Can anyone advise me please?

[Tiger Lilly]

My husband and myself have got debts of around £23000 We were doing ok, keeping our heads above water etc until around october last year when things started to go badly wrong!! My business wasn't making the money we'd hoped, we needed a new engine for my car (which I need to work) etc, anyway, we're now in a very bad place. We haven't yet defaulted on our payments but we can't afford to live after we've paid everything out. We've got two children and we rent our home.

Once we've paid the household expenses we would have around £200 left(if we stopped paying our debts, which are around £490 a month) and I'm asking for some advice on the best route to take.

Obviously we've been relying on our overdrafts and now they're maxed out too. How stupid are we??

One set of friends have said bankruptcy, which is what they are just going to do (they had an IVA and they said it was rubbish??) another lot have said Payplan. I'm now very confused!

I've made contact with Payplan and they're calling me for a phone appointment on Monday.

Sorry for being long winded!![:I]

Does anyone here deal with Payplan??

Any help would be really appreciated, cos I'm in a scarey place at the moment!

Thanks

[kallis3]

Hi and welcome.

You're not stupid - we have all been in the same place as you and know how easy it is to get deep into debt.

I'm curious to know why your friend said their IVA was rubbish? I presume that they have let it fail as they are doing bankruptcy.

An IVA, if entered into properly and managed properly, is an excellent way of clearing your debts in a finite time - usually 5 years, then you can start again.

Payplan are a good firm, mine and hubby's IVA's are with them and so far we have had no problems.

However, I do recommend that you visit www.iva.com for a list of companies and reviews and give one or two a ring. You will receive free and impartial advice about all the options open to you, including bankrutpcy, and they will advise as to the best way forward for your circumstances.

[soreloser]

Hi Tiger - I completed the IVA debt analyser the same day that I first posted for 'Help' on this board - you can find it by clicking on one of the links that David Mond or Melanie Giles have under their names.

That was in early January, when I was in a terrible state, not sleeping, cold sweat all night - you name it. Over £60k in debt and suffering badly.

My creditors meeting was the 17th Fab - success - and I got my life back again.

I hope you can do the same too - we are all here to help. Good luck.

[ivas4us]

You have come to the right place for advice. I am just starting on the route to seting up an IVA through clear debtand David is the IP. I feel that when you get the expert advice you start to feel happier with your situation straight away, I know I did. From what I have read from other posts it may be worth speaking to a few different companies and going with the one you feel most comfortable with.

[ivas4us]

Which company did you use soreloser

[soreloser]

Same as you - you're in good hands.

[ivas4us]

I certainly feel like I am in good hands which is always a good start

[Tiger Lilly]

I'm curious to know why your friend said their IVA was rubbish? I presume that they have let it fail as they are doing bankruptcy.

Hi again and thank you for the replies.

In answer to you question, yes, I think that's the plan as they feel it wasn't working for them.

Another friend has recommended 'Debt Free Me' and says they have been great in dealing with his IVA.

Does anyone on here also use this company?

I've phoned them and someone is coming round on Monday to go through everything and look at options - with no obligation. So we shall see..........

To be honest, I'm thinking maybe an IVA would be the better way to go since, as I understand it, you get better protection this way?

[kallis3]

You do get better protection as it is legally binding.

Even though you have someone coming round, I still recommend that you contact one of the companies on www.iva.com as they are highly recommended. Two or three of them post on here and the posters who use them can't speak highly enough of them.

If you click on the expert link on the left hand side of the page, you will find their contact details on there.

You have nothing to lose, and possibly everything to gain.

[ricbro]

We are just starting out with Payplan, as others have said, everyone here is pretty much in the same boat, I'm glad I found this site, it gives you hope when you read of other peoples success.

[MelanieGiles]

If you have no assets to protect from bankruptcy, this is the quickest route to debt freedom as you are automatically discharged from those debts as soon as the order is made. However, many people actually feel some form of responsibility to repay their creditors to the best of their ability, and if this is the case with you then it is well worth while also looking at an IVA or DMP as a possible alternative.

Do you intend to continue running your business into the future? And will you need ongoing credit lines for instance to get goods and services for the business?

[David Mond]

Good points made by Melanie. Never rush into doing something without digesting the advice given. Ensure that when you have the meeting on Monday you are not requested or presurised into signing something before you either speak to another firm (or 2 others) and that they don't ask for any up front fees. Also if you are on a low DI that they are able to ffer a low paying IVA (if that is the appropriate solution) for you. Let us know here on the forum how you get on

[Tiger Lilly]

Do you intend to continue running your business into the future? And will you need ongoing credit lines for instance to get goods and services for the business?

Yes, that's what I'm hoping to do. It's nothing fancy..........I'm a market trader, I run a traditional confectionery stall and luckily I don't need credit to do this. However, business is rubbish at the moment, which has made everything ten times worse.

David, thank you for your advice. I have made contact with three companies now, Payplan, Debt Free me and also Cleardebt (who just phoned but I was unable to talk to them as people were here. They will call again tomorrow!!) It would be good to be able to see my way through all this, my head is spinning![:0]

[David Mond]

Great - hope my guys phone you back tomorrow - you can then decide after speaking to the selected bunch who you feel happy with. Good luck.

[sloggedthroughit]

I would seriously think about an IVA if you are committed to repaying your debts, if you want a final positive outcome and a plan of action that leaves you knowing exactly what is required of you then an IVA is for you.