I am currently thinking about applying for an IVA

[SimondH14]

I am currently thinking about applying for an IVA through PayPlan although I have been struggling to bring myself to fill in the forms (maybe i sub conciously think i have failed in some way - i dont know). Everything has gotten on top of me lately, including loosing my daughter a couple of months ago so everything seems bleak at the moment and I am not sure whether i am just feeling sorry for myself or not.....Anyway i am blabering.....The real concern that i have is that in the press recently i have read that banks are tightening up and potentially looking at all sorts of mechanisms to recover debt including applying for charging orders for credit card debts etc. At the moment i am 2 months in arrears on a buy to let proeprty i have but that it all for the moment, howver every day that goes by i am slipping closer and closer to not being able to make end meet.

I wonder if banks are starting to refuse IVA applications given the current climate, and I dont want to "rock the boat" by applying for one only to be turned down because at the moment they are leaving me alone.

[Lisa2009]

Hi and welcome to the forum.

First of all im so sorry to hear about you losing your daughter.

Can you come to some agreement to clear the arrears you have on the property?
How much equity is in the property?

Can you tell us who your creditors are and how much you owe to each please so we can assist further.

How much disposable income would you have to offer into an IVA, after priority bills, shopping, utilities and such like BUT before paying creditors?

If you apply for an IVA and it is accepted, you will be legally protected from creditors taking any action against you so long as you keep up with the IVA payments and mortgage payments.

The way you feel is very normal and most on the forum have been there.

Speak to more than 1 company though and go with the one you feel the most comfortable with.

Have a look on www.iva.com
There you will find a list of IVA providers and reviews on each.

Melanie Giles is an IP on this forum and comes very highly recommended.

Her details can be found on the experts page.

Good luck and try not to worry too much xxx

[Sarah]

Hi

I just wanted to say i know this must be a horrible and scary time for you at the minute. But there will be a solution out there for you.... Please contact a IP as soon as possible trust me even the 1st phone call takes a lot of stress away

xx

[liberta]

Hi and welcome to the forum.

You have had a really bad time of it recently and I am so sorry for your loss.

It is good that you have decided to address your debt problems and though it will be an initial effort to ensure your chosen IP has all the paperwork he or she needs to get your IVA off the ground, it will be worth it. Please take that step and get the ball rolling, once your creditors are off your back then you will have one less thing to worry about.

You are right, creditors are tightening up and becoming much more aggressive in collecting in the money owing to you. That is why it is so important to ensure that you are protected. If your IVA is approved then your creditors cannot take any further action against you or any of your properties.

The banks are not turning down reasonable offers, they will look at whether your proposals for IVA will offer them a better return than that which they will get in bankruptcy. Your chosen IP will work hard to ensure that your proposals are accepted by your creditors.

With regards to your buy to let property. You do need to ensure that you come to an arrangement to repay the arrears as soon as possible. If you fall into arrears with any mortgage, the mortgage company can exercise its right to repossess the property.

[flumpy dog]

hi simond-sorry for your sad news x
this site is amazing and will help you with all the fantastic people to give you advice and support x
it took me 9 days before i could call an ip. i went with melanie gile's company and they are the business !
i hope free lilly posts on here. she is one of the loveliest forum members and she will say the right words to get you feeling better as she has done for me good luck hun x

[kallis3]

Hi Simond, I am so sorry for your loss. It must be hard trying to cope with that and the stress that financial problems bring.

I am with Payplan, and have had no problems with them, but of course they are a large firm. Melanie Giles, who posts on here, does come highly recommended and you would get the personal touch. I think that might be better for you right now.

They'll tell you all your options.

[Skippy]

Hi Simond, I'm so sorry about your loss. As the others have said Melanie Giles is highly recommended by people on the forum.

Please contact a couple of companies and take some advice - it'll take some of the pressure off of you.

Good luck, and please let us know how you get on xxx

[Viki.W]

Hey Simond, I would also just like to say that I am so sorry for your loss. Welcome to the forum, you're definitely in the right place for advice and support. Please keep posting. X

[freelili]

Hi I just wanted to add that I am so sorry for your sad loss. Youre never going to be a failure, as youre trying to sort it out.

You need to speak to an insolvency practioner to see what youre options are, then the road will become a little bit clearer.

Dont ever feel that youre feeling sorry for yourself, youre greiving and you cant help the way you are feeling right now. I can only say to you what someone said to me, dont deny your feelings, they are real and they matter, whatever else is going on in your life.

I hope you will see a way forward soon, take one day at a time.

Gpod luck and God bless.

[MelanieGiles]

I am so very sorry to hear of the loss of your daughter. Sometimes it is so difficult to reason why things like this happen, which seem so very unfair.

Having gone through such a stressful experience, to now wish to deal with outstanding debts is admirable, but you may need a little closer support than a firm who merely sends you forms in to fill out.

It might be worth contacting a company who will deal with the information required directly, will talk you through the options for as long as it takes and always be at the end of a telephone if you have any queries.