Me and my other half, after about three years of firefighting our debts with credit cards and loans have finally taken our heads out of the sand and are seeking help.
We have plucked up the courage and are going to seek some advice.
We are hoping to be accepted for IVA.We owe £78,000 to various loans and credit cards.
We both work and are on a reasonable salary and haven't had a lavish lifestyle. Majority of debt has been to repay other debt. We have made a few silly mistakes, spending money we didn't really have on home improvements.[V]
The debt has really come to a head the last couple of months and after tears and sleepness nights realised something must be done.
Hoping from some sound advice from the forum. I have been reading the posts for a few weeks now and realised that I should not be ashamed of being in an IVA. I just hope we get accepted.
We have been working our figures out. What sort of amount is deemed acceptable for food budget? We are a couple with a 12 year old son. We take sandwiches to work, so this needs to be included. Also, all of our toiletries etc will be included in this figure . I would be interested in what others think.
This forum will help and guide you with any problems you have.
There are a lot of good firms out there, you can find a lot at www.iva.com and you will get free and impartial advice as to all the solutions open to you and the best one for your circumstances. Give one or two a ring.
As to allowances, what we normally advise on here is to put down exactly what you spend. An IP will tell you if it is allowable or not, or if you claiming enough or too much.
You can claim for lunches for work, and for toiletries. Don't forget things like dentists, prescriptions, haircuts etc.
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
go onto the CCCS website and complete the debt application tool; if nothing else it will show you the limits for items you can apply for.
For instance, I live with my partner and 9 yr old daughter and our maximum food allowance is £392 a month. It will detail all the guideline amounts they allow are and might help you detail things that you had not considered in your outgoings.
I have been in an IVA for 3 months now, 3 years firefighting before that. It is not easy, but very much recommended.
You need to speak to an IP to get the appropriate advice. All of your questions will then be able to be answered once he/she has details of all your personal circumstances.
Visit www.iva.com and select from reviews one or two to have a chat with. Their advice is free and will be most appropriate tailored to your particular circumstances. Good luck.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I had a look at the CCCS website and found it really useful.
I have a telephone interview booked with a representative for Melanie Giles next week.
My main concern on getting accepted for an IVA is because of the way my husband is paid. He is a lorry driver. His basic pay is £405 a week, but then he gets a daily meal allowance, ops bonus and location pay. These are paid every week. On top of this he also gets OT.
I am unsure how these payments would fit into the boundaries of an IVA.
Also, I am a bank clerk (not involved in selling).
Does anyone know of someone with an IVA working in a bank?
Don't worry about your jobs Carrie - we will only take your husband's basic salary into account, and we will need to explain to you how the overtime calculations work. And I have lots of bank employees in my portfolio - and there is no need to tell your employers about your intentions, unless you are contractually obliged to.
With regard to housekeeping and meals at work, under CCCS guidelines you are allowed a maximum of £392 for housekeeping and a further £63 for meals at work per month - but let's see what you do actually spend before we start applying guidelines.
We look forward to chatting things through with you next week - and enjoy some of the Easter sunshine in the meantime.
No wonder you know what you are doing. I would not mind betting that the IP concerned was good at sorting out the problems of others but no good at his/her own. By the way, J is somewhat better - I have told her if we can't get an IVA I'll do DMP - she blames herself not me and that is the trouble. I don't care how long it takes Melanie my debts( please don't let them send me B?R) are going to be repaid as best I can
carrie - Melanies team will be there for you and will explain eveything. Good choice.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Just to give you an update.
I spoke to my HR dept last week and they wouldn't tell me anything except I must speak to my line manager.
He was on holiday and on the day he came back I must of walked passed him a dozen times trying to pluck up the courage to speak to him.
Went home very frustated as I just couldn't do it.
After a sleepness night(well used to those lately) I just went for it the next day.
I expalined the situation and he was marvellous. I shed a few tears and told him my worries of being marched off the premises.
I have seen it done before when staff have committed fraud.
He spoke to HR and came back 2 hours later to confirm my role in the bank wouldn't change a bit and everything would be handled with the upmost confidence.
He said HR were concerned about my welfare and I told to ring the staff counsellors if I needed a chat.
I'm just now waiting for Melanie Giles' representative to pass me all the forms I need and then I can face the next hurdle of the IVA itself.
Had a letter from Halifax today saying they a sending someone round on Tuesday about the debt, will ring them in the morning to say we are applying for an IVA.
Will this be enough to stop them coming? Chances are we will be at work, but don't want them round when my son comes home from school.
Oh I am so pleased you have had that support from your boss Carrie - you must be so pleased and it does go to show how much you are actually thought of within the bank. That must be the worst bit over and done with now - the rest will be easy after that!!!
I am sure that no-one from the Halifax will actually turn up at your home, but if they do just answer their questions politely and show them that you have taken professional advice.
Don't worry about Halifax - we had the same thing and they never came round. If they did send someone round, you do not have to answer the door, and you do not have to make any payments.
The few posters on here who have experienced debt collectors calling have said how polite the collectors have been,and once appraised of the situation have gone away again.
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
