New to this IVA please Help

[spavin1]

Hi all,

Just contacted an agency today who have been very helpful. Have debts around 40000 with HSBC and Cahoot. They have advised an IVA.

Problem is I've never missed a payment as I don't want to get into further trouble. But my life and childrens life has been on hold as I can never afford anything for them. Everything is basic and cheap. Will never missing a payment go against me? Will also having the majority of the debt with HSBC go against me?

Thanks for any advice you can give me.

[Moneystinks]

This will be the first payments this month that we have missed. Not a nice feeling.
We contacted Melanie Giles who posts on this forum. It is worth looking around at different companies and people. We read this site for weeks and soon realised that we wanted to contact Melanie. Once we contacted her team we felt so much better.
I don't think not missing a payment will go against you but I am far from an expert.

Good luck.x

[lily]

Hi and welcome

I know this is a very stressful time for you, this is a very friendly and helpful place.

Deciding to act before you have missed a payment is better than waiting as I did for six months and incurring more overdraft and loans to live on. It might come as more of a shock to the creditors but they have to know sooner or later.

HSBC seem to have a 40p in the pound criteria and are quite aggressive creditors when payments are missed, ie they phone a lot, that is something you will cope with though, I did.

Did you go with the first IVA company you phoned??? This is a very big step and a life changing experience, 5 years is a long time. Please make sure you are sure that this is the right option for you. Were other options explained??? There is a list of companies on IVA.com with feedback from other users.

Any more questions, post away.

[kallis3]

Hi,

HSBC were quite aggressive with us to start with, we had a joint loan and overdraft and I had a credit card. They eventually passed the debt over to Robinson Way, and we had no problems with them. IVA accepted today, Robinson Way one of the ones who accepted.

[sblack]

Hi,
Never missing a payment does not go against you.
You will have to contact an Insolvency Practitioner to see if an IVA is right for you. Why do you think having the majority of debt with HSBC will go against you?

[Soulgrowth]

Hi spavin1 and welcome to the Forum.

When I decided to go for an IVA I had never missed a payment either, but some were starting to get a little late. The most important thing is to anticipate future problems at an early stage. We can't go on robbing Peter to pay Paul indefinately. So the first thing I would advise is to get some professional advice, and you could do worse than make an informal phone call to one of the experts here, especially Melanie Giles. On the basis of this you will be able to find out if your situation is suitable for an IVA and, if so, it would then be a good idea to stop making your payments and instead save the money for your "war chest".

Don't misunderstand though, living life on a IVA is no easy thing and you will still have to be a bit frugal with your lifestyle, but it will definately lead to a stress free life.

... and the other advice? Keep in touch with the Forum for the emotional and psychological support we all offer one another [:)]

Good luck.

Debbie

[spavin1]

Thankyou all for the quick replys. I came across this forum today and I can't believe how many people are in the same boat. Thank you all for your kind words and advice.

I have contacted the first IVA I came across but looking at other posts I think I will look further. I understand that an IVA is not easy but I've been in this mess for 8 years and not sure how much more i can take.

Thanks again for the advice and I will certainly keep in touch with the forum.

[sblack]

Hi,
www.iva.com is a great site which gives IP reviews so you can get a good idea of whos good and bad etc.
Good luck with whoever you choose.

[kallis3]

Go for it, we will all be right behind you. The feeling of relief when your IVA is accepted is unbelievable

[lily]

I would say that you really need to know more before you go for it. Its so easy to grab the first potential solution when youre worrying and stressed out with debt. If you have only two creditors and IVA might not be the answer but I am not an expert. It kind of takes over your life but there is an answer to every problem.

Check out all of the options, your level of disposible income and go into your own solution with your eyes open.

I would try Melanie, she will give you all of your options and then take it from there.

One more thing, please avoid Synergi, they have had very bad press on this forum.

Good luck.

[facingittogether]

hi and welcome

you are amongst ppeople here who have been or are in similar situations - so we are all understanding and non judgemental.

by speaking to an expert you will learn all of the options available to you and the best way forward.

good luck in whatever you decide and just by seeking help you will feel like a weight has been lifted

barb

[MelanieGiles]

Hi there

The worst bit is admitting that you have a problem in the first plamce, and then adding up all of your credit balances - they always seem to add up to more than you have estimated!

HSBC have a high hurdle rate of 40p in the £ in IVAs, so you will need to be offering a good return to guarantee success. I suggest that you go straight to an insolvency practitioner rather than via an agent, as you will get good clear advice from the horse's mouth.

[emma_t]

Hi spavin

I had never missed a payment when I decided to propose an iva, I think you will find from a lot of above posts that a lot of people are up to date with everything when they begin the procedure.
All mypayments were all up to date but I was juggling them round and using all my available money to pay repayments and then living off credit again for the rest of the month, which was a big downward spiral as you can imagine.

Contact an IP asap to find out somemore information on he options available to you. You can have a look on www.iva.com to see reviews of IP's written by the clients themselves which is sometimes very enlightening.

I could recommend Melanie Giles as I recieved a faultless service from her, she can be contacted by clicking onhe link on her ost above!

Good luck and make sure you research all the options available to you before making a decision[:)]
Emma x