Hi Kev and welcome to the forum.
Just because you have not missed any payments does not mean that you are solvent so an IVA may be an option. You should do an income and expenditure account listing your necessary monthly outgoings excluding payments to unsecured creditors. If at the end of each month the amount of money left after paying the priority bills is less than you need to pay the minimum monthly payments to creditors then you are insolvent and should seek advice. It is not unusual to find that clients have been using credit to fund credit and ultimately their total debts are increasing each month. If you are constantly overdrawn, withdraw cash from your credit cards to pay other credit cards, juggle with balance transfers and have tried debt consolidation, you may be insolvent and a talk with an IP would be helpful.
Most IP firms will have a facility on their websites to enable you to check your income and expenditure which will list what are the priority payments. This would give you a better idea of your situation.
Check out www.iva.com where you will find a list of companies with reviews about them. Give one or two a ring and explain your circumstances. They will discuss all your options and will advise you as to the best way forward 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 important thing is to seek advice and help as early on as possible. Now that you have recognised that you have a problem contact an IP who will go through all your circumstances with you and advise you on the available options open to you. This advice is normally free and without obligation.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
Haven't been around the Forum for a while ... but am a bit of an oldie ... Michael, just wanted to say how great to see a representative from McCambridge Duffy giving professional advice on the Forum now ... you folks (Emma Holmes and Dorothy) were absolutely brilliant in originally setting up my excellent original IVA and subsequently achieving a wonderfully liberating F&F offer back in the summer for me when my circumstances changed.
Please do pass on my very best regards to the team ... and continue with the great work you do.
Any IP worth his salt will give you free impartial advice. As Kallis3 said visit www.iva.com to read about references on IPs and their firms. Don't dispair or struggle seek good solid advice asap. Good luck.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
