I have approx £44,000 worth of debt & i am really struggling to repay them & keep food on the table. My creditors are Lloyds TSb (33,600) MBNA, Santander, Natwest, HSBC, Barclaycard & HFC. It has been suggested that i do an IVA but i really don't know who to trust or how the best way to get advice would be.
Please can someone advise me.
I suggest that you either visit www.iva.com for a list of companies and reviews or speak to one of the experts who post on here. Either way the advice is free and impartial.
Ask away with any questions on here as well and we'll do our best to help 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
From what you have said about your debt, an IVA is certainly a sensible option. However before you make your decision you need to consider the pros and cons of all of the main debt solutions (DMP, IVA and even bankruptcy) so you know you are chosing the right one for you. I would advise you to speak to two or three different experts so you can weigh up the advice and then make your decision from there.
Speak to two or three firms to get a feel for them and compare advice. It is daunting to make such a big decision, so ask us on here if you feel uncomfortable with anything or just want an opinion from people who have been in the same situation. You could also let us know who you've spoken to as there may be posters with experience of those firms xx
Hi
Thanks for your response. It's so confusing as the advice i have received up to know is conflicting. I don't really know where to start i just know that if i continue as i am i will end up loosing my house & everything ?
I was told an DMP probably would'nt be an option as it would take approx 12 yrs to clear my debt & i really don't fancy the idea of bancrupcy.
I am now paying bills & food with credit cards then paying the minimum payment each month.[:(]
You do need to speak to someone. Sounds as though an IVA is a solution for you.
Pick up the phone and speak to a few companies. You will be treated sympathetically and get some good 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
Do you know if the CCCS is impartial & accurate with their advice ??
Also how do you know if the IP who gets your case has the experience & results you'd want ie from reading some sites there appears to be alot of people who have little experience in this field yet are responsible for handling your affairs at such a critical time ??[?]
Regards Emma
It sounds like you've decided on an iva by default. Which is probably how most of us do it! We decide what we don't want to happen and our preferred solution is the one that's left!! Speak to a couple more companies as it is important you feel confident in the advice and comfortable with the level of customer service you receive. If you really don't know where to turn, I am with Vardan Nuttall and have found them to be very good. All the experts on here are recommended and the firms listed on www.iva.com are also highly reputable. Who have you spoken to so far? x
CCCS are impartial and accurate and the IP's will have years of experience. You mostly deal with case officers and office staff but the IP is the one who makes all the decisions.
Speaking to one or two more may help 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 Emma
An IVA has to be proposed and managed by an Insolvency Practitioner, they are all highly qualified and regulated individuals.
I will stick my neck out and say that CCCCs may favour a DMP where other companies/experts may recommend an IVA so do speak with several companies/experts before deciding
Thanks everyone for your advise i will give a variety of people a ring.
As most of you have dealt with IVA's personally, one of my main worries is how you live life on a day to day basis - what if your situation changes ? I have two small children worry that if i do commit to an IVA will i be able to afford things such as birthdays & xmas ??
Ive also put my mortgage on an interset only to save money & stupidly cancelled life insurances ? should i switch back to repayment & get life insurance again before i commit to anything or can i not do that ??
Hi
All these questions can be answered once the full facts of your situation are looked at. The Insolvency Practitioner will have the authority to reduce your payments, if needs be, to a certain extent
An IVA can be tough and you will have to make sacrifices but the upside far out weighs the downside in my opinion.
Regards
In an IVA you should be able to live a comfortable but simple life. Big occasions get smaller and holidays can be a struggle but you are being thrown a lifeline. And to be brutal, anyone thinking of entering an IVA can't afford these things anyway.
An IP will address the question of life insurances and whether you can afford a repayment mortgage. Some creditors insist on interest-only as it improves the return for them.
Please don't let the negatives put you off. Carrying on with the status quo will be worse for your family in the long run.
Hi, it takes courage to face up to the situation,it can be very scary - well done to you!
i would set up some life insurance again. a IVA isn't a quick fix,but you can't go on paying for food on cards - we were there,in the end you can't make min payments!!!!
terrifying especially with children! big hug.
i now have cash in my hand every week for food&fuel for the car,it might sound odd but in some ways even though money is tight i feel better off because we pay for food in cash.
post up who you're thinking of using,people will post feedback for you.
have you considered BR??
you're not alone x
Nothing stays the same...everything changes..hang on in there!
