I know its hard, its so horrible being in that situation and building yourself up to a solution only to be disapointed the road is closed.
Even though the creditors may hassle for payment the thing to keep on your mind is youre doing all you can in a DMP and they wont take any action as the courts would see that youre doing your very best.
After the call centres get the debt, they will try to get a payment out of you. Thats the individuals job, getting money. They dont really care about anything else, meeting targets and getting payments. Dont be intimidated by them. You will both have different agendas and will never be able to agree. Therefore you tell them youre doing all you can and hang up. If they are persistant and some are (Barclays, MBNA, HSBC) then tell them you have something cooking and leave them hanging there, they will soon hang up, they are swines to be honest, if its too much just change your number. Its against the law for them to cause stress by harrassment, remind them of that fact.
You will get there, its natrual to be worried at this stage, one stage at a time is all you can do for now. Find a company and take it from there.
Well national debtline only offered me IVA said I was not suitable for DMP as I would be paying forever, so hopefully their provider will come up trumps for me just hope there will be a letter from them when I get home. I am fighting hard not to feel beaten..
Cleardebt do many low DI IVA's. Give them a ring, you will get excellent advice and service.
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
I wouldnt be happy with someone recommended by another party, better to find someone yourself hun. Sorry to spanner this for you but its a huge decision to make. Its probably one of the most important decisions you will ever make too. Make sure you make that choice fully informed and when youre ready. Make sure youre happy, the experts here come highly recommended, you want someone who has your best interests at heart.
Youre only going to beaten if you give up, its easy and understandable that you want it sorted as soon as but sometimes it pays to be patient and get it right.
I guess what I am trying to say is, if the good ones do not recommend an IVA, then why is that? Perhaps its not a good option in your circumstances, eh? If you find a company that will take you on for an IVA, have they looked properly? Do they care about looking properly?
At the end of the day its up to you where you go from here.
It was cleardebt that said I did not have a strong case for IVA, but National Debtline highly recommended IVA for my situation. I am quite impatient but will see if there is anything at home when I get there may call National Debtline this evening and see how long the process will take and who they have referred me to I believe they only refer to Payplan and CCCS so I would imagine would be one of those.
Hi All, I'm in the process of an IVA and reading through the posts here I have all the same feelings, it is a true rollercoaster ride of ups and downs, you start feeling good about the situation and then get a call from one of the creditors and you come tumbling back down to the fear factor again.
So I'd like to ask those who have an IVA already and the IP's/experts here what should I be doing while the IVA process is ongoing. The creditors last week told me that I should be paying them a token payment out of the disposible income I have while the IVA is in progress and that if I don't they could take me to court, my IP said that I should talk to my advisory company but I should not favor one over another, the advisory company has said don't pay anything and if I do make sure it is very small (like £5) but pay it to all of them, but only one creditor is chasing payment.
Also the loan company has taken their money from my bank even with me cancelling the direct debit.... Should they do that it's increased my overdraft that is part of the IVA anyway (same company the current and loan and I have a new basic account now)
It's all so confusing who is giving the right information and I fear any court action. I also hate that feeling of hitting the floor everytime the phone rings and it's a with-held number.
So please can you share your experience and provide some advice here.
Many thanks
Approved 3rd June 2009 first payment made on the day.
Offer made and settled - happy days
76.5k debt creditors:- Northern Rock, MBNA, Barclaycard, LloydsTSB and Capital One
It may be better to copy and paste this as a new post so that it dosent get confusing for Sparkly here.
I would say that the creditors dont really care what youre trying to do, they just want money. They wont got to court if you are trying to do all you can. Most of the calls are from call centre staff and all they are interested in is getting your money, they threated all sorts of things. I didnt pay for over a year and didnt go to court. The banks do have a right of offset to any money you have in there. I was with hSBC and although I cancelled the DD for a loan they took it anyway. Any OD will go into the IVA pot so dont worry.
Well I have just received an email from Cleardebt saying an IVA may be a suitable option and they are sending the Pack out to me. So I will see what happens when I receive the pack. Confusion reigns in my head
I would suggest that you ask to speak to Size 5 at Cleardebt - whose real name is actually Mike Morgan. I have met Mike, and he is one of the best debt counsellors in the business. If you are getting confusing messages from Cleardebt as to your options, Mike is sure to be able to help.
With regard to making token payments, this rarely has much effect on the outcome of your case, but it could stop the letters and phone calls in the meantime.
Hi Melanie thank you, I am not getting any phonecalls or letters yet as I have paid every month, this will be the first month there is a default and that will be on the 1st of May, when they are all due. I have received the pack from National debtline is more indepth budget sheet and credit information request and a sample letter to send to creditors. No clue which company I will be referred to. I will have a look at the pack Cleardebt have sent out today which should arrive tomorrow and think things through. Will hopefully get a chance to speak to size 5 to clear things up. Am just glad work is finished for the day..
Cleardebt is an excellent company, and you could do a lot worse than use them.
Your calls and letters will start a few days after you default, so you will need to brace yourself for that, but just calmly explain what you are doing, don't be bullied into making a payment and just put the phone down.
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
So if my debts are just under 19k and I am offering £200 DI what would my pence in the pound be, sorry I have tried to work it out but I cant.. Can I offer an IVA of 6 years at the beginning so the debtors get more ?
Hi sparkly, it is not that straightforward to work out as you will need to deduct the IPs setup and servicing costs. But if you pay £60 x £200 = £12000. So after deductions I still would have thought you will be in 35-40p in the pound. Which is a lot higher than others have successfully agreed.
