Im new to all this and pretty scared!

[maizie]

Hi... joined this forum today but have been reading the messages for the past week really.

I originally contacted Clear Start to sort out my IVA.. whilst they were very helpful, certain things they stated worried me like contacting my creditors to tell them I was cancelling the direct debits because I was in financial difficulty and to make goodwill gesture payments. After reading messages on here I decided to contact Thomas Charles, who I must say were fantastic. Spoke to a lovely guy called Douglas Prior who totally made me feel at ease. I forwarded all my documents to him today and he will be sending me all the paperwork by the end of the week.

It seems I have become obsessed with this forum, one minute I am fine, the next I have a panic attack. As advised by Douglas I have cancelled all direct debits, a new bank account has been set up and he advised me to make no more payments to my creditors.

I feel scared about this all, I live with a member of my family, who I finally admitted everything to a few days ago, she has been totally understanding but then thoughts went through my head about what if people turned up at the door as I dont want to involve her.

After talking to Douglas I feel slightly better, I guess I just felt embarrassed and ashamed and one of my worries is that the creditors are going to look at my accounts and question every payment, what I spent the money on, that I bought clothes etc.

Its very early days for me but some reassurance and support would be grately appreciated. Sorry this is long winded, I guess I just had to get it off my chest! x

Life is far too stressful!!

[thebear29uk]

Hi Maizie and welcome to the forum.

I think we all view the forum for a while before we pluck up the courage to post ourselves. I know I did.

Hopefully I'm in a position to give you some of the reassurance you need. I dealt with Douglas as well and he was absolutely brilliant. He will certainly do his utmost to match your circumstances with the best IP.
Also unless you went out buying sports cars or plasma tv's etc I dont think they look too closely at what you spent the money on. They may want to know how you have ended up in debt but Douglas will help with that as well. As you may have seen on here people may be able to help you more if they know how much you owe and who your creditors are.

There are always people here to offer expert help or to give a kind word or just encouragement.

Do keep posting

Dave

[maizie]

Thank you so much for your message. Douglas is totally aware of how I got myself into debt, due to a breakup of a relationship, then a car crash so thats when most of the debts started.

Im £27,700 in debt, £6,500 HSBC Credit Card, Overdraft with HSBC at £400, Loan with HSBC at £17,500, Capital One £800 and Virgin £2,500.

Hes made me aware and I have seen on other messages on the forum at how difficult MBNA are but he said they would mainly concentrate on HSBC.

I do feel stupid that I didn't control my money more, I was borrowing off friends and family to make payments, and to date I haven't had any hassle from my creditors because I always managed to make payments through borrowing from others although have been charged quite a few times for late payments etc.

I just know i can't carry on the way that I am.

Life is far too stressful!!

[freelili]

Hi Maisie

Just wanted to say we are all here for you and you have made the right choice in facing your debts, there are 1 in 5 people in debt, many are still burying their head in the sand and hey ho, you are not one of them.

One thing, did you have all of your options discussed and reading that you live with a family member they know about the equity clause, right?

Two things actually, HSBC, a real nightmare for calling and aggressive too, just be prepared for that, explain your intended solution IP name, number, etc and end the call. These people are paid to stress a payment out of you and dont care how, I dont think MBNA are much better, they are crocadiles, snapping at every oppertunity and it can wear you down. However they dont have a great deal of power, like say the gas or your phone, if you dont pay, they cut you off. Crocs cant do that so they shout, shout, shout. Be polite, dont let them get a word in edgeways, if they are rude, mention telecomunications harrassment and that you are going to record.

Good luck and keep posting, we have all felt how you do, its scary but you will get there. Dont be ashamed, whats done is done. Youre moving on.

LILY

I asked God for a solution and have to live with his reply.

[maizie]

As far as Im aware all the options were discussed. I am aware about bankruptcy and DMP. Speaking with Douglas he seems to think IVA is the best option.

You mentioned equity clause? What is this?

Life is far too stressful!!

[MelanieGiles]

Hi Maisie

So long as you make the very best offer you can to you creditors, you should have every confidence in getting an IVA accepted. Do make sure that you consider all available options, and make sure that the final choice of way forward is your own.

If you have any queries the forum can help you with along the way, do not hesitate to post.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[maizie]

Thank you for all your advice. Someone mentioned the equity clause at my families property that I live at. Can someone please explain this as I am starting to panic! Nothing new there!!

Life is far too stressful!!

[freelili]

Hello Maizie

Sorry I didnt mean to scare you, is it your own property? If so then there is usually an equity release clause during the life of an IVA. It may not apply to you as you are 'living with family', dont worry, it would have been explained if applicable.

Good luck and please keep posting, dont worry, you will be fine and are not alone.

LILY

I asked God for a solution and have to live with his reply.

[maizie]

Thank god! no I live with my auntie and its her property.. I just rent. Phew!

Life is far too stressful!!

[i_a]

Hi Maizie,

I'm in the process of proposing an IVA and have been through many of the same experiences as you.

I think I've been lucky with HSBC - they haven't been aggressive at all with me.

MBNA on the other hand are terrible - phones calls all day long, letters, threats by debt collectors to call round, offers to write off part of my debt etc etc.

I found it's best to be very firm with them on the phone or by letter and know your rights (which I'm sure you do after reading the forum posts).

I went through Thomas Charles and am now with Accuma who are preparing my proposal. Both have been excellent.

Hope everything goes well with your case - it is stressful but you have made the most important step already - admitting you need help and getting the right advice.

[maizie]

Thank you for your message. I think thats what I am mainly worried about, people coming round to the house. Like I said to before I live with family and the thought of a debt collector coming round scares the life out of me as I dont want to involve my family.

Life is far too stressful!!

[freelili]

Maizie

Many of the letters threaten to come round but virtually never do, please dont worry, it will be OK, you are doing everything you can.

Good luck

LILY

I asked God for a solution and have to live with his reply.

[neverending]

maizie
The chances of a debt collector actually calling are VERY slim indeed,some companies threaten it but it very RARELY happens.
I had nearly 70k of debts and never had anyone knocking on my door.
Relax,you are in safe hands.