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
That is the spirit and don't give up and don't put down on the expenditure too little over a particular head that you know is just not right. Let us know how you get on. Good luck.
Remember it is not the monthly figure that makes an IVA achievable in terms of dividend - my firm does IVA's with a monthly contribution as low as £135 - so don't be despondent. If an IVA is in your best interests then that is the major factor as long as it is achievable and affordable.
Last edited by David Mond on Sat May 02, 2009 8:00 am, edited 1 time in total.
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.
Hi all, things seem to be looking up. I have managed to get my mortgage changed to interest only which will free up approx £150 which Tina says should make my proposal about 29p in the pound. Much better than original at 21p! I have had an email with docs attached but do not have all my paperwork to hand yet. Do I need to send the Authority to act back straight away even with not having anything else to send yet. Tried to print everything off but my printer ran out of ink!!
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
Thank you, I will send the authority to act off first thing tomorrow. You say that means you will be able to start contacting creditors so do I still need to send them the letter to creditors. I have already had a balance letter from Northern Rock today so will I need to send one to them. Sorry for all the questions but I think of these things at night!
Yes - I think it is a good idea for you to also write to creditors - this will reduce the likelihood of lenders saying that they have not heard from us.
Glad that Tina and Melanie have sorted your case out newtoallthis - the interest only mortgage for 5 years will certainly free up more DI. Good luck.
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.
Hi, I have just been looking at banks that are connected. One of our creditors is Cahoot, which I believe are part of Abbey. Our 2 children have saving account with Abbey, which obviously we are signatory on. Will they try to take money from their accounts?
Not if the money is in your name - and Cahoot and Abbey do not effect the right to set off between them in any case, so the childrens' savings ought to be safe.
Thank you Melanie. I sent off the Authority to Act form but I am still trying to get all my other paperwork together. I have receved most back from Debt Free Direct today but I still need to get some together, shall I send what I have got or wait until I have it all?
