Stressed, embarassed and a failure

[Azazal]

So its come to this time in life now that I just cant manage to keep the family afloat and pay stupid interest on credit cards, I was doing the zero balance for a whilst but cant move stuff around now.

Have around £37k debt and rent right now. Contacted http://nationaldebtservice.co.uk/ as was one of the first to come up and someone called saying should be able to sort out an IVA.

Right now I know I have failed my family (am 47), spent many years at Uni to be highly qualified to do a damn job that pays sod all, pointless, but anyway another story.

Been reading around here and am even more concerned about going through this.

The person I spoke with on the phone was ultra nice (suppose they always are) moving things around and helping out, we rent, 2 young kids (5,2) and wife doesnt work at the mo, and shes recommended Cambridge McDuffy as the IVA company for them to use.

She wants all ID, pay slips, statements etc in next 48 hrs to get things sorted which seems a really short time to even think about this, not that theres anything to think, I am throwing away a new TV at least every month just on interest alone!

Reading here though, I didnt realise that your bank account was affected too? Could I loose that? All the debt is with credit card companies (4) and have a Barclays Additions account, will I loose my bank card , any ability to pay for anything, what happens as the person never mentioned anything happening to a current account.

I have been seeing a councillor and on prozac for all the money/work stress. Feel like I have failed my wife and two kids, cant even give them a good start in life, and well nearly reached the end of my tether on a number of occasions.

To be honest I am terrified on what is going to happen. Should I speak with other IVA companies, get more advice, push the 48 hr thing, risk not knowing.

Totally at a loss. I have a good contract right now, 5 yrs, but boss being a d**k doesnt help . I know there is no answer, I know little hope but I am sorry to reach out to you all for some support, I know everyone has their problems..

Sorry if this is not the place..

[Foggy]

McCambridge Duffy are a well respected firm who do handle IVA's fairly, although I would contact them directly and speak to them, get a feel for them. Contact details here: memberlist.php?mode=viewprofile&u=8021

You will only lose the bank account if your bank is one of your creditors (or one that objects to IVA's). You will be able to get a basic account from the likes of the Co-Op (Cashminder account). They come with all DD payment facilities as well as a debit card .. but no overdraft facility.

Finally -- you are not a failure --- you have hit rough waters and are sorting it out. You WILL feel a lot better once the stress is off your shoulders.

[Azazal]

McCambridge Duffy are a well respected firm who do handle IVA's fairly, although I would contact them directly and speak to them, get a feel for them. Contact details here: memberlist.php?mode=viewprofile&u=8021

You will only lose the bank account if your bank is one of your creditors (or one that objects to IVA's). You will be able to get a basic account from the likes of the Co-Op (Cashminder account). They come with all DD payment facilities as well as a debit card .. but no overdraft facility.

Finally -- you are not a failure --- you have hit rough waters and are sorting it out. You WILL feel a lot better once the stress is off your shoulders.

Thank you for the words Foggy - I assume as Barclaycard is one of the creditors and Barclays my bank thats that screwed then....To b ehonest I am not even sure sorting it with IVA or just go through the motions for 10 yrs+ and hope something changes is best. Cant see the woods for the trees.

[Lisa Thomas]

I think in your circumstances you should take a strong look at Bankruptcy, rather than an IVA.

This is on basis you have no assets (like a property) to lose. Any income contributions (if applicable) will last for 3 years in BKY - many IP firms use standard IVA terms which will mean at least 5 year contributions in an IVA.
If you can't afford contributions then you will have nothing to offer in an IVA...

Not sure why the IP requires your info within 48 hours as it's up to you how quickly you want to get moving.

Here are some of my short videos which might help as a starting point:

personal insolvency options:

https://youtu.be/TgalT1vhn6M

Bankruptcy:

https://youtu.be/mAkQsVSCnqo

IVA:

https://youtu.be/zrQruCDiw5w

Bank accounts:

https://youtu.be/nAXh_0vWt58

[Azazal]

thanks Lisa for the reply, i think "they" mentioned bankrupsy wouldnt be the best as assests can be taken, such as household items, tv, camera etc

[luluj]

I just wanted to say you have come to a forum that will be here to support you - although we can't tell you what to do we can give you encouragement and support.
Feel free to ask as many questions as necessary

[Foggy]

Get yourself a copy of Keith's IVA Survival Guide ( see banner at the top of the page) -- real life stories from many of us about life in an IVA. Waiting to see what happens for the next 10 years isn't really an option if you sit and think about it. You need to be the one to take control, rather than wait for a creditor to do it to you.

BR, as Lisa suggests, is a couple of years shorter in the grand scheme of things, but far more invasive at the start. An IVA is also invasive -- not so much, but over a slightly longer period.

[watzki]

First and foremost you are not a failure,many people on here have been in your situation,many people in a worse situation including us,we had a 100k+ of unsecured debt.
We took the iva route as we had our own home that we could lose.
We spent just over 6 years in an iva,it was hard going at first but you get into the swing of things,and as the years go on you seemed to have a bit more cash.
We came out of the other side debt free and now 18 months later we have our own motor home.
The iva teaches you not to rely on credit and use cash,it's weird at first and a shock but as the years go on you get used to it.

This forum is here to help people on the journey of an iva,with industry experts and old heads (sorry for that) like foggy and kallis they have enormous knowledge and great tips on making your cash go further.

Good luck on which direction you take and remember there is thousands in your position just waiting for help in their debt situation

[Keith White]

If you do feel a failure - then join the rest of us - so many of us have stories to tell that can cause shame or a sense of failure. The best you can do is work out the best way forward and go for it. Firstly forget the 48 hours ultimatum - that is unfair. You need to understand the options open to you - and the pros/cons of each. Don't be pushed but weigh up what is best for you. Get a second (or third) opinion and ask awkward questions. Its really important you understand what an IVA or bankruptcy involves and how it would impact you. Many many people go for either solution - and live to fight another day very successfully.

[Lisa Thomas]

thanks Lisa for the reply, i think "they" mentioned bankrupsy wouldnt be the best as assests can be taken, such as household items, tv, camera etc

That's not strictly correct - only assets with a high value would be of interest. Yes, if the camera is worth say £1,000 you might have to hand it over but if that's correct it would need to be declared and dealt with somehow in the IVA anyway.

See here for more information:

https://www.insolvencydirect.bis.gov.uk ... rt%202.htm

It's really only a risk if you own assets such as property that are at risk.

What have they said to you about Bankruptcy contributions (if applicable) only lasting for 3 years? Have they offered to draft your proposals on the same basis in an IVA or are they still suggesting 5 years is reasonable?

[Azazal]

thanks Lisa for the reply, i think "they" mentioned bankrupsy wouldnt be the best as assests can be taken, such as household items, tv, camera etc

That's not strictly correct - only assets with a high value would be of interest. Yes, if the camera is worth say £1,000 you might have to hand it over but if that's correct it would need to be declared and dealt with somehow in the IVA anyway.

See here for more information:

https://www.insolvencydirect.bis.gov.uk ... rt%202.htm

It's really only a risk if you own assets such as property that are at risk.

What have they said to you about Bankruptcy contributions (if applicable) only lasting for 3 years? Have they offered to draft your proposals on the same basis in an IVA or are they still suggesting 5 years is reasonable?

Thanks for the info Lisa, the company (Financial Services Centre) basically keep calling to push the IVA through in 48 hrs, I assume as they are a middle man to the main IVA company Cambridge Duffy.

She said she put down Bankrupsy as not an option without much of an explanation. No we dont have valuables apart from my wifes engagement ring which as it would be me on the IVA I assume should be safe and a car worth less than 2k in her name.

Also a little confused if I should be opening a bank account pre IVA with another company as one creditor is Barclaycard and we bank with Barclays?

Thanks for all your advice, what with the constant phone calls, whatsapp msgs etc and the general stress of it all (like so many I am sure) its getting a little too well.. difficult

[Lisa Thomas]

You shouldn't have to rush this decision and if you are feeling pressurised then perhaps look around for a different IP.

Your wife's sole assets will not form part of your IVA or BKY estate.

Its recommend to open a 'basic' bank account with a different bank pre insolvency so that you have an option to fall back on if the existing Bank closes the account:

More info on my quick video here:

https://youtu.be/nAXh_0vWt58

[Foggy]

The people you are speaking to are not connected to McCambridge Duffy --- they are an introducer: A firm that gathers all the information and them passes you on to one of a number of firms they deal with. They are putting you under unreasonable pressure. You are perfectly entitled to go to McCD direct, or, as Lisa suggests, chat to another firm, or two.

[Lisa Thomas]

Cut out the middle man.

[Azazal]

Thank you all for your support and posts. I do realise this is a place of support not necessarily where someones going to tell me what to do, thats ultimately my decision. I think the push from the middle man was making things feel worse so panic was setting in a lot more.

Especially as she was rushing through things, saying oh we would move this to here change this a bit , all just feeled.... fudged if that makes sense.

Am taking a breather and reading as much advice posted here as possible as things like Bankruptcy concern me for job future etc, but thats for me to check out.

Appreciate all the insights and knowledge shared here, I know everyone is going through so much, I suppose its good in a way to know we are not alone, not in a good way but you know what i mean I hope.