I have the weekend to consider my options but bankruptcy isn't an option as my husband is an Accountant. The field of membership he is in have very strict policies on bankruptcy and will remove his membership and licence to practice. His is the main income!
Broke of London - Well at christmas when my husband was made redundant he received £8k (all gone now!) and one of the old IVA debts surfaced. £13k in total and I bartered them down to £2400!!!! to settle. I was so impressed. It's irritating really as if we do do another IVA we have different outgoings, some are fixed and not what would be considered 'essential' by any company who can help so that will be interesting!!
Hi Charlotte, as well as speaking to DFD I would suggest taking advice from one or two other companies. An IVA may not be the right (or best) course of action for you, so please take your time.
Don't be silly. You didn't upset me really. You just confirmed what I already knew! It's my own fault for getting into debt in the first place.
Tonight I made contact with DFD and they have offered to help me again. I am to gather all the info over the weekend and they can see what they can do. *sigh of relief*.
Been there, done that, and I ask myself every day of the IVA, why and how did I get in this debt, all I can say is a good firm will have a solution.
Hope it all works out for you as well as it has for many others on this forum.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
Mine was spent on cars, clothes and exotic holidays - if nothing else I have the memories!
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
DFD phoned me today. We have decided to sit down tonight, me and my husband, and discuss the IVA proposal which DFD say is £193 a month as repayment towards our creditors on a £12k collection of debt.
One of the debts we have, the big one I told you about which started this thread, the debt collectors want £200 a month alone on that debt so £193 for all of our debts combined is brilliant.
That being said, they have sent me the proposal by email and their figures are all wrong. They say that we have £335 for groceries which in today's market is ridiculous and with 4 mouth to feed....!
They also say that our electricity and gas is £100 combined but we pay out £119 to Npower for Electricty and £30 for Gas a month.
That being said we currently pay out £150 on our debts at the moment and this will be £350 if that other debt is paid direct to the creditor, but if we go into the IVA we shall pay significantly smaller.
Not sure what to do? Do I assume DFD know what they are doing in relation to figures or challenge them?
You need to speak to DFD and tell them that the figures are wrong - hopefully Declan can pick up on this one.
Do you own your own house?
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
Hi again Charlotten - No challange the expenditure - any IVA is doom to failure unless the I+E is correct. Use the recommended allowances limits as well - dont forget dentist/medical/pets etc
Wow thats a biggy electric bill per month .
Dont forget also at this stage you can shop around diffrent companies
It is a lot for electric - we pay £83 electric and £87 gas to Atlantic.
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, we privately rent.
The electricty bill is there blasted stupid 'estimated' direct debit amount. They say we use £1000 a year in electricity, which we don't! They bill me every 6 months and they say that I use £80-£90 a month. They make me pay £119 a month so most of it ends up as a credit on the account and then when the 6 monthly bill comes in the usual cost if £400 odd.
Bizarrely, Npower are cheaper. BG come second but I am too scared to use BG. Back in 2008 they failed to add our direct debit to their systems, I called 26 times, and they sent me a nasty debt letter. I called up and said that if they checked their system I had been trying to get it on DD. The chap I spoke to called me 'a liar' and a 'whore' because I explained I was pregnant with my first child at the time. I hung up on him in the end and was left in floods of tears.
I won't use BG ever again.
You could look at bankruptcy as well if you feel the payments for the IVA are too high.
Do speak to DFD though to see if they can sort you out with the I&E.
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
Bankruptcy isn't an option as my husband is an Accountant and his membership group won't allow bankruptcy and he will be barred from practicing if we declare bankruptcy.
On the contrary though, I feel DFD's payment very reasonable.
I had major issues with BG as well - would never touch them - mind you they never called me a whore.
Npower dont have a very good reputation -and have been taken to court a few times. While your are not in a IVA - shop around now. Dont forget if you are in credit - you could stop your DD while you look around - then that will use up "their cash flow"
I just want to add that some accountancy bodies have changed their stance on bankruptcy. The Institute of Chartered Accountants who are one of our regulatory bodies are now not making bankruptcy an automatic bar. There would be a hearing but circumstances are being taken into account and provided there is no fraud or loss of clients' money you can still retain your charter.
It may be worth a call to the regulatory body on a no-names basis just to check that bankruptcy is still viewed as badly as it was in the past.
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