i need serious help

[headinsandnomore]

I have now decided that its time to face the debts. Both me and hubby are disabled and have built up credit cards and loan debts. now with rising fuel and food costs we cant pay the monthly bills. decided that an iva would be best but need advice from people who have been through it.

1) can you do a joint one
2) do the iva people come round your house or fill in forms over the phone.
3)Do you have to change banks etc

Cheers for any help given.[:(]

[Viki.W]

Welcome to the forum, love the name. You can't do a joint IVA, but you can both do an individual IVA and they can be interlocking. I have heard that some companies will come out to fill the forms out but I did everything over the phone. If you are self employed you will have to have a face to face meeting with your insolvency practitioner. I had a face to face and recommend it to anyone even if you're not self-employed. You will need a basic bank account NOT linked to any of your creditors. Keep posting, we're all here for you. X

[headinsandnomore]

Thanks so much for the help. my minds in a tizz at the moment and i'm finding it hard to do anything at the moment. Thanks again

[MelanieGiles]

Hi there

Is your only income derived from disability benefits? If so it will be difficult to get an IVA accepted by creditors due to the fact that most creditors will feel that you should not be using state monies to fund their repayments. Strangely enoght, they do not afford the same prejudice when lending the money!

[headinsandnomore]

Hi,
Yes our only source of income is incapacity, disability living allowance and industrial injuries benefit. we also get tax credits for th kids but that will stop next year

[MelanieGiles]

It might be possible to get an IP to look at putting forward a non-protocol based case for you. If you have no assets of material value would bankruptcy proceedings not be a better option?

[headinsandnomore]

i did speak to national debtline and they did in a round about way suggest bankruptcy. prehaps thats our only option but it just seems so final. we dont have our own house or anything of value.

[kallis3]

If you don't have any assets, then br does sound like a good option for you.

It's a good way to clear the debts if all other avenues are closed to you and is nothing to be scared of.

The following post might be of use to you. It's the sister site to this one and can give you some advice and information.


http://www.bankruptcyhelp.org.uk/

[size5]

I agree. An IVA does not look like your best option. Please do not beat yourself up about this, and whilst you may well have to change your bank, it is a small price to pay for facing a debt free future.

Best wishes.

[MelanieGiles]

I absolutely agree - and any insolvency practitioner would be happy to give you more specific advice about the implications of bankruptcy proceedings if you needed further clarification.

[headinsandnomore]

Thank you all so much. I guess i will have to be brave and go for bankruptcy. i dont think it has the stigma attached to it anymore and in any case i cant go on with the worry of these debts anymore. cheers again