I''ve been looking in here for over a week now

[soreloser]

I''ve been looking in here for over a week now trying to get to grips. I''ve got myself into a right mess. I have about £26K owing on Credit cards and £33K in loans.

To be honest with myself this has all been built up as I have chased so called ''investment opportunities'' through share dealing and trying to get earlier losses back. My ''last chance'' share has just been suspended and it looks like a total loss. As well as the non secured debt above, I have a secured debt on my house (probably worth about £200K - moved in Sept 06) with First Plus of about £60K which leaves no equity since my mortgage (joint with my wife who works a bit of part time) is £148K. The secured debt was taken out at the beginning of 2008 (a half hearted attempt at consolidation) and although I got rid of most of the credit card debt then, I have allowed it to rise thinking that I could somehow pay it off with a successful ''investment''. There are three unsecured loans - two from 2005 and one from NatWest which is the largest (£20K left from £25K borrowed over a year ago). NatWest are my current account and my sharedealing broker - the statement looks like lunacy with large transactions, that I couldn''t really afford to make, transferring between current acoount and sharedealing account. I also have a joint account (Nat West again) which my wife uses, which after all the foregoing tale of woe leads me to my first question - if I open a new bank account (thought I would try Nationwide - if they''ll have me) would Natwest have any claim on the Joint account if I am able to go the IVA route?

I have 7 non scured creditors all in my name alone.

If I am bankrupted then my job is lost due to its fairly high profile in the local business community. I feel at my wits end and haven''t slept without waking up in a cold sweat in the early hours for I can''t remember how long.

[kallis3]

Hi, and welcome to the forum.

First of all, well done for finally facing the fact that you have a problem and for trying to do something about it.

If you were to apply for an IVA, would it be for you or would your wife be doing one as well? Are any of the loans joint ones?

I would certainly change your bank account - why not open another joint one with your wife at either Nationwide, or Co-op who are usually pretty good.

If your wife is not to be included, then if there are any joint debts, she would be chased for the whole amount even when they were included in an IVA.

I recommend that you take professional advice. Visit www.iva.com for a list of IP's who you can phone, or Melanie Giles, who posts on here, comes highly recommended. You can find her details under the experts link on the left hand side of the page. There are also debt advisors such as Andy Davie or VikiW who can assist.

They will be able to tell you all the options open to you and advise as to the best route for you.

[Adam Davies]

Hi and welcome
You have made the first step, often the hardest.
Have a chat with two or three companies to see if an IVA is suitable
Regards

[MelanieGiles]

I have dealt with many clients over the last year who have seen share dealing as a potential way of making money, to simply end up being disappointed - and holding unaffordable debts as a result. The key is to stop when you know that you cannot go on and then to seek professional advice at an early stage as to the options available to you.

If you have some disposable income to offer to creditors, having calculated your total household income and deducted your essential expenditure (not including ongoing debt repayments), then either an IVA or a DMP might be suitable options for you, but an insolvency practitioner will be well placed to advice you on this point.

Most firms are back up and running now after the Christmas break, so it would be worth contacting some as Andy has suggested to see what advice you can glean. As has already been said you have taken the biggest step in acknowledging the problem, now resolving it ought to be a priority for the New Year.

And I do feel that opening a bank account with a bank to whom you are not currently indebted would be a good idea. If the Nationwide does not work, you could also try the Co-op.

[David Mond]

A New Year and possible a new lease of life to get back on track. Speculating on shares is a no no - I did it in 1971 - Nixon blockaded Hanoi and I ended up skint! Recognising your debts and problems was the first step. Have a discussion with a number of IP's and then ascertain who is best for you - all IP's will give you an initial free of charge assessment and should offer you the most appropriate advice. Good luck.

[soreloser]

Thanks for your responses everyone. I see from many other posts that certain creditors like Northern Rock often block IVA proposals.

Does anyone have any experience of NatWest? They represent over 30% of my credit - and if its all under the heading of Royal Bank of Scotland then that probably includes Mint.... Is that how it works?

That adds up to over 40% of my unsecured credit in terms of an IVA being accepted by 75% of the value.

I'm being premature probably since I haven't even started the process yet but I am in such a state I will latch on to anything and worry about it...

[MelanieGiles]

Northern Rock are currently accepting between 70% and 80% of all IVA proposals put in front of them - so don't beleive all you hear about this particular creditor. I personally find them very amenable to proposals I put forward for my clients, although they are a very commercial creditor and always want to ensure that the best offer is being presented to them.

NatWest are very amenable to IVA proposals, again if the offer is the best available, so I would start the ball rolling as soon as you can to set your mind at rest.

[kallis3]

I agree with Melanie, you need to speak to a firm as soon as possible. Give her office a ring, she comes highly recommended.

[mike.s]

Hi and welcome to the forum,
I know things must feel really bad at the moment, I know what that feeling of being at your wits end is like and those sleepless nights are truly awful, I will never forget those feelings. But you have taken the hardest step, realising that things cannot go on and you are now trying to sort things out. I can truly recommended Melanie and her team, thanks to their help, and all the help and support from this wonderful forum, I am now back on my feet, debt free and a much brighter future ahead of me. Speak with Melanie and I promise you will start to feel much better, there will be a solution for you and you can start to rebuild your life.
Good luck and best wishes
Mike

[David Mond]

For a choice of IP's visit www.iva.com. I believe a properly drafted Proposal will be acceptable by Nat West and Northern Rock. Speak to an IP as soon as you can to go over all your details of debt and your Income and Expenditure.

[soreloser]

Thanks for that Mike - and everyone else.

I have nearly completed the IVA analyser which has scared me to death - I don't have much disposable left thats for sure.

One of my creditors is 'Egg' and I only owe them £100 - I paid them off earlier in the year and didn't use the credit card anymore (unlike most of the others which range netween £1K and £8K).

Should I try and pay them before trying to progress the IVA? On reflection it probably makes little difference...

[kallis3]

I know it is only a small amount, but if you pay them off, it might look as though you are preferring one creditor over another.

One of the more technical experts will be able to advise further.

[MelanieGiles]

There is no advantage for you in paying off this debt, so I would not bother if you are thinking of entering into an IVA.

[David Mond]

Yes - include all your debts now that you are considering doing an IVA - both NR and NatWest are very ameniable and you should not have any problem if your circumsatnces are right - which will be confirmed by your chosen IP. Good luck.