Finally made the first step!

[Mak6]

After spending the last few months worrying I finally picked up the phone last week. I think an IVA is my best option. My partner and I have accumulated £40k of debt and have very little equity in the house. I rang debt free direct first but after receiving the start up pack and a poor phone call from an "advisor" who asked if I could pay back £650pm I am looking elsewhere.

I am waiting for a call from an assessor at Payplan after a couple of calls detailing my income and expenditure etc so hopefully they can help.

I am however, quite worried as about 21k is with the Northern Rock.

Great site and any advice would be greatly appreciated.

Mark

[chris.g]

Hiya and welcome to the forum.
Well done for taking the hardest step, it's very hard to do.
Melanie who is one of our experts arranges IVA's and a lot of people on here have used her to arrange theirs. She has a very good track record. It's best to get a few 'quotes' from different companies as 5yrs is a long time to be stuck with the wrong ip for you,
best of luck
xx

[sblack]

Hi,
Well done for making the first steps. Have a look at IVA.COM, this is a site that compares IP's and Insolvency companies. I am with Melanie Giles who is an expert on this forum and who comes well recommended.
Good Luck

[mike.s]

Hi Mark and welcome to the forum,
Well done for taking that huge first step! It really is the worst part but now you have faced up to it and decided to sort your problems out things will only get better for you so try not to worry too much, easier said than done I know. Everyones situation is different but there will be a solution for you and things will get sorted. I can personally recommend Melanie and her team, they helped me out of a huge black hole and put me back on my feet. Speak to Melanie and she will go through all of the options with you and give you sound honest advice, and you will be helped through this every step of the way. You will also get some great help, advice and support from everyone on this forum so keep posting and good luck, you will get through this so hang on in there.
Best wishes
Mike

[kallis3]

Hi Mark and welcome to the Forum.

Well done for taking the first step, it is difficult admitting you can't cope anymoe.

We are with Payplan, and it took us about 6 weeks all told. We got our IVA last week.

I would certainly have a good look at all the companies available.

This forum is a great place as well to answer all your questions.

[Adam Davies]

Hi
How much disposible income do you have,is it £650 ?
NR seem to be accepting more IVAs now but it is importabt to use an IP with experience of dealing successfully with them.
Regards

[facingittogether]

hi and welcome!

like others have said you have done the hardest part by facing up to your debt problem!

my hubbys biggest creditor is nr our ip is melanie giles and she has been brilliant. our creditors meeting is tomorrow. i do believe that nr usually want payments over 72 months rather than 60!

wishing you the very best

love barb

[MelanieGiles]

Northern Rock generally like to see the IVA extended to 72 months these days, and despite a lot of adverse comment on this forum of late are certainly accepting the majority of IVA proposals I put forward.

[Mak6]

Thanks for the feedback everyone.

Andy I don't have £650 Disposable income, I thought £350 - £400 we could just about afford. The Person from Debt Free Direct did'nt ask half as many questions or go into as much detail as Payplan. Paying back £650 pm over 5 years meant I would pay back about 5 or 6k more than I owe.

[michael.t47]

i finally faced up to my problems a week ago and am loking forward to speaking with melanie tomorrow

[facingittogether]

HI MICHAEL

YOU WILL BE FINE WITH MELANIE, SHE IS VERY DOWN TO EARTH, HONEST AND WILL PUT YOU AT EASE STRAIGHT AWAY!

YOU ARE IN GOOD HANDS

BARB