I have a CCJ where I am paying £20 a month. On another debt I am paying £216.00 a month. On my last debt an £80 a month repayment was agreed. After nearly 10 months the debt has now been sold on to some other firm who want the total debt paid in full and in one lump. I have explained that I am not able to do this but there are not willing to reach any agreement. The only thing they agreed to do is for me to pay £203.70 on the 31st December and I have to pay a lump sum of £1395 by the end of January followed by 5 monthly payments of £203.70 then the rest of the debt will have to be paid in full (around £11,000). I just don''t know what to do. I don''t think I can raise £1395 for the end of the month. Would an IVA be possible even though I have a ccj? would they be able to object the IVA?
How much do you actually owe to all three creditors? An IVA may be possible for you, but it is still likely to need the support of the debt purchaser unless they are owed less than 25% of the overall debt.
I recommend that you give an Insolvency Practitioner such as Melanie a ring. She comes highly recommended and a call to her office would give you the advice you need to decide 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
Firstly welcome - and don't panic. Speak with an Insolvency Pratictioner who will give you some correct advice. It will depend on your level of debt and the number of creditors you have. If you owe over £15000 then an IVA may well be an appropriate channel to go down. IVA's normally take between 4-6 weeks from start to finish, however I know from previous posts on this forum some IP's are able to do them alot quicker if needs be.
As Kallis has said Melanie comes highly recommended - make the next step a phone call and hopefully things will start to get resolved for you.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Visit www.iva.com to view prospective IVA Providers - don't worry and depending on what you owe, number of creditors and your personal disposeable income an IP will give you the most appropriate advice. Ring 2 or 3 and get a feel as to who you feel comfortable with.
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.
