Still thinking about an IVA...

[heavydebt]

It has been 12 months exactly now that I have been considering an IVA. After many sleepless nights and agonising over whether to apply for more credit, I see no other option than to go down the IVA route once and for all. Even though the loans will end in around 3 years, I don't know whether we will be able to stay afloat that long. After the bills, we have around £75 a week to pay for food shopping, petrol etc. I am on maternity leave, returning to work in January and we have taken 6 months off from the mortgage in order to get some of the credit card debt down.

I still have some questions though, if your IVA is refused, can the companies then start bankruptcy proceedings? We have a NR together mortgage and they will have the majority vote. We are not maxed out but very close, everything is paid on time and some are even paid more than the minimum payment.

I know you will probably advise to speak to an IVA but if anyone can answer the above, I would really appreciate it. Thankyou.

[heavydebt]

Please anyone, I'm at the end of my tether.

[Michael Peoples]

Anyone owed more than £750 can start bankruptcy proceedings against you but in reality few do. If a creditor rejects an IVA they would be more inclined to try and register their debt against your home or apply for an attachment of earnings.

In bankruptcy there is normally little or no return for creditors so they see no point in throwing good money after bad. N Rock do have specific criteria to meet before they would accept an IVA but provided your proposal fulfils those criteria they are a commercial creditor and do accept IVAs.

It is worth speaking to an IP firm and any proposal put to creditors whether IVA or DMP would have to factor in the changes in circumstances and income that you will encounter over the next few months. Good luck and hopefully you can find the right solution for you and your family.

[MelanieGiles]

Northern Rock are a very supportive creditors, so long as they can see that you are putting your best foot forward with the offer and that you are paying the maximum affordable amount.

Given that you are returning to work in January, and by that time will presumably know the costs of childcare etc you will be experiencing, it will be a good time to look closely at your budget to see the level of disposable income you feel you will have available for creditors.

As Michael says, an insolvency practitioner can help with this - and also talk through all of the options with you at the same time.

[RooRoo]

Hiya
I've been in debt for years but just keeping my head above water, however after being on maternity leave, i realised that we could no longer cope and i wanted to start 2010 a fresh.
it was very stressful collating all the debt history etc but i guess theraputic too. My IVA was approved yesterday and i tell you i woke up this morning feeling like a weight had been lifted from my shoulders.
Speak to a few IP's, Liz from Liberta and Melanie Giles are both really helpful. Although i went with Liz, the advise Melanie has always given me has been worth it's weight in gold!
Hope you come to decision soon, keep your chin up and good luck xxx

[flumpy dog]

hey heavy debt.

its a horrible feeling and i can really relate to your feelings of despair.

i too was like you and went on for ages trying to keep going but eventually it got too much.

its time to start enjoying your life again and have a life again so its good that you are considering looking into a way to clear your financial commitments. most creditors want to see a return of their money so its not just an open or shut case of yes we will or no we wont accept you. when you decide to go for an iva the company you choose will work with you to go through all of your ingoings and outgoings-how much debt you have and how much you can afford to pay back. it took nearly a month of badgering in the most lovely way possible by these lovely people to get my head out the sand and call melanie-one of the experts on here and it was the best call ive ever made.
just the release of saying to someone help im introuble is immense-i think i was actually in tears but hey it made me feel a damn sight better.
you will get so much support and help from the guys on here and they are non judgemental so anything you say will not be frowned upon.

hope youre ok. if youre at least looking into an iva have a look on www.iva.com for help -you can call as many as you need to see who you feel comfy with.

dont worry about the acceptance from creditors for now you need help and advice and you will get loads here but call a couple-there loads of people on here too. michael and melanie who are both brillant and size 5-another expert. you will find just talking to someone will greatly improve things. dont sit there alone worrying-i did that for tooo long. keep posting ok [:)]

[heavydebt]

Thankyou so much for your supportive messages. Originally, 12 months ago, the thing holding me back was the insolvency register but I have got over that now and realise that the only people who know about it are in the business or already looking for help.

We are going to start phoning IP's I think. It is our only realistic option. I have already sold most of my belongings!

Thanks again and I will keep posting. Have a good weekend x

[kallis3]

Keep posting, and ask anything you want - someone will know the answer.

Phone two or three companies, www.iva.com has a list of recommended companies.

The advice is free and you will be told about all the options available.

[flumpy dog]

aww heavydebt please dont worry.

you know there are so few people know about this register-less than you think ! [:)]

glad this place has helped-phone as many as you can until you find one and think hmmm i like the sound of this place [:)]

there is always someone here to help-even at 4.30 am - lesley ![:p]

please keep posting ok and take care x [:)]

[MelanieGiles]

Don't worry about the insolvency register - the only people who really use it (and know of its existence) are people in my profession and creditors.

[Shining]

I looked at that register once and before I enquired about an IVA I didn't know it existed, the first time I looked it, I'll admit I didn't like seeing my name there so I vowed I wouldn't look again and the next time I look I'll be looking to see if my name has been removed upon successful completion of my IVA.

Please do no worry about the register as everyone says many don't even know it exists, I do hope you find the right solution for you.

[kallis3]

It's usually people who post on here who find out about it - it's unlikely your friends and relatives have ever heard of it.

[Skippy]

I didn't have a clue about the insolvency register before my IVA. Don't let it stop you doing what's best for you as not that many people know about it x

[kallis3]

I'd never heard of it either before posting on here.

[heavydebt]

I don't even know why I worry about it so much. I am that sad, I have looked through it and couldn't believe how many people I know on it. Some were close friends a few years ago. Some are people a lot old than me who I thought were fine. The people I know on it are all bankrupt. While any debt is a problem, these people had no property or anything to lose. Some, in comparison, would be for a lot less money than ours. But what happens because I know this about them? Nothing. It's not information I would pass on as I would need to mention the register and would never mention to that person, embarassing them, as I wouldn't like it done to me.

We have pretty much made our minds up. My husband would sign up tomorrow as it's now causing a lot of tension at home. Probably because I am home on maternity leave I am thinking about it a lot more. Anyway...

Still nags me that it could be refused and bankruptcy proceedings started. We couldn't cope with that.

Sorry for the long post![:I]