Hi all..
I finally decided to take the plunge - CCCS have been reccommending an IVA every time I've done the debt remedy thing, and I'm now at the point where I need to pull my finger out and get on with it. I'm terrified by the thought to be honest, but this looks like a good place to start.
I have a few (million) questions - hope you won't all get cheesed off with me over the coming months...
My bank (RBS) have just under a half of my debt, so a concern is are they likely to accept? other creditors ar Amex, Capital One, Barclaycard & MBNA - are these reasonable companies to deal with or not?
I have a secured loan which finishes in 2.5yrs and would then free up £275 a month to go towards my IVA..My biggest worry is my IVA will not be successful and I will end up with Charging Orders on my house and be forced to sell - I do have equity in my house, but would have to settle my secured loan if I sold and the left over would not cover all the debt (a large chunk of it, but not all).
Another concern is creditors phoning me at work - I work in a small office with 2 other people, and do not really want details of an IVA banding about the office - what do I say if/when they phone?
Sorry for the long winded waffle..It would be great to get other peoples thoughts.
Thanks for your time.
It's nice to be important, but more important to be nice!
Well done for addressing your debt problems. I would speak to more than one company before making a decision as to who should represent you.
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
Hi
No reason why any of your creditors listed will not accept an IVA, you will receive calls and letters whilst setting up an IVA but if you keep them informed and use a pro active company for your IVA there is no reason why creditors will contact you at work.
Take advice from two or three IVA providers/experts
Regards
Hi Teeter, Welcome to the forum...it is a great place to start. The most important thing I can tell you is that it isn't a scary process!! Once you have spoken to a couple of experts and found one you like, you will feel more at ease and an enormous weight will be lifted from your shoulders. I share barclaycard and Virgin with you and both were fine...pesterers with the calls when you start missing payments but nothing you can't handle by turnigthe phone off!!! To avoid calls at work, call them all and remove your work number from the contact details they hold on you...do this before yu start the process. Another thing to do early on is find a bank not related to your creditors and open up a new current account as your OD will go into the IVA. From your list of creditors, it looks as if you will be ok with Lloyds or Co-op. HSBC and First Direct will shut your account as soon as you enter the IVA so give them a wide berth. But good lick, don't be scared and keep asking us any questions xx
To speak to a few companies, visit www.iva.com for a full list of companies and reviews and give one or two a ring for free and impartial advice.
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
Thanks for all the help - and for being so quick to reply!
Think I'm veering towards to Co-Op for a bank account, am off work tomorrow afternoon, so might head off there and get it sorted.
Have changed work location in the last couple of years, but knowing my luck someone at the old place might just pass on my new details.
Again, having free time tomorrow I'll be looking at the list of IP's and speaking to a few to get a feel of things...
I've got a feeling I could be on this board for a while-especially now I've decided it's about time I got on with it intead of lurching from one month to the next and not making any in-roads.
Thanks again!
It's nice to be important, but more important to be nice!
Co-op are recommended on here, they are very IVA friendly.
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
Try and get the bank account as quickly as you can as you may get more than a basic account at the moment if your credit file is not badly impaired. Good luck with the IVA and IP hunt but your creditors are just the standard ones so I am sure you will be fine.
Hi Teeters, I totally agree with broke of london, I work in a small office with one other girl, and didnt want colleagues to know my business. I rang all the creditors up before I started the process and asked them to remove my work number - which they did. I opened a Basic Account with the co-op and have found it great... best of luck for your journey, you are doing the right thing, I got accepted for my IVA just less than 3 week's ago and the relief is unbelievable!
Hi Teeter your doing very well,i know exactly what you mean about work phone calls very embarrassing,i had a few myself but from only one creditor.what i did was kept my creditors upto date with my situation regarding the iva etc and made pro rata token payments this kept my creditors at bay until my iva was set up.As Michael says i would contact your creditors and ask them to move your works phone no.Good luck your doing well.Token payments are optional though i,m not advising you to make any,it was my choice.
Last edited by MRBLUESKY on Mon Mar 21, 2011 7:06 pm, edited 1 time in total.
Thanks for the 'welcomes'...Have made a small about of progress..applied for a Co-Op account without the overdraft,which has been provisionally approved.. removed my work number from my online accounts and spoken to a couple of companies..have plumped for one, and had my first inital 'incomings and outgoings' phonecall.
Hopefully this may be the start of my IVA journey.
It's nice to be important, but more important to be nice!
Good luck - you've done the right thing removing your works number from the websites - if they have your home or mobile numbers I'd delete those as well.
Which company have you chosen?
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
