I have a few questions

[dj_h]

Hi,
I have lots of debt (around 55k) and my salary is 30k. I need an IVA to help me out, can't manage month-to-month.

I have a few questions:
1) Rent on our place is 800 per month, although my girlfriend has been nice and paid 700 herself, with me just paying 100. I now need to start paying half - hence another reason I need the IVA. This 400 won't show on bank statements etc, is this likely to be a problem?
2)My parents asked me to buy them shares recently which I did, they now want the cash value back. If I sell the shares and transfer the money out of my account to them, will the people who run the IVA question this and want that money returned, even though it wasn't mine if the first place? or is the best thing to do, get them to open a trading account and transfer ownership of shares to them?
3) Is it a case of picking any company, Debt Advice Bureau OK, they have good reviews. Or do I need a local company?

4) Lastly, is there any approx figures of how much in the pound I may need to pay on the 55k debt. Outgoings on debt alone are in excess of 1200 per month, excluding rent, house bills, shopping etc.

Many thanks.

[MelanieGiles]

Hi there and welcome to the forum

I'll answer your queries using your same numbering system if that's OK.

1 Not a problem, but assuming that you live with your partner you need to be paying for shared items in the same ratio as your earnings rather than on a 50/50 basis - unless you both earn the same money of course!

2 So long as you can show that your parents paid you to purchase the shares then this should be of no issue. Why did they not just buy them directly themselves?

3 I cannot answer that one, as I am not allowed to promote on this site, but iva.com lists every insolvency practitioner and the feedback from their clients on that site.

4 The dividend payable will be dictated by your own individual circumstances, and not a "designed to fit" model. An insolvency practitioner can work with you to identify an affordable level of payment, and then present this to your creditors on your behalf.

Please return to the forum to ask any more questions, and good luck in your search for a solution.

[dj_h]

Hi Melanie,
Thanks for the info.

Thanks for pointing out that the ratio is not 50/50. My girlfriend earns quite a bit below me, so I'll need to alter my figures. I suppose it's only fair that I should be paying more for things like rent if I'm earning more. This will increase my expenses, bringing down the money I have left over, just hope that it's still enough, after bills, it should be at between 700-1000 (which will go to the IVA and general living allowances etc).

Regarding (2), my parents don't have a share trading account and aren't aware of my financial situation. They did this about 6 months ago, before I really sat down and realised what a mess I was in. They paid the money direct to my share account, I'm sure I'd be able to ask the company to provide proof of this if it was ever required. Thanks for your info on this.

Sorry you're not able to help much on (3) but I understand. I was really wanting to know does it matter if the IP is local or not?

And also, I have a bank account at the moment with visa delta etc. If the IVA is successful, is it likely I can still bank with this company (also have a loan and cc with them), and just have a basic account, or will I need to change to a different bank?

Many thanks,
Dave.

[MelanieGiles]

On the point of the IP being local, it does not really matter so long as you have a good relationship with the person acting for you. I try and encourage all of my clients to come along and meet me personally, as I find this extremely beneficial both ways, but I have lots of clients around the country I have not met personally, and we enjoy an equally good relationship. It is up to you really.

With regard to your chequing account, as this is held with a bank to whom you owe money, you would need to open a new account with a bank where you have no debt. I would suggest that you do this as soon as you can, ie before your credit rating gets too bad.

[Lisa2009]

Hi Dave and welcome to the forum.

There are many on the forum who have used Melanie's company for their IVA and im sure every single one of them will have nothing but good to say about the level of service they have and are recieving.

Ian Millington is also recomended and for the same reasons as Mel's team.

I would like to wish you the best of luck with what ever decision you make regarding your debts and dealing with them.

Please, if you are unsure, ask as many questions as you need to.
The forum will provide you with proffessional, emotional and moral support and just as importantly, non-judgemental friendship.

[kallis3]

Hi Dave and welcome from me too.

As Mrs Skint says, you will get all the help and support you need on this forum.

We're all one big happy family.[:)]

[dj_h]

Hi,
I decided to phone Debt Advice Bureau who passed me on to payplan. They have said I can't go down the route of an IVA as with the 60k debt, I would have around 1k per month available, and a DMP is the only option. They see it as I could pay 1k per month (thats what available after living expenses etc) and pay off the debt. But this is all well and good, but if interest is not frozen, it could well take 10+ years to clear.

Is it worth my time trying with a different company (other than payplan) and see what they say?

Also, is it worth my time phoning my creditors and asking them to freeze interest and perhaps write off some of the debt if I was able to get some help from the family?

Thanks,
Dave.

[kallis3]

I presume they are saying that you have too much disposable income? If so, then DMP may be the only option. They would probably try and get interest frozen for you.

[dj_h]

Yes that's right, they're saying I have too much disposable income for the IVA, but I'm not exactly happy with it since it could really take forever to pay this off if interest isn't frozen, and I won't know that until after I am in a DMP (probably for quite a few months).

Is it just as likely a person can speak to the creditors and ask them to freeze interest, or do they just tend to do this for DMP's? Anyone had or heard of success? Also the same with trying to get some debt wrote off?

[kallis3]

You can try and negotiate with your creditors yourself, but it is much easier to let someone else do it for you.

I was in DMP before my IVA and the interest was frozen on my debts, reviewable every 6 months. I was in it for 18 months and they never put the interest back on. Can't guarantee that they would do it for you though.

Can't help you with the question of getting any of your debt written off though.

[dj_h]

Do you think it's best to phone them or write to them? Will they not just ignore/bin the letter, but then if I phoned them, they'd need it in writing.

Seen as I can't get an IVA, and a DMP might not be a good option, with having to pay back my debt for who knows how long (10-15 years just seems to long), just thought it might be worth trying to sort out something myself.

[Viki.W]

dj_h, if you look on the left of the forum there are letter templates for you to use if you want to write to them. X