start of possible IVA journey

[harrysmummy78]

Hi All I am new to this forum and can not believe how helpful all the info has been that I have found on here.
feeling absolutely mentally drained have had the week from hell finally faced the fact that I/we can not carry on and I need help.
Contacted NDHL on Monday who ran through a budget sheet with me and we established I only have approx £220 surplus for non pri creditors I have been finding over £800 per month and only wish I had gone down this road many years ago as I have been struggling not missing any payments for years then living mainly off credit cards.
I have opened 2 safe banks today so intend on geting my banks transfered asap before i go any further.
I am so frightened of not making the full payments to all my creditors next month I have never missed a payment and my largest debt is with my bank i have been with for years... Just feel so anxious about what the next few weeks will bring.[:(]

[Foggy]

Hi Harrysmummy and welcome. Migfht I suggest you pop over to www.iva.com where you will find a listing of IVA providers, with reviews.

Please have a chat with a couple to compare advice and see who you "gel" with. An IVA, if that is the route you choose, will involve a 5 year financially intimate relationship with your IP -- so find one you are comfortable with.

The advice at this stage is free and without obligation.

Best of luck and do keep posting, we are always here to help.

[harrysmummy78]

Thanks Foggy - Yes I have been reading reviews on there I have just completed my budget paperwork to send back to National debt helpline but intend to get as much info as possible, so difficult to decide what the best option is - was ok until I opened my 2 new "safe banks" however when they both said that if i were to enter an IVA the accounts could be closed this has now sent my anxiety through the roof!!! and makes me wonder if this really is the best option but I guess I am not the first person to be feeling this way.

[Foggy]

Which banks have you gone to?

The most popular is the Co-Op Cashminder, who are IVA friendly.

[Shining]

Hi and welcome. Do talk to 2, 3 or even 4 companies. All debt solutions can be discussed. Many of us share your concerns or have experienced them at some point.

Not sure who your creditors are just avoid a bank linked to any of them and HSBC/First direct are known for closing accounts of anyone in an IVA so best to avoid those.

[harrysmummy78]

the safe banks I have opened are with Natwest & Yorkshire bank I would have opened a co-op but we do not have a local branch..
6th sleepless night on the trot now feeling exhausted which is having a knock on effect with work.
I have just made several payments to creditors for the full ammounts owed this month I am so scared of stopping the payments to them my head feels like its spinning dont believe i have ever felt this low before just can not see anything positive in the future for me.

[Foggy]

I have not heard of either of them closing IVA'ers accounts, so far.

We don't have a Co-Op bank near us, but this hasn't. so far, been a problem. I do 90% of banking online and can pay in funds, if I get cheques, cash, etc., at my local Post Office. You can open the Cashminder on the phone in a few minutes.

During the early days, setting up and settling in to an IVA will put you through every emotion you have, but, it's a relatively short period of turmoil, then you will be on your way to sorting everything out.

[harrysmummy78]

thanks guys for all your words of encouragement - I think it's just the fear of the unknown at the moment I feel completely detached from everything and with a 3 year old child so excited for christmas ect this is also added to the guilt.

[dunkynuts]

My main creditor was my bank. I just let work know I was changing banks so next months salary would go into new account and rang up all the direct debits I could carry on paying to change over and left the ones I couldn't with the old account or cancelled them . When the telephone calls and letters started off the creditors I couldn't pay anymore, it was a bit scary at first, but I just told them I was entering a IVA or just switched off the landline . It will get easier

[kazzafunk]

My main piece of advice for you is try to save a little from your allowances each month for Xmas next year. It's tough on families either in or out of an IVA but by being frugal you'll still be able to spoil them a lttle.

[Johndylan]

Hi ,

We too also never missed a payment for over 20years! Missed my first payment last month and to see the charges and payments the creditors now want is frightening. Both my wife and I would now never be able to make the payments that have been requested. Lloyds want a payment of £420 this month for a debt of £7200. Our total debts are around £80000. Based on this our creditors want payments of around £4500!!' That excludes mortgage and living costs of around £2800 per month. I'd have to be earning £100k a year to manage.

My wife had nagged me for years to sort out our mess, but i buried my head in the sand and felt too proud to miss a payment. It just pushed us into further debt.

This site is the best thing i ever found! CCCS suggested a DMP, but did,not agree with their view and have gone to one of the IP's on this forum who has been brilliant!

Got the co op account, one up from basic with online banking and cheque book. You have to request an overdraft which i will never have again.

Dont worry Harrysmummy, there are loads of us in this mess, and so many people here to give advice and guidance.

[kazzafunk]

It is very scary when you miss your 1st payment. However it normally takes creditors some months to take formal action. Yes you will get phone calls galore and letters by the bucketload but once the IVA is approved it's such a relief.

We have been out of our IVA for 9 months now. We still have to be frugal as my income has dropped significantly but it's great to have bought everything for Xmas with cash and know there's no nasty bills arriving in January.

[Shining]

Good luck to all those starting out. It can be a little scary but take the expert advice of your chosen IP and use the forum for support. We're all at varying stages of our journeys x

[Foggy]

One thing I will emphasise .. regarding the mention of phone calls, which will start when payments are missed: Don't get drawn into any discussion (if you choose to answer the calls), just say you are entering an IVA and give them your IP's details. These calls are from call centre agents who will say anything (factual or not) to get a payment out of you (some are on commission). Many don't even know what an IVA is.

Some of us didn't answer the calls or switched the phone off for a while and relied on mobiles to keep in touch with friends and family. I spoke to mine who, on the whole were OK, one in particular was very understanding and wished me luck (AA).

[Shining]

Excellent advice from Foggy, I answered mine and it always bought me a few days and sometimes a week or two between calls. It's up to you how you deal with them but it's a fact they will call and some more than others. x