scared

[freelili]

HI

I DID SPEAK TO SOMEONE, THEY SENT ME STUFF TO PROCEED WITH AN IVA. HE SAID THAT I WOULD NOT BE ABLE TO KEEP MY CAR,IF I WENT BANKRUPT, I REALLY NEED A CAR FOR MY WORK. EVEN IF I DO LOSE MY PRESENT JOB. I HAVE APPLIED FOR OTHER JOBS, I DO HAVE QUALIFIACATIONS TO OFFER AN EMPLOYER. I DO NOT HAVE ANY SIGNIGICANT ASSESTS, OR FOR THAT MATTER ANY LESS SIGNIFICANT ASSESTS. BANKKRUPTCY SCARES THE SKIN OFF ME, THEY COME INTO YOUR HOME AND TAKE YOUR STUFF DONT THEY?

THIS LOSING OUR JOBS THING MIGHT BE HEARSAY, I DONT KNOW, NOT AT WORK THIS WEEK, ALTHOUGH THERE HAS BEEN SOME HUSH HUSH MEETINGS AT WORK RECENTLY.

I HAVE SPOKEN TO TWO COMPANIES ONE SAID THAT IVA WOULD BE THE BEST OPTION AND THE OTHER SAID THE SAME I TOLD THE SECOND ONE THAT I MAY BE LOSING MY JOB AND THEY SAID ITS OK. I HAVE NOT SENT THE STUFF BACK YET. I OWE AROUND 29K AND HAVE INCOME OF 2500 AT THE MOMENT. I HAVE ONE BANK LOAN ONE CREDIT CARD AND A LOAN SHARK.

WOULD IT BE POSSIBLE TO OPEN A BANK ACCOUNT AFTER I SEND THE STUFF OFF, THE PERSON I SPOKE TO SEEMS KEEN TO GET ME STARTED AS SOON AS POSSIBLE, I CANNOT OPEN A BAMK ACCOUNT UNTIL MY DRIVING LICENCE COMES BACK WITH MY NEW ADDRESS. READING OTHERS POSTINGS BANK ACCOUNTS CAN BE A PROBLEM.

ONE MORE THING THAT BOTHERS ME, I NEED TO BE POLICE CHECKED FOR MY JOB, WOULD AND IVA OR BANKRUPTCY AFFECT THIS?

I WOULD APPRECIATE ANY ADVICE YOU CAN GIVE

STILL SCARED

LILY

[Storm]

Your CRB check has no relation to your credit file and therefor there will be no information about either when your employer does the check.

The bank accounts seems to be becoming the bigger issue and I would suggest putting this at the top of your priority list. Quite often banks have a number of proofs they will accept such as passports etc ?? do you have anything that would help open an account.

[freelili]

i do not have a passport, should i delay posting the iva stuff untill my licence comes back

thanks for your replies

LILY

[Oliver]

Hello Freelili

I would first like to set the record straight on a few of the issues that you have mentioned.

Firstly, in Bankruptcy no one will come into your house and take away your goods. Everyday items such as TV's, Stereos, Cd's, Washing Machines, Fridges etc.... WILL NOT be taken from you in Bankruptcy. The court would only be interested in your assets if they were of significant value i.e several thousand pounds per item.

Furthermore, if you need a car for work then the Courts will NEVER look to take your car from you in Bankruptcy. The only time you would lose your car would be if it was a significant assets i.e. worth several thousands pounds. If you need your car and you are not driving around in a Lexus or a Roll then there is no way the court would look to take this from you.

As far as employment is concerned, the vast majority of jobs are not affected by Bankruptcy. However it would be important to check that your own personal employment would not be affected if you went Bankrupt. To do this make sure you contact the Human Resources of your company and DON'T rely on the hearsay about bankruptcy from your colleagues.

As the last poster has said, Bankruptcy will not affect your CRB check but it may limit you from working in certain positions so please be sure to check this before you consider it as an option.


You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

[spenmotherhen]

Hello Freelili
I gave up work as I was in the forces and not prepared to go away for months at a time and leave my young children and childcare is so expensive I was bringing home very little. My husband is in full time employment so our monthly payment to the IVA comes out of his wage. This Forum has been a god send to me and has answered so many questions I felt too embarrased to ask once setting up my IVA. The sooner you can talk to someone and set up IVA the better. You will feel so much better and no longer feel the need to be scared. Have you a husband/partner or friend who can help you as you sound very stressed with the whole thing? Talk to the experts in this website and get the ball rolling. I no longer receive any letters or phone call from creditors and although we owe alot of money through the IVA we can see light at the end of the tunnel. Read all the pros and cons of both IVA's and Bankruptcy and see what would benefit you most. For me personnally, bancruptcy was out of the question as I didn't want it to into the paper or lose my home, car etc. IVA gave us the option to be proactive about our debts and nobody but my sister and parents are aware. We owe over twice as much as you and our monthly income is so much less. On a brighter note, if you can work with peoples feet all day, entering into an IVA has got to be a bonus!!! All the best
Spenmotherhen

[neverending]

A great reply from spenmotherhen.
Take comfort from those of us who are actually in an IVA.We have been through all the feelings that you are currently going through [maybe at different levels]but have come through them and there really is a very bright light at the end of a tunnel.Remember you have to go through pain to really appreciate the great life that awaits once your debts are sorted.
My children are so much happier because we are so less stressed and they really appreciate things now as nothing is taken for granted.
On a couple of points you raised,
You will be allowed to run a car if you need it for work and/or taking children to school etc.
If you own the car out right and it is worth several thousand then you may need to sell it and trade down.If it is on HP then you will be able to keep making payments alongside your IVA[see previous posts on this subject].
With regard to your new bank account I would wait for your driving license to come back and in the meantime keep progressing your IVA
Regards

[spenmotherhen]

Its me again!!
We have our car on HP for another 3 years, just to let you know that if yours is on HP also you will have to keep that car for the term of your IVA and if the payments finish on your car within your IVA time, you will have to add the car payment onto your IVA payment for the remainder of your IVA. This is what our agreement is for our IVA, however reading most of the IVA information websites this a general condition. This isn't a problem financially as you would be paying it anyway, it just goes from one pot to another!!
Spenmotherhen

[freelili]

THANKS TO ALL OF YOU I ALREADY FEEL SO MUCH BETTER THANKS TO THIS FORUM/WEBSITE. I THINK THAT (THE CHOKING STENCH OF DEBT) OR REALISTION OF IT JUST OVERWHELMED ME AND I DO NOT HAVE A PARTNER OR ANY OUTSIDE SUPPORT. I FELT THAT I WAS IN A DARK PLACE, FULL OF PANIC, I COULD NOT CONCENTRATE OR RELAX, I FEARED THE PHONE, THE DOOR AND ANY STRANGE CARS OUTSIDE, I HAD NEVER HEARD OF IVAS OR INDIVIDUALS GOING BANKRUPT, I WAS SUFFERING PHYSICALLY AND I COULD NOT SEE A WAY OUT. I WOULDNT TELL MY WORK COLLEAGUES I HAVE TOLD MY MOTHER BUT SHE REALLY WASNT HELPFUL AND MADE ME FEEL GUILTY. I KNOW I HAVE ONLY MYSELF TO BLAME FOR THIS AND I WANT TO PUT IT RIGHT, THE IVA SEEMS LIKE THE BEST WAY FORWARD, AND LIFE IS NOT SO DARK. I HAVE DECIDED JUST TO DEAL WITH THINGS WHEN THEY ARISE AND HOPEFULLY SOMEONE OUT THERE WILL HAVE AN ANSWER.

THANK YOU ALL FOR YOUR KIND SUPPORT

LILY

[Storm]

.

[spenmotherhen]

Hi Freelilli
You sound so much better now. Although you don't have any close-by support, you have the support of all these people on this website, who have been or are going through the same emotions as you. Once your IVA is getting preparred, you no longer pay your creditors and do not need to be left feeling hastled or intimidated on the phone. Your chosen company will contact all of your creditors and let them know you are in the process. They will continue sending letters etc and possible phone calls, however you are able to forward thes letters onto your IVA company and kindly tell the person on the phone that you are in the process of setting up an IVA and are unable to make a payment over the phone. This in its self makes you feel so much better. Although there are times when you think that it is all spiralling out of control, once accepted, there is only one monthly payment all letters and phone calls stop and finally you can breathe and sleep with ease! It did take aprox 3 months for my IVA to be finalised and I had several letters some of which were looking to take me to court, however these were forwarded onto my chosen company and now I dont worry about the post coming or who is ringing on the phone. Don't waste any more time, collect together a list of all of your unsecured creditors names, total amounts owing and if you are in arrears with any of them and if so how much. This will save a huge amount of time when you need to pass the information to your IVA company. You will also find it helpful to make a list of all your outgoings and incomings, include everything. More importantly make sure you have your bank acount set up, as I had problems trying to open a new account once my IVA was being set up. You will need a bog standard account with a cash card and possibly a cheque book. This will enable you to draw out cash and keep a record of exactly how much you are spending without the risk of paying by debit card and losing track of your budget.
You are more stronger than you think, you are already bringing up 4 children of your own, 3 of which have a disability and you are also working as well as dealing with your debt. Be positive, get the ball rolling and soon you will be back in control.
Very best of luck!!!
Spenmotherhen

[freelili]

THANK YOU VERY MUCH FOR YOUR COMMENTS. I AM GOING TO OPEN AN ACCOUNT AS SOOM AS I CAN AND PLAN TO RETURN THE INFORMATION TO THE IP AND COMPANY SOON AFTERWARDS. I DO NOT WANT TO JEPARDISE THE OPENING OF THE ACCOUNT. I WILL BE GLAD TO GET THE BALL ROLLING. I AM STILL PAYING CREDITORS A TOKEN AMOUNT TO KEEP FROM ADDING INTEREST AND TO REDUCE THE HASSLE. THE CREDIT CARD AND LOAN IS WITH MY BANK SO I AM ALSO SQUIRELLING AWAY AS MUCH AS I CAN INTO MY SONS ACCOUNT. I AM NOW GIVING MYSELF A SMALL BUDGET EACH WEEK, AS SOON AS I GET THE BALL ROLLING I WILL STOP PAYING CREDITORS,

I DO FEEL MUCH BETTER AND I OWE THAT TO THIS WEBSITE/FORUM I FEEL THAT A WEIGHT HAS BEEN LIFTED, I DO NOT FEEL ALONE, THANKS EVERYONE.



I AM PLEASED THAT YOU ARE UP AND RUNNING AND BY THE SOUNDS OF IT FEELING MUCH BETTER FOR IT ALL.
I HOPE TO BE JOINING YOU WITH THAT SOOM



LILY

[spenmotherhen]

Hi Freelili
You are definately on the mend. Did your IVA company not tell you to stop paying all of your creditors?
Is your sons money in the same bank as you have your loan etc? Only a querie as two of my daughters had an account where I had a loan for 25k and an overdraft of 2k. I was told to take all of the money out of their accounts as the bank is entitled to claim it towards the amount that you owe them. How true this is I don't know but I didn't risk it and took it out just in case. Please also bear inmind that, alot of the reminder letters etc are computer generated and it takes some time before any of them take things any further.
Remember anything you are unsure of, ask the experts on here, they have some great answers.
Good Luck Spenmotherhen x

[freelili]

HI

I HAVE BEEN MAKING PAYMENTS TO MY CREDITORS APART FROM THE HSBC CREDIT CARD, THE IP TOLD ME TO MAKE A TOKEN PAYMENT, WHICH I DID. I AM AFRAID TO STOP PAYING THE LOAN DUE TO THE FEAR OF THEM ADDING INTEREST AND TAKING IT ANYWAY. I HAVE IGNORED ALL THEIR CALLS AND LETTERS ABOUT THE FULL PAYMENTS ON THE CARD. I HAVE STOPPED ALL DIRECT DEBITS, CAR, PHONE UTILITIES FOR THIS MONTH UNTIL I CAN SET UP NEW ONES IN MY NEW BANK ACCOUNT SO THAT I HAVE MONEY TO LIVE ON. I DONT WANT TO USE MY OVERDRAFT AND WOULDNT DARE USE MY CREDIT CARD NOW THAT I HAVE MADE THE DECISION TO GO FOR IVA.

I HAVE REALISED ITS IMPORTANT TO MAINTAIN THE PAYMENTS ON THE CAR (18 MONTHS LEFT ON THE AGREEMENT) AND WILL TRANSFER THE MONEY BACK FROM MY SONS ACCOUNT AND MAKE A PAYMENT. I AM LIVING ON AS LITTLE AS POSSIBLE TO ENABLE ME TO CATCH UP WITH THE UTILITIES WHEN THE IVA IS ON ITS WAY. I AM IN LIMBO AT THE MOMENT BECAUSE I CANT OPEN A BANK ACCOUNT YET, RELUCTANT TO SEND THE STUFF BACK TO THE IP UNTIL THE BANK ACCOUNT IS SORTED.

THEN I CAN START WORRYING ABOUT IF IT WILL BE ACCEPTED.

THANKS FOR YOUR POST

LILY

[Storm]

Sending the documents back to your chosen IP won't make much difference to whether you will be able to get a bank account set up and they may be able to take some of the presure off by giving you a point of contact / reference.

Rather than keep moving money about and worrying that it may swallowed up why not ask your HP (Car Finance) provider for details of making a counter payment ie walk into a bank with cash and pay that way. Most creditors will be happy to recieve to something even via counter payment.

Hopefully your license will be with you in the next week or so and the new account soon after that.....

[Dominic]

i would go with the Abbey it was soo easy, jsut got the pin for my new basic account, I jsut walked in off the street and asked for a basic account 20 minutes later there i was a proud possessor of a new bank account