I am looking some advice, I am £35,000 in debt and I am sinking fast. I contacted Cccs and they advised I enter into an iva. I am so confused and afraid to enter one. Can someone please advise I am so confused I can't think straight.
Please visit www.iva.co.uk and speak to some of the companies recommended on their. Also take a look through some of the posts on the forum as some Insolvency Practitioners post on here and are very well respected. Please don't be afraid. We have all been their and understand what you are going through. If it makes you feel any better, I can tell you that my debt was just over £93,000 six years ago. I have just completed my IVA 6 years on and am totally debt free, well with the exception of the mortgage. It really can happen, I know it's hard to believe right now, but with the right guidance your too can become debt free. Pleae seek some advice, you will find plenty on here. Oh and welcome to the forum.
I suspect the fact that you are confused and afraid is that you have not had sufficient time to consider all of the options available to you, or perhaps the advisor you spoke to did not have the time to spend fully explaining these. Understanding the various debt solutions can be very time consuming, and it is vitally important that you go into your chosen option on a well-informed basis.
Why not try and speak directly to an insolvency practitioner, who can perhaps spend a little more time with you - to fully understand your financial situation and answer all of your questions. It is not unatural to feel muddled as you do now, but our job is to make sure that you tackle each issue in stages and start taking control of your debts again rather than have them controlling you.
Great advice above as per the link. I agree it's best to get advice from 2 or 3 companies to ensure you've case specific impartial advice. choose a company to act for you with whom you're comfortable as an IVA lasts a while and you need to be able to feel at ease with your IP. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Thank you all so much for the speedy replies, Cccs advised accordingly and forwarded my details to grant thorton so I thought they must be a reputable company, however some posts are not very favourable. Added to this they were supposed to contact me last Thursday and were unable to do so. I am so ashamed and am struggling to deal emotionally with the stress of the debt.
Please, please dont' feel ashamed. I know this is easier said than done, as I felt exactly the same way. I cried through my entire phone interview when we were considering an IVA. Most of us on this forum have been in your position, you certainly are not alone. Don't know if I am allowed to say this, but just under my last post, an IP has posted and she has a very good reputation on here. Might be worth contacting the link under her post.
Hi Wicksy
I am new member too and I'm going through the same emotions as you, I have actually been signed off work with the stress of this all. originally I spoke with one company then I joined the forum and I gave Mel's team a call and spoke with Tina she was great did not judge or make me feel shamed, I too started crying and they are ther any time I have a question. Its very daunting but everyone on here are very supportive, just read through the forums and get as much info as you can take in
We can do this x x
Don't ever feel ashamed - we have all been where you are and are managing to get our lives back on track.
You can get this sorted out - speak to one or two companies, the experts who post on here are highly recommended.
The forums is always here for advice and support.
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
Why not try a couple of different companies to compare the level of service and advice you receive. Always a good indicator of how an IVA will ultimately be run, is the level of client care you receive in the early stages.
Once again thank you all for the messages of support. Does anyone know how my mobile phone, land line, sky tv,broadband etc will be affected should I enter into an iva, I have never missed payments so I suppose what I mean will they renew my contract when the year finishes on any contracts
Wicksy, as far as I know your mobile contract will be ok, so long as you stay with the same company. Also sky and the phone line will be ok too.
I'm also at your stage and know exactly how you feel. I've only just started to miss my payments to my creditors, so am expecting the phone calls to start soon
I know it's the right thing for me to do though, and that in itself, is a weight off my mind.
I'm sure you'll be fine
Today (15/09/11) I start my journey to a debt free future ~ happy days!
Hi Wicksy and welcome to this wonderful centre of advice and support. We all know exactly how you feel, as we have all been there. That feeling of absolute despair of not knowing what to do, who to talk to, whether you'll be judged, the feeling of embarrassment, how could I let myself get into this situation, we have all asked ourselves the same questions and most people on this forum are on their journey to a debt free, stress free future. If you look at your introduction onto the forum as the beginning of the rest of your life, you are on the right track to sorting out your debt problems. My debts were about £85K so I know the feeling of shame you are feeling right now. Once you start your journey, you can get some great advice and make an informed decision on the direction you want your route to take. There are some fab IP's on here to give you that advice, so you're in the right place. Once you have settled for one, you will start to feel a whole lot better - a problem shared and all that.... it really is true, and we are all here to support you on your five or six year journey, whichever it may be. I am half way through my IVA and I am proud that I am half way there. Being in an IVA makes you think very differently about money, because the money you actually have is yours, not borrowed, and handing that over for even your weekly shop, throws a completely different light on it.
Good luck and please don't despair, we are all here when you need us for support.
Kazzy x
There is light at the end of that dark tunnel. Promise.
from your post I think you already know what to do but just want some aaurance and a push in the right direction Been there done that and out of it next year
You have admitted to yourself you are in trouble so thats the main thing Next you need to comtact somebody read a few of the posts in here and which company is getting great feedback and is advising on a daily basis as thats showing commitment to others and some thought
If they cant be bothered to call you back asap then for me thats not good enough and shows a lack of concern and unprofessional in what is a very serious and stressful situation
Confused well you wont be when you talk to a IVA professional and they will tell you what you need to do and how to go about it 335000 is a lot sure but when you see others in here who have borrowed more then its not that bad dont worry about that and you are going to struggle to pay it in the regular way So get in contact with somebody today dont waste anymore time I faffed about for a couple of months but I knew 2 months before I made the first phone call what I should have done a friend of mine told me straight get it sorted now dont mess around and thats what I did.
Shame in what You borrowed some money and got into difficulty and now are trying to get it sorted nothing wrong with that.
All your problems and worried will go once you set the ball rolling trust me ok : ) Sort another basic bank account now which is seperate from all your credit cards and banks etc as you need a nice new fresh one for yout IVA and then make the phone call and you are on the way All that happens is they tell you yes you meet the criteria and then send you a legal bunch of forms to sign and fill in and then send it back to them Then they will take over for you Then they will go through what you earn and what you spend what you can afford to pay each month and they should guide you about what is allowed and not allowed so you can ask about your Sky etc then Mobiles are ok and basic items so dont worry about that Write down now what you spend you money on and then you can give them some figures to work with when they go through that part of the IVA
Yes its worrying coz you are dealing with legal things and courts but its just a part of the process and once you get the phone call to say you are ok to start the IVA and accepted you will be very happy and can then concentrate on the next 5 years ahead
I only foound this forum recently so I am learning a lot and trying to put in a few words of encouragement which in a way helps me too
So get the phone out and get calling dont waste another day Its all done private nobody will know unless you tell anybody and at the end of the day all you are doing is paying back as best you can for 5 years So just the same as a 5 year bank loan think of it in that way and its not so bad
good luck and post how you get on and read up on here
Wicksy wrote:
Once again thank you all for the messages of support. Does anyone know how my mobile phone, land line, sky tv,broadband etc will be affected should I enter into an iva, I have never missed payments so I suppose what I mean will they renew my contract when the year finishes on any contracts
From my experience you get to keep your mobile, sky and broadband. You will probably be only to receive the minimum allowances for Sky and broadband (basic packages), but if you can fund it by making savings from other areas of your allowances then you can keep whichever package you want. However the most important thing is to contact a few companies and run through the things you want to know or don't understand. All will soon become clear and you will start to feel better as soon as you have taken those first steps.
