Yes, they're taking the p***! In the news last week or two, the government said they would give extra funds to banks on the proviso they started lending again, but when research was carried some weeks later, it was found that banks had not done this i.e. not passing on the dough and keeping the mone...

I would be rich!! I made the mistake of including creditor payments in there (d'oh!) but taking them out, I would be about £800 per month better off. So I could give them anything up to that I guess? The difficult area though is my hubby, he really will need some convincing? But for now thank you Me...

Hi Kallis3, I got an opinion and they said there is a 50/50 chance it will be accepted or failing that a DMP was suggested, but I don't know too much about them and the implications that they may have on a re-mortgage for example, (which is what I've been trying to obtain since March without success...

Hi Melanie, I did a overhaul of my incoming and outgoings per month last night and although I can just about cover everything, I have no money left over for food or petrol (which is normally around about £400) and I read this print-out on IVA's my friend gave me and it says quote "a bank's ideal can...

Hi Andy, thanks for the advice, which has answered all my questions (but now more scared of HSBC than I was before!) x

I wasn't sure but I thought the IVA would protect me from creditors in any event? The bankruptcy issue is a bit confusing i.e. if I don't choose to declare myself bankrupt, then that is down to me and creditors cannot do much except pass the debts to a collection agency? Sorry if I sound a bit naive...

MelanieGiles wrote:

Or you could declare yourself bankrupt or enter into a DMP with the creditors instead.

But they wouldn't be able to take my house, would they?

Hi, sorry, I've got another question. Two of my bank loans (total £9,000) are due to be paid off in 2 1/2 years time. So a quarter of my debt isn't really that long-term. Is this something the creditors would take into account when IVA voting?

MelanieGiles wrote:

Effectively - as your IP will continue to liaise with the creditors and pay them regular dividends. You do not get rid of the remaining debt, until you have fully complied with the terms of the arrangement - ie paid over all of your contributions.

What if I couldn't keep up with payments?

When I get my IVA, does this mean all ties are severed from the creditors? So I would be free from them and they would not be able to contact me ever? i.e. the debt removed from them altogher, like passed over so to speak?

Hi all, thanks again for the advice. My bank called me the other day, regarding a failed direct debit mandate and boy they wasted no time in getting my money to cover it and I had to gently persuade them not to charge me for it! So I can only imagine what they would be like if I were to default on a...

Hi fifidee, I would definitely talk to an IP, they will be able to put you in the right direction. Since joining the forum, I have spoken to a couple of IP's and they think I've got a good chance and our sums are very similar. After all, you have nothing to lose by speaking to them. Let me know how ...

Rockin Diner wrote:

Please do not go down the consolidation route it is a slippery downward slope.
I can recommend Melanie.

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Hi Rockin Diner, the bank wouldn't even consider a debt managed loan let alone a consolidation. No, they're having none of it- pay up or pay the price!

Hi Juliada, please don not think me rude, but could you let me know how you are able to get that amount of tax credit - I know we all try to work for a living, but getting by is almost impossible I am trying to leave a situation at home , but am forced to remain in a distressing situation to say th...

Hello all, thank you so much for all the advice and support, it is much appreciated. I just need to find the courage to do it (the IVA)! As yet, I am still on the fence and trying to think of another way around it all. It is still quite a scary prospect for me, an IVA, but again, the thought of cred...