So embarrassed

[drowning-mummy]

Hello, I'm new here and apart from being confused I'm also terrified. Is that normal?[:I]

In a nutshell, after having 2 babies and surviving on the standard maternity pay, buying our first home and my husband being out of work, we are slowly drowning.
We now have debts of over £20k.
Crisis talks have made us stop, take a long hard look at ourselves and change our spending habits.
We also feel that an IVA is the only way we will be free.
I'm still learning about them, and I'm finding this site invaluable.

I think we will apply for an IVA, but I am so embarrassed. I'm also scared to take phonecalls etc. I know I will have to, but I'm just so embarrassed.
I also want to keep my bank account, can I do this? I have an overdraft but was planning on paying it off when I return to work in Sep. I have a Credit card with this bank too, so will they close my account? What about all my direct debits? I'm sooooo scared.

[Viki.W]

Hey drowning-mummy, great name! Welcome to the forum, you are in the right place for advice and support. Please do not feel ashamed although it is normal. We are all in the same boat here and I was exactly the same except my debts are much larger than yours. I put things off because I was scared but it is a huge relief when you speak to a professional. You really need to contact an Insolvency Practitioner to go through all your options as you need this advice before you decide what to do. There are experts that post on here so hang on in there. Viki X

[kallis3]

Hi drowning mummy and welcome to the forum. No need to be embarrassed as you are among friends here.

You have taken the first step by admitting that you have a problem. I am not an expert so cannot advise as to whether an IVA would be right for you. I would say though that you need to get a new account with a bank that is not one of your creditors. Nationwide and Co-op are two good ones. You will be able to change all of your direct debits across to the new bank.

One of the experts should be along to advise you further

[drowning-mummy]

Wow my heart rate is going 10 to the dozen!
I'm just so scared.
I guess I'll have to open a new account asap then.
Yes I do need to find someone to speak to.
Do I start by calling the free number? Is that Debt free direct?
My head is spinning.

[debtfreesusie67]

Hello drowning-mummy and welcome to the forum. As others had said there's no need to feel embarrassed as we are all in the same boat.
I'm sure an expert will be along soon

[kallis3]

You need to compare several companies before you decide which one your are going for. There is a link on this site to do just that.
There is an insolvency practitioner who posts on here who a lot of people swear by. Her name Melanie Sykes.

Personally, we are with Payplan and quite happy with them, but please look around carefully first before making any decisions.

[drowning-mummy]

Shall I wait for an expert? I was about to call Debt Free Direct?

[kallis3]

Please check out other options before settling on one. Check out the link on this site to give you some other options.

[drowning-mummy]

I cant find the link Kallis, can you direct me please? I wont call anyone yet.
Thank you so much x

[Octavia]

Welcome to the forum Drowning Mummy.....and what a big and great step to have taken - well done! I am a relatively new member - just 5 months into my IVA - and I am finding this site an absolute Godsend!! It really is wonderful and as the other posts have said - you are indeed amongst friends here....friends who have all been through the horrible feelings and emotions you are experiencing right now.....Believe me, once you have found the correct solution for you and your family, the relief you will feel will be the best feeling ever!!! [:D]

[kallis3]

Sorry, I thought there was, but I can't seem to find it either! Why not try phoning the IVA.co.uk helpline number at the top of this page and see if they can put you in the right direction?

[drowning-mummy]

I have called them and they said to look here!

When I open a new bank account, will they ask me why I am changing?

[Octavia]

They may do...and if that is the case just say you would prefer to have a straightforward basic account with no overdraft facilities as you are wanting to rearrange your finances - that's what I did at Nat West and got their STEP account with no trouble at all......I was still sweaty and nervous though!!!!! [:I] But it's a very important thing to get organised and you will feel great once it's sorted [:)]

[kallis3]

Right - thought they would have given you a few more pointers! I can't help you with the bank account as I had changed mine before the IVA. I haven't told them, and so far they haven't challenged it.
I am sure an expert will be along soon. They do post on here quite regularly.

[maxdebt]

Hello Drowning Mummy and welcome to the site. I was a drowning daddy 10 months ago but thanks to the wonderfull people on this site I was in touch with the right people to help me!! Go to this website www.iva.com and take your time reading the reviews. I can personally recommend Melanie Giles she managed to get my proposal through at only 25p/£. Good luck and well done for taking the first step [:)]