have HP on a car we got in February, as it will seem like we got the car and then 5 months later we can't pay the rest of our debts. SO we could lose the car, which my partner needs as he does about a 55 mile round trip a day to work.
Personally I think that we will need to the BR route. But then what about the house? and the cars? (my car is worth about £2000) we need cars for work! The lady from payplan is going to call me back at some point during the week, when she's had a look at our facts and figures with a suggestion. What happens if we lose the house and have to rent? who is going to rent a house to a bankrupt person?
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
