Hello All,
Husband and i have recently realised how much debt we have managed to acumulate with various credit cards. I have lost all overtime and saturday extra hours due t economic climate and any bonus i used to make is now unacheivable leaving us trapped each month.
I have been recommended to get an IVA but have been told by some companies that as we are not currently in arrears and just making the monthly mimimus that it may not get approved. We tried debt consolidation loans with various companies all of which were refused.
In total on credit cards alone we owe approx £25,000.
We currently have after all household and credit card bills have approx £75 per week for groceries, petrol and any items such as clothes, shoes, school uniform, birthday presents, medecine etc!!
Would we bde able to get an IVA or as one persn suggested get into arrears so that they help us!
Hi and welcome to the forum. You dont have to be in arrears to apply for an IVA.
Take a look at www.iva.com where you will find a list of IVA providers and reviews on each.
Give 2 or 3 a call to make sure you are told of ALL options available to you and you are comfortable with the advice you are given.
If theres anything else you need to know then ask away and the forum will help in any way it can.
Hi
As others have said you do not have to be in arrears to be insolvent.
Take advice from several companies/experts and explore all your options
Regards
hello chain you are being very responsible seeking advice now.all debt councillors would commend you for seeking advice early, when you find yourself with money problems.give a few IP companies a ring.the ones that post on this forum are all excellent.
I agree with the others in that you speak to one or two companies.
Either click on the experts link on the left hand side of the page, or click on the link Lisa has provided.
The forum is also here for any advice and support you may need.
Last edited by kallis3 on Sat Feb 06, 2010 10:00 pm, edited 1 time in total.
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
The only thing that matters when applying for an IVA is that you are insolvent. This means that you have insufficient money left over each month, having paid for your household and general expenditure, to service the minimum monthly repayments to your creditors.
If the reason that you are not yet in arrears, is because you have been using ongoing revolving credit sources to meet these payments, then this could be an indicator that you need to take professional advice.
Hi chainedtodebt, welcome to the forum from me. As previously said most of us weren't in arrears when we entered into our IVA's, we were either living off credit cards (taking from one to pay another) or living off the overdraft etc. Please take everyone's advice and contact 2 or 3 companies, discuss your options - it could be that an IVA would be an excellent option for you. [:)]
Hi and welcome from me too, I wasn't in arrears with anything when I first applied for an IVA, mine was accepted. Good luck and let us know how you get on. All valuable advice above.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Thank you everyone for the comments - it has made me feel so much more at ease. I have spoken to some companies and it does seem that an IVA is the best option. I can't wait to get o the track to being debt free so i can finally take a sih of releif and be able to treat my kids to an ice cream in the summer.
I'll let you know how i get on.
Good luck - let us now how things are going. Any questions, we are always here for 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
