just taken initial steps toward an iva

[senraboj]

Hi all,
I am unable to sleep due to overwhelming confusion & fear since my telephone call with a PayPlan advisor this evening. I am in dire straits and need help desperately, so on the face of it an iva seems like it could be the thing. I am absolutely terrified of losing our house though, and now nervous because aound 50% of our debt is with LLoyds, and I have read some other posts.......but if i do nothing we'll end up being repossessed anyway its that bad now. Will i be considered even if i havent defaulted on payments yet? (Been taking money from credit card to pay bills!)

Thanks,

senraboj[:I]

[Moneystinks]

Hi welcome

Alot of people on here have never defaulted - me included.

We are with Melanie Giles who posts on here and in my opinion is great her team are excellent also.

Try not to worry too much, an expert will be along shortly to better advise you.

DO NOT rush in until you have had all your options explained, and until you are comfortable withyour chosen company cause 5/6 years can be a long time if you are unhappy.

Good luck. XX

[Shining]

Just as Marie says, an expert will be along soon. Don't rush into anything without being 100% sure is the only advice I can give. I do wish you well x

[MelanieGiles]

Hi there and welcome to the forum

First of all do not worry about the Lloyds debts. Lloyds are one of the most supportive of creditors, I know the team that look after their voting very well, and if you are putting the very best proposal that you can make in front of them, there should be no reason why you cannot be accepted for an IVA.

If you have not been happy with the advice already given, it does you no harm to take a second or a third opinion, and each time you will be armed with more knowledge with which to base your final decision on.

And don't forget to post any queries on the forum as well. I, and the other experts will be delighted to assist you.

[senraboj]

Thanks all!
I have been looking at Melanie's video on the site ande she talks about 'gearing level' in regard to possible rejection of a proposal. Can anyone tell me what this means?

Ta

[MelanieGiles]

It just means the level of debts compared to your income!

[Lisa2009]

I would highly recomend taking a second opinion. Not that i think payplan are bad because they have some great feedback on here BUT because it will give you peace of mind that ALL the info is correct.
Remember, five years is a long time and you HAVE to be completely comfortable with the company you chose to help you through this.

Please dont worry, you have now taken the first steps and admitted that you are having problems. Most on this forum have been right where you are now and can totaly empathise with the way you are feeling. You will get lots of advice, support and friendship on here and best of all, you will NOT be judged by your mistakes.

[angela18]

we are 4 payments in to our IVA wih Melanie we spoke to a couple of companies and decided Melanie was for us.. she is always there when you need her.. even of an evening on here.

5 years is a long time and you do need to be 100% with this way forward and comfortable with who you go with. it is hard but I think it will be worth while when I come out of the other end (fingers crossed) knowing I did my best

[elizabethr]

I felt dreadful when I was considering what to do. I found this forum be chance before I had taken any steps and it has been invaluable for its advice and support. After posting and reviewing IPs I decided on Melanie's team. They say that when you go on a training course or a conference etc there is usually one thing which sticks in your mind and you take away and use it. The one thing that stands out above all else from all the advice I gained from here is that you need to feel comfortable with not only the IP you choose but anyone else in that company that you may deal with over the years of the IVA. I hear so many people saying that it was all very good when they were getting sorted but once in their IVA or arrangement they didn't or don't get very good support after and felt they were on their own most of the time.

[senraboj]

Hi again and thx for all the replies. I have spoken to Melanie's co today and I am waiting for a call back. The fees worry me, the one company i spoke to didnt mention fees at all, but reading around I know there are some, but no idea how many?!
I must say I am so glad that I found this forum, I know lots of people are feeling the credit crunch, but it is so helpful reading about other people's experiences, I know that I am not alone! I hope that one day I will be able to offer support to newbies like me

[Lisa2009]

Dont worry about fees they are not payable seperately, its all in your monthly contributions.

[chardonnay]

Hi,
Calm down, take a deep breath and keep talking to Melanies Team and on the forum - you will get support and advice.
We all know how scarey this whole process is but you are not alone. You will be helped to find the right solution for you and tat is what you are looking for.
We are all here to help in whatever way we can....
Take care and try not to get too stressed,
Hugs,
Chardonnay

[Soulgrowth]

Just also wanted to say welcome to the Forum ... I know how stressful it can feel at the moment bu you are doing all the right things. Keep in touch with the Forum and let us know how you get on.

Debbie

[senraboj]

Thanks all, I have got a telephone appt with Melanie's team tomorrow evening, so fingers crossed. I'm just overwhelmed with everything ive heard and read, dunno whether to consider BR as we are in negative equity and we have no other assets, but hoping to get that advice tomorrow too.
Maybe then I can start getting some sleep too.....