NO WAY TO GO !!!!!

[braindead]

[:(]BEEN IN £45,000 OF DEBT NOW FOR 3 YEARS ON JUST CREDIT CARDS.NEVER MISSED PAYMENT AND GOT GOOD CREDIT RATE JUST MIN EVERY MONTH.....
I AM LOOKING INTO IVA .
ANYONE GOT ANY DOS AND DONT TO HELP ME ALONG ?
[:I]

[winter_blues]

Hello braindead and welcome to this forum. You have come to the right place. I would advise you initially go to www.iva.com where you will find a list of recommended IVA firms. Ring a few of them and they will go through your particular situation to see if IVA is the best course of action.

Depending on what they say, you may be advised to stop paying creditors and to build a contingency fund prior to your IVA being set up. Also, if your bank is one of your creditors or linked in any way - you will need to think about a new bank account whilst you still have good history.

Good luck and keep us posted. Try to avoid IVA firms that charge upfront fees.

[kallis3]

Welcome from me as well.

Good advice above - the companies in that link come highly recommended.

You definitely need to sort out a new bank if they are one of your creditors. You should be able to get a full account if you apply now - no overdraft though.

The Co-op come recommended on here.

[braindead]

Thanks jan,
we live in small village would everyone know i am on iva as i have buisiness and worried about suppliers etc finding out.
we dont owe any supplier any money pay every month bills etc .
all this debt is in my name on credit cards not my wives name .
anyone else in this situation in buisiness.
i have spoken to company called payplan and the lady i spoke to says i can afford £100 per month and its free even though i think they put there fees in what i would pay them.

Any advise off anyone would be great .......
thanks
x

[kallis3]

Payplan are a good company but at £100 a month with no fees I rather think they are offering you a Debt Management Plan rather than an IVA. They don't charge for a DMP.

[MelanieGiles]

It is unlikely that an IVA would be a viable option for you if all you could afford is £100 per month - and I would question the sense of a DMP as well at that level. What have you been using the money for over the last three years - is it perhaps propping up a loss making business?

[braindead]

Hi Melanie ,
Yes i can see what you mean.
I have had £15,000 of the 45 that has been rolling on for years.
but over last last few years i have added £30,000 to my debt simple reason is paying min each month adding then add some more as we all do ((.
my business gives me about £6,000 per yer not alot with the hours i do but its a job!!
so each year i take money from the business to prop the cards up .
so its a nasty circle .
i have dug dug and dug but now in australia and no further to go !!!
hence iva .
PAYPLAN says i could offer £100 pounds per month
what figure would you think it would be .
any help anyone.
thanks for reading
x

[MelanieGiles]

I'll be suprised to see what the Payplan representative on the forum has to say about the figures you have quoted. After taking account of their own fees, and assuming that the IVA will run for five years, this will result in a return of less than 10p in the £ - which may be possible for you but I would say that the odds are against it.

I could not possibly comment as to how much I could see you affording without reviewing your income and expenditure - you cannot just come up with a figure without a detailed review of a client's financial position - and I would be concerned if that business is not making any profit.

[plasticdaft]

Were payplan suggesting any equity boosting the iva pot?

Paul

[braindead]

well melanie i have accountant that is 2 years behind on my accounts dont have no cash flow and times are hard.
all we do is work work and work some more.
we have money in our property but if we sell we have no where to live.
and also money in our business or i think we would just pack up and go.
wish i could find a company sometimes to sort all our paper work oput and give us some numbers to work too.
we turnover £170,000 per year so i am sute we can get out of this mess with the right guide .
or do we sell and rent ...
any ideas would be gratefull
x

[MelanieGiles]

The first stage is to get a proper appraisal of the business to check its viability. I often see with owner/managed SMEs, that the people at the heart of running the company cannot see the wood for the trees, and don't always spot the SWOT points that a stranger or professional advisor may do. If your accountant is showing little interest in the business, then it might be time to change and see if you can get that side back on track.

I assume that you live and work in Australia, but the debts are all UK based?

[braindead]

No i am here in sunny uk ... worst luck !!!
think that quote suits me and my wife perfectly.
we cannot see the wood from the trees !!!.
but we are both really good out our jobs and make big profits but pay it all out on interest.
thanks for your time and advice .

[MelanieGiles]

Oh - I took your reference to Australia quite literally!!! Too much sun today has gone to my head!

I would contact an insolvency practitioner who has experience of working with small businesses. Without the burden of that interest charge, you may be able to pay much more than was originally assessed.

[braindead]

where i live there are none of them people everything is done via phone or net.no one to look at my books etc .
but if you are ever in my area nip in for coffee ur most welcome.
thanks

[MelanieGiles]

Don't you think a day out to visit an IP would be time well spent? Or perhaps you could get someone to visit you - where are you based?