My sister is in the same line of work as you and i have just spoken at length to her about it. An IVA is by far the better option for you than BR. If and when you end up applying for another job during you IVA you just tell the truth. It is not unheard of to have someone at your level in an IVA and it is not the end of your career. I would not even consider the DMP route for you, i think you are far much of a worrier and they still send a fair bit of paperwork out, with an IVA it all stops, it is all controlled. Go with Melanie i think she will get you through this and the hurdles along the way. My IVA finished in 9 months and it has flown!!!!
Ox -- that very last scenario of kids being homeless and hungry would come about only as the result of non-action. You DO have the solutions to hand, but, I feel, are being overwhelmed by the whole picture.
Break it all down into manageable chunks and deal with these one at a time. First of all you do need to tackle the depression as that will put the brakes on all else ( been there, done that and got the tee-shirt). Modern meds aren't as bad as in the old days, they can be very subtle ( but might need a bit of patience and tweaking). As well as an IVA, I have M.E and F.M and it gets me down sometimes -- and I take meds (well -- extra meds, as I rattle when I walk anyway). It DOES help.
So, give it a go. Then, when you are on a better footing, think about the IVA / BR / DMP thing (life is full of initials). In the meantime there is no harm in research and chatting to a few Insolvency Professionals.
Incidentally, I used to post a lot on that "other" forum, but their admin started deleting my posts when I mentioned this forum too often !!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have no equity but I do need to get something done, I have payment due to creditors shortly and was gong to start the DMP but fear it will be rejected anyway. Not sure which was to go have got meds so will start. Need to cancel some DD to CC and pay token i think but time is now of the essence I could pay again some this month but would be tight to pay priority and food etc. Also new bank is not fully set up they have taken their time and some of debts are with old bank CC so could set off. Thats why i was going to also cash the 10k to get through
Foggy my paralsys is that if we go BR then would the above homeless/hungry apply as I could not work. Thats why I get myself in a lather. The wife seems more relaxed that with 3 kids we would never be homeless as council would step in.
Last edited by Ox1987 on Sun Apr 14, 2013 1:40 pm, edited 1 time in total.
I wouldn't pay creditors unless you are planning on spending weeks making your decision which im sure you know would be daft! If you have no equity then your IVA should only be five years. Im still not sure whats holding you back from at least getting some IVA figures put together!
p.s To me an IVA is just a much more organised, structured, legally binding version of a DMP. The only reason i would go into a DMP instead of an IVA is if i thought i might come into some money in the next couple of years and pay it all off. With a DMP you still get a bunch of defaults and a bad credit score.
Just had another idea! Give the 10k back and do a year in the IVA, if your job comes to an end at that point after you have paid a year of contributions already the 10k may stand a really good chance of being accepted as an F&F at that point!!!
My sister is a manager and has not had any personal experience but says if one of her staff came to her and told her she would not even think of laying them off and she doesn't believe many would. Also, if you google cima and IVA and BR related things you can see that its not the end of your career. There are ways around the car situation too!! You need to speak to Mel i cannot stress this enough, if there is even the chance that the 10k may be accepted now what on earth are you waiting for?
Also, she has said that she would rather her employer came to her to tell her but unless it says in your contract that you have to, your only obligation is to inform Cima themselves and they do not act on it, they just need to know.
Listen to foggy very wise words. modern meds are so much better and will help you gain control on things. You have been through by the sounds of it. I have had fair share of bereavement also and it can mess with your head. Youve been to the docs which is a big step and theyve given you something to help but its not going to if stays sat in the packet. Once you have dpoken to Tina/Mel you may start to see a solution but you need to believe and trust it. I sm so glad we did iva as were paying creditors more than i earn each month and then had to use CC for essentials like shopping. No one knows the future and what may or maynot happen but we had to do something for the here and now. If something changes then we will speak to IP and work out snother solution. A DMP i doubt would suit you as can change without your control. BR is drastic when you have disposable income to pay a contribution. You are looking at the extreme situation. In an iva your home is safe. You will not lise your family due to BR but you risk losing them if you dont deal with your health.
You are not annoying the forum. But you will drive yourself nuts going round in circles. There is a solution to get your finances straightened out now. Anything that crops up in the future can be dealt with. You will still be in a better place than you are at this time.
I have spoken to Tina at Mels and need to make my mind up but its the car and job issue stopping me going further. I have to stay at this level or above as I was to maintain the normal bills that is what I fear wont happen and we will lose house and go BR anyway. The wife in a strange way thinks that if we dont take it and go BR then they can use it to buy us stuff post BR it sooooo hard especially when stressed and depressed
Go and read Scared on other forum, they think DMP is the way and are far less supportive than on here
