I've been reading the experiences of others

[lindsey.c]

I am considering an IVA but I am really not sure that this is the best thing to do right at this moment. I currently have 2 debt reconsiliation loans, which are taking up most of my income, a small store card *which isnt really a problem compared to the others, as its about £80* and a credit card, which is the thing that has kinda put me at the edge of everything.
I have tried to cancel the loan protection insurance on both of my loans to make the monthly payments less but having tried to do it on one, to be told that I would have to restart the loan without it (and there only being £4 payment difference a month AND the term of the loan shortened, and having been declined on a previous application anyway because it was too soon into the term of the loan) I havent tried with the other bank to see if it would be possible with them either.
I also have my student loan, which i am lucky with as the payment gets taken straight out of my wages before I get them *so always forget that that is one of my loans that I have*, and my budget doesnt really get affected by it too much.

I've been reading the experiences of others on here and can see how much futher into dispair it can get, I havent been hounded by any of them, I have yet *touch wood* never missed a repayment or anything like that but have just got tot he breaking point that I am tired of things not seeming like they are getting anywhere.

Would it benefit me actually talking to each of the creditors before talking again to a Insolvency practitioner? I spoke to one that had on yell.com when I had been looking for the Citizens advice bureau, but I also had a initial meeting when citizens advice, who sadly didnt help as much as the people that had recommnded the IVA.

[Sadsack]

Hi lindsey.c and welcome

It would be helpful if you could post a few more details as to how much you owe and to whom. To enter an IVA, you must have debts of over £17k and owe this money to at least 3 creditors.

Because most of the posters on this forum have been through this process, we are here to help and support you.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[iva experts]

Welcome to the Forum Lindsey,

Could you provide us with alittle more information like your total amount of debt? your disposable income (monthly income minus living expenses)? and who your creditors are?

If you provide the about we can then determine whether an IVA is best for you or not. Eventhough you havn't missed any minimum payments, you are still living on credit in someway which can not go on forever.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[lindsey.c]

Thank you for the kind welcome.

Ok, so the list begins :-
I have one loan for approx £19k (which I believe I owe now, just under £15k - and sadly another 6 years to go on that one). Another for £11k but I am not sure how much of that I have paid off, but that ends in 4 years. Both of those are with high street banks and are about £310 each a month in repayments. A halifax credit card of £5,500, and a store card of £80 (which really doesnt seem anything next to the others, but when in need of new work clothes and whilst stood in the middle of New look - seemed like a good idea at the time). There is also my student loan which payments get taken out of my wages (which is also the reason I tend to forget about it all the time).

Basically at the moment, I am paying for nothing that isnt necessary, so my travel to work, mobile phone and about £40 for the month for food pretty much take up anything that is left after the payments for everything else has come out (travel and phone come to about £300 a month) .

I know that this is my fault, if I hadnt ran up the store cards and credit cards that I had before I then took out the two reconsiliation loans (and then actually got rid of the final emergency credit card) then I wouldnt be sat thinking this has really got out of hand. From a couple of years ago this is actually alot better situation than I have been in the past (uni was a great time for any one and everyone to offer credit - and like a muppet I took most of it that was offered - hence the loans).

I'm not even sure if the two banks would restart either of the loans (and next time I really would get a seperate policy for insurance on payments) but I can not even look into this until Jan when they might actually consider it.

Typically I then tried to talk to a CAB but also got the telephone for debt free direct at the same time *prob not the conincidence it seems that they were advertising on the same page*, but I dont want to run into a IVA because they were nice enough to seem like they were listening at the time.

I think with all of this I am driving myself slighty mad, it is like a never ending circle at the moment.

[iva experts]

Hi Lindsey, If you keep posting you will find that madness is a regular feature on this forum as well as being scared, nervous and terrified [:D]

It seems that you could propose and IVA with amount of debt, however I was a little confused when it came to your disposable income. Are you living off £40 per month for food? What is the amount left over after subtracting food, utilities, rent, travel etc from your income?

As your student loan is coming out of your wages, this will not be included in the IVA. This type of student loan is call contingent and means it was taken out after 1998 and therefore shouldn't be added.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[CoverItAll]

Good morning Lindsey.c,

When you took out your loans:
were you given illustrations of the repayment cost with and without Payment Protection Insurance ?
was buying this insurance a condition of the loan ?
was it made clear to you that this insurance was not compulsory ?
did you opt for the inclusion of the cover ?
was the cover paid for by a single premiunmthat was added to the loan ?

John Tegg
www.asu4iva.co.uk
0845 673 9999

We will make all your IVA payments for you if Accident or Sickness stops you paying them yourself.

[lindsey.c]

Basically, having worked everything out, I have about £40 disposable income each month, if that though.

I had wondered about the student loan, exactly because of that reason. But that is good to know.

When I took out both of my loans, one bank seemed more helpful than the other. They both showed me show much the repayments would be with and without, and of course, both recommended getting it. After a short questionannire they both recommnded that I got it, so I guess therfor on that I opted into the agreement, but there was no time to debate or actually think this is a hell of a lot of money for that.

With both of them I had to pay the total sum for the insurance upfront - which both banks added on to the loan amount (and obv now, I am paying interest on that as well).