I am new to this forum and just don't know which way to turn.
I am totally stressed, depressed and really panicking about my finances.
I am currently unemployed after loosing my job at the end of January. I have recently set up my own business, this isn't "declared" as yet as it is all very new. I am actively looking for work but nothing has come up in the last 6weeks.
Through my business, clients are picking up slowly and bringing me in £120 per month which just isn't enough.
I have debts coming out of my ears. One loan I owe probably £9000, another loan with Provident I owe £250, I have a £250 overdraft and also owe about £500 on my Veterinary account. This obviously doesn't include all the usuals like petrol, food, phone bill etc etc so as you can see, money is more than tight.
I just do not know what to do. The thought of Bankruptcy and IVA's terrify me to death. I dread to think how I am going to pay all my bills next month.
My mother also is out of work as she is deemed unfit. She is recovering from Cancer so I am also looking after her. My business is training horses at a yard I rent and horses are very important to me but I can't risk loosing my new business.
Please can anyone give me advice. I am 24yrs old and really struggling to cope with all of this.
I'm sorry to hear about all your problems, and sorry about your mum as well.
You wouldn't be able to do an IVA, as your disposable income wouldn't be enough.
You could try a Debt Management plan, or bankruptcy, which is not as bad as you think and would enable you to start again.
I recommend that you visit www.iva.com for a list of companies and reviews. Give one or two a ring, you will get free and impartial advice and all the options explained to you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I am sorry hunny I cannot give you any advice regarding business as I have no experience of this myself. I have been in debt though and I know how scary it all is when you are faced with it all. Believe it or not you have already taken the first step in admitting it all to yourself and being brave enough to post on here.
It seems that you wouldnt have enough income to enter an IVA anyway, so it may be worth you trying for a DMP until things improve. I know how scary BR feels right now hun, I was once very close to facing this myself. However daunting it might seem now, it might be a good idea to look into what BR is all about, there is nothing scarier than the unknown and right now thats where you are.
I know that provident loans come with an very high interest rate so I am sure they would accept a lower payment as a way of easing at least some of your immediate stress. Although it may not feel like it to you, your total debt level is on the low side of things.
Try not to worry too much hun, as there will be an answer somewhere out there with your name on it. I know not worrying about debt is a lot easier said than done.
Youre amongst freinds here, who will offer support and advice and help you as much as they can.
Take care for now hun and wait for some more replies.
DMP's are a good way to pay your creditors, the only drawback is that the creditors don't have to agree to freeze interest or charges.
On www.iva.com, there are a lot of companies, most of which do DMP's are well as IVA's.
On the left hand side of this page, is a link to a comparison chart for DMP companies. Have a look.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
They do not have to stop charging interest on a DMP but most of them do agree to doing it. They would also have one hell of a job to take you to court for the extra interest charged once they have been advised by a professional on your behalf of your inability to pay the full amount. The one problem is they dont have to agree to the DMP terms, but yet again, you would have the court on your side if they tried to take any action against you and they would only ever get what court would deem as an affordable amount (effectively as much as the DMP proved you could afford). So please dont be disheartened by this hun. I went into a DMP myself and it was accepted by all but one and I owed a lot more than you do.
Dont give up hope as previously said there is an answer out there with your name on it.
Twoods, please don't encourage debt avoidance - this is not what this forum is about. The companies that 'help' you charge a hefty fee and there is no guarantee it would be successful.
Sams, please contact a couple of IPs for advice. You can find details of many companies on www.iva.com, along with reviews.
Freedom of speech is fine, but as Skippy says, we do not condone debt avoidance on this forum, neither do we recommend using any of the companies who try to tell you that your IVA has been missold.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Freedom of speech is one thing bad advice is another, what youre saying is bad advice. Debt avoidance is what gives debtors a bad name, most want to do the right thing. Professionals who charge a fee for a legally binding agreement do so under regulations and guidelines. Other non regulated 'cowboys' give false hope and charge a fortune.
Most people who find themselves in debt want a legal and moral way back out of it.
bankruptcy is a legal proceeding and a legal way out of debt, you only have to look at the banks and woolworths, help is required at the right time, options are there for a reason
No one is disputing that, but the majority of us on here wish to pay as much back as possible, and that is only possible with an IVA or DMP.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
No-one is disputing that. When Lily talks about debt avoidance she means getting debts written off on a technicality. This forum does not condone that.
Bankruptcy is indeed a legal way to write off your debts. Everyones situation is very different. The poster is scared and asking for help and advice. Your advice to try for debt avoidance is not sound advice, these people are not regulated and can charge what they like. They do not have your best interests at heart. They are simply cashing in on people who find themselves desperate. Who would you trust to fix your boiler, someone who isnt or is regulated to do the job?
If you found your answer was BR then thats fine, other people find their answer in IVA or DMP.
We are simply asking you not to promote unregulated and probably soon to be made illegal debt avoidance.
