i have a lot of debt

[too much debt]

i have a lot of debt and was advised to do a dmp by cccs but one creditor has now gone down the court route i did reply to their summons in time with offer of payment but just ended up with forthwith judgement and now intrum charging order as i objected they have transfered my case to my local court but have kept the intrum charging order and i just cannot see the way ahead as i only own a 1/3 of the house and if sold my share would not pay them back in full. i really only fear that bankruptcy is the answer but this would lose my job and then nobody gets any money. i really dso need some good advice at the moment

[iva experts]

Welcome to the Forum toomuchdebt,

Could you please supply some more information like how much debt you are in? who your creditors are? and what your disposable income is (monthly income minus living expenses)?

We can advise further with the above information.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[Oliver]

An IVA would possibly be an alternative solution to Bankruptcy. You could seek the advice of some professional companies (you should always talk with at least 2/3), or alternatively you could post some more details on your debt problems here and we can advise further.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[Adam Davies]

Hi
This is the danger with DMPs,creditors still have the right to take legal action.
Take advice from several companies regarding a possible IVA.
Could you afford to pay your mortgage and the debt if it becomes secured and have some disposible income ?
As your job is at risk from bankruptcy this will strenghen your position in an IVA proposal
Regards
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

These days, as Andy says, DMPs are rarely a sensible solution for property owners with equity, as a lot of creditors would prefer to secure their debt firstly by taking out Charging Orders. You will then have to arrange to make ongoing payments to the creditor, but if you want to sell or re-mortgage your property in future the creditor will have to be paid off first.

Was there any particular reason that CCCS recommended a DPM rather than the full protection afforded to you by an IVA?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Hi Mel
Welcome back
Are you bronzed and rested ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Thanks Andy - and by the way I love the new photo. You look very smiley!!!

Bronzed and rested and now raring to go - good to see that the forum has been as active as ever and I am going to try and read all of the posts over the next couple of days to get up to speed.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[too much debt]

Welcome to the Forum toomuchdebt,

Could you please supply some more information like how much debt you are in? who your creditors are? and what your disposable income is (monthly income minus living expenses)?

We can advise further with the above information.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[too much debt]

Welcome to the Forum toomuchdebt,

Could you please supply some more information like how much debt you are in? who your creditors are? and what your disposable income is (monthly income minus living expenses)?

We can advise further with the above information.

Best Regards,
IVA Experts



i owe about 71,000 to six creditors, disposable income 526 per month, main creditors nr and barclays. nr are the people chasing
http://www.iva-experts.co.uk/

[too much debt]

These days, as Andy says, DMPs are rarely a sensible solution for property owners with equity, as a lot of creditors would prefer to secure their debt firstly by taking out Charging Orders. You will then have to arrange to make ongoing payments to the creditor, but if you want to sell or re-mortgage your property in future the creditor will have to be paid off first.

Was there any particular reason that CCCS recommended a DPM rather than the full protection afforded to you by an IVA?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.


i think it was the job situation and the fact my income also supports elderly ill parents we all own 1/3 of house have tried iva's at a couple but told as its nr they do not do iva's

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Hi
Now that you say NR are your main creditor I can see why you have a charging order pending .NR really do seem to have a bad debt policy that doesn't include IVAs and have repeatedly denied people an alternative to bankruptcy,the IVA by refusing IVAs point blank and securing the debt.In your case they haven't even waited for the IVA proposal.
With NR securing their loan how much disposible income will you have and how much unsecured debt ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[kpw]

Questions for Melanie
You mentioned earlier in the post that a DMP is not a sensible idea if you have equity. Surely this is more or less the same with an IVA where creditors almost certainly will put a Fourth year equity release clause in. Surely it must depend on your circumstances, which creditors you have etc, whether the property/Debts are in Jt/Sg names.
Also charging orders are not as straight forward in obtaining as creditors would maintain, and are the courts going to continue letting creditors turn unsecured lending into, effectively, secured lending using the court system to get their returns. It strikes me that lenders should be more upfront about this option to anyone who has a property when considering loan applications.

[too much debt]

Hi
Now that you say NR are your main creditor I can see why you have a charging order pending .NR really do seem to have a bad debt policy that doesn't include IVAs and have repeatedly denied people an alternative to bankruptcy,the IVA by refusing IVAs point blank and securing the debt.In your case they haven't even waited for the IVA proposal.
With NR securing their loan how much disposible income will you have and how much unsecured debt ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

taking nr out of question other debt would be about 46000 and disposable income abot 405

[catullus]

Hello too much debt

On those basic figures an IVA may well work and, although I cannot say too much about it, I'm pleased to say that I have detected a positive change in NR's policy to IVA's in the last few days which may not be entirely unrelated to their own problems.

Whilst I am by no means suggesting that NR are a pushover I think that the chances of them voting positively have risen now that they have a charging order, assuming that they still will have an unsecured element of their debt and given the implied dividend of the amount that you can pay in to an IVA.

[MelanieGiles]

My point about equity and DMP's is that they do not buy any certainty as to what needs to be done with the equity, which to be frank is now relatively fair in my opinion, although I wish the pre-IVA valuation would be used rather than one carried out during the final year.

And sorry I do not agree with your point on Charging Orders - they are extremely easy to obtain, and creditors are applying for them at the moment by the jugful - usually as soon as they receive judgement. This trend will continue, whilst the nervousness of "credit crunch" continues to rattle the financial markets, as creditors will want to get security before equity is lost to further re-mortgaging or secured loans.

Lenders could make it more clear to borrowers about the effects of non-payment or default within their application forms, but borrowers must take more responsibility for their actions as well.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp