Newbie thinking of an IVA - please be gentle!

[cherrypink]

Hi everyone

Found this forum and it seems to be a real wealth of information.

I am thinking of an IVA. I got myself into 26k of debt (first time I added it up, and its a terrifying figure!). Been struggling for a while, missed some payments 3 months ago and the arrears is building up. I just can't afford £600 for four credit cards in one month anymore, I can't sleep properly (sounds corny!), and the calls are coming from the credit cards and the threatening letters.

I am thinking that an IVA may be the way to go. Does anyone know how long the process normally takes? Can banks come round with a sledgehammer at your door?!

I don't even know how I got into this situation I have to be honest and say I was stupid, I must have bought things I shouldn't have like clothes and books - will I still be eligible for an IVA? A lot of it is just lending from one card to pay off another and then the card stops being 0% etc.

Any advice/hints/tips is appreciated. [8)]

[Moneystinks]

Your in good company on this site!

I hope you are okay.....take your time and make sure you look at few different people for help/advice. We are with Melanie and her team who post on here, you will find that many of us are. In my opinion she is great as are her team.

Good luck. XX

[rockbottom]

HI Cherrypink

i know its worrying but try not to let it get you down too much, from what i can gather from reading on here, you ll just get calls and letters i dont think the heavies will come around.

good luck
rb

[facingittogether]

hi and welcome!

we are a friendly bunch on here and will help and advise you as much as we can!

our iva took 3 months to be approved but we had alot of creditors and awkward creditors too! melanie is our ip and i cannot fault her!

we received letters and phone calls, mercers on behalf of barclaycard threatened us with doorstep collection, that was just scare tactics and never happened!

good luck, you have done the right thing by acknowledging your debts and taking steps to get things sorted!

there will be a way forward for you, there was for us and we had crippling debts!

good luck

love barb x

[MelanieGiles]

Hi there and a warm welcome to the forum

The first step to admitting you have debt problems can be very daunting and takes some courage to face up to. The next step is to find out exactly what options you have, and how they best suit your circumstances - not just for now but into the future as well. An insolvency practitioner can help you to look into these options, and can explain the advantages, disadvantages and implications of each one so that you can make the right choice for you and yoru family.

[cherrypink]

Thankyou so much everyone! I am feeling better already and have filled out a few forms tonight on the whole process. I do have a question though - most of my account are in arreas so I am already getting letters saying that my debts are going to be passed on to a debt collection agency. Should I scrape together what I can and pay what I can?

Thanks again

[MelanieGiles]

I don't think that brings you any advantage, cherrypink to be honest. You would be far better off trying to set a little aside for contingency expenditure and working to a set budget for the next few weeks to assess the viability of an IVA first.

[Lisa2009]

Once you have chosen an IP to act for you, he/she will advise on paying creditors.....or not.
Most IPs will advise you to stop paying straight away and change your bank account to a bank you have no financial ties to.
If you decide yourself to pay creditors then be careful not to prefer one over the others.

[cherrypink]

Thanks so much:) If its ok Melanie I will get in touch with you via your website.

[MelanieGiles]

No problems!

[Lisa2009]

cherrypink you wont regret it, Melanie is lovely and very caring towards her clients and indeed everybody on this forum.
Mel, you called me the forum mum.....thats you not me xxx

[cherrypink]

Ahh, just talking about it has made me feel a bit better. I just wish I faced up to it months ago. x

[angela18]

hi cherry and welcome

we are with melanie and its the best decision we have made.. good luck on your journey

[plasticdaft]

Welcome along Cherry. Very few of us really know how we got in the hole we found ourselves,but just by posting on here you are making a start in getting out that hole.

Good luck.

[aguise]

Hi Cherry and welcome to the forum from me too.
The biggest step is facing the problem and you have done that, so onward and all the best. You can in my opinion do no better than Melanie and her fab team, you will get honest advice on solutions and will be fine. Look forward to hearing how things go.

Ang