Hi, We owe approx 80,000 between 10 creditors. We are home owners and have 4 children. We could pay a fixed sum every month but cant afford our debt repayments of 1500 pm. Our total income is approx 2,300 which does not cover our outgoings. We have a small amount of equity in our home, about 35000. We are thinking of entering into an iva as we are getting very depressed about our situation. I was wondering if a one off payment iva or monthly payment iva would be sensible.
Hi Kim and welcome to the forum, in the first instance I would take some professional advice as to all the debt solution options available to yourselves.
www.iva.com lists some companies and some reviews and I would always suggest you speak with 2 or 3 companies to ensure impartial, case specific advice.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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
Ours were £83k and ours was approved no problems. There are posters on here with much higher debts who have been approved.
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
Welcome Kim. I spoke with several IVA firms before committing into anything. There are many people like yourself who have successfully entered into an IVA and now feeling alot better at being able to budget each month without "robbing peter to pay Paul" which I take it will be the case on your situation.
Nothing you have said suggests there will be any problems in arranging an IVA.
My advice is start thinking about changing your bank account to a creditor with whom you have no debts. Advice on bank accounts is listed on this forum. I moved to natwest from lloyds and others say Coop and Barclays are good for those in IVA's. Once you have agreed to go with an IVA firm then they will advise you to stop paying your creditors. I was upfront with all of mine and informed them of my situation. All of them have been great and the calls have now stopped.
Co-op are excellent if they're not a creditor. Natwest is another one.
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
Hello Kim,
We had debts of around £130k, with 13 creditors and just had our IVA accepted in October. We are now paying £780 a month, where as before our debt re-payments were a totally unmanagable £2500! The IVA payments amount to a dividend of around 27p in the pound. We managed (somehow) to make the payments every month before the iva was approved, mostly by robbing Peter to pay paul.
I'm only a couple of months in, and of course we've had to make a few adjustments, but honestly, this is the best thing we could have done. Its scary just stopping payments when you've so far been managing, but once you take that initial step, you realise that being in debt is not a crime, and there is a way out.
Everyone we spoke to was very understanding and completely non-judgemental which helps enormously.
Good Luck, and please don't worry
Very positive post by Lou74. I feel the same in respect of having a better life within the IVA than I did previous, my bills are paid, my IVA payment goes out and what is left is mine to manage. No more worrying about paying this and that.
I have moments when I think 'what if' but for the most I'm happy within my IVA, even with problems!
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Lou74 wrote:
Hello Kim,
We had debts of around £130k, with 13 creditors and just had our IVA accepted in October. We are now paying £780 a month, where as before our debt re-payments were a totally unmanagable £2500! The IVA payments amount to a dividend of around 27p in the pound. We managed (somehow) to make the payments every month before the iva was approved, mostly by robbing Peter to pay paul.
I'm only a couple of months in, and of course we've had to make a few adjustments, but honestly, this is the best thing we could have done. Its scary just stopping payments when you've so far been managing, but once you take that initial step, you realise that being in debt is not a crime, and there is a way out.
Everyone we spoke to was very understanding and completely non-judgemental which helps enormously.
Good Luck, and please don't worry
Lou74 wrote:
Hello Kim,
We had debts of around £130k, with 13 creditors and just had our IVA accepted in October. We are now paying £780 a month, where as before our debt re-payments were a totally unmanagable £2500! The IVA payments amount to a dividend of around 27p in the pound. We managed (somehow) to make the payments every month before the iva was approved, mostly by robbing Peter to pay paul.
I'm only a couple of months in, and of course we've had to make a few adjustments, but honestly, this is the best thing we could have done. Its scary just stopping payments when you've so far been managing, but once you take that initial step, you realise that being in debt is not a crime, and there is a way out.
Everyone we spoke to was very understanding and completely non-judgemental which helps enormously.
Good Luck, and please don't worry
Thanks for your post Lou, I feel better for it!
Can you or any other poster recommend an iva provider?
The companies on here come highly recommended and the advice is free and impartial.
Give one or two a ring.
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
Welcome Kim. I spoke with several IVA firms before committing into anything. There are many people like yourself who have successfully entered into an IVA and now feeling alot better at being able to budget each month without "robbing peter to pay Paul" which I take it will be the case on your situation.
Nothing you have said suggests there will be any problems in arranging an IVA.
My advice is start thinking about changing your bank account to a creditor with whom you have no debts. Advice on bank accounts is listed on this forum. I moved to natwest from lloyds and others say Coop and Barclays are good for those in IVA's. Once you have agreed to go with an IVA firm then they will advise you to stop paying your creditors. I was upfront with all of mine and informed them of my situation. All of them have been great and the calls have now stopped.
Good luck and let us know how you get on!.
I have just applied for a Natwest account. I am currently with Lloyds but they have never been great so I am happy to move on.
The worst part for me is lying to my Dad who is dying of cancer. He would be gutted if he knew we were in such a state. I feel so guilty!
Don't feel guilty. My parents know nothing of my IVA and that is the way I intend it to stay.
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
