Hi,
Im really confused on what to do for the best....
I have about £35k in debts and have now come to realise i cant afford to keep paying it all off.... i dont know how i have managed to servive this long but i dont know whats best either do an iva or go through the CCCS debt remedy....
The IVA looks like i can get my debt cleared off quicker and interest frozen as thats whats killing me.... or do i go for the temporary situation of contacting all my creditors and just offering them a small amount till i get sorted. But that will mean interested being added and loads of letters and chasing....
I also have my own business and home so im worries that it will affect them... I dont have enough equitiy in the house to help me get out of this situation and my business is only 3 years old so were just about coping after the resession....
Advise on which would be best would really be appreciated as im loosing my mind with worry now...
I would speak to a professional before deciding the best route for yourself. Visit www.iva.com for a list of companies and results and give one or two a ring for some free and impartial advice.
There are companies out there who specialise in the self employed, some of whom post on here so give them a ring.
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
K19 - welcome to the forum - you need to discuss your personal circustances with a few companies , to help you find the best way forward. Suggest you use some of the links here -
Whatever solution you use - you need to be well informed about the pros/cons of it - take you time and read and reread everything before making your descision
Hi - speak to a couple of firms and see what you feel most comfortable with. All the options have pros and cons so as Ginger says, make sure you know exactly what you're signing up to. We are always here for any questions and the IP you chose should be available to clarify anything too. Good luck - that first phone is like having a weight lifted off your shoulders xx
I was in a similar scenario as yourself. I had 48K of debt, but i wasnt in arrears with anything, but i was struggling. I took the IVA route, and to be honest it is the best thing i have ever done. I spent years juggling lots of balls so to speak but wasn't making any headway. In my opinion IVa is the best route to dig yourself out of the hole you are in. Debt management programmes i have no experience of, so cant comment. trying to sort it out yourself will only give short term relief. I am lucky in that i have now completed my IVA, i also know that if i hadn't gone into it, then i would probably still be juggling all those debts. After 5 short years the problem has gone. Dont get me wrong, entering an IVA is a big big commitment, and getting through it is not a walk in the park either, but get through it (and you will) then it is all worthwhile, and there are some positives, you learn a whole new way of life, and value every penny that you spend, and you can see where all the wasted money went. another positive is the phone rings a lot less, and the postman doesnt visit as often
Regards........Howard
Last edited by howard07 on Wed Apr 20, 2011 6:22 pm, edited 1 time in total.
There will be several options available to you, and you should explore all of them thoroughly before arriving at a decision - which an insolvency practitioner can assist with. I often advise my clients to try and come to an informal arrangement with creditors before seeking the formal route, but often that is not easily achieved as you have to tackle each creditor individually and you have to have the strength and nerve to do that - unless you engage the help of a debt management company.
For business people there may be more at risk than straightforward consumer cases, and you may have the dreaded HMRC to contend with too who are not known for their kindness when they are owed money! Choose a professional who deals with self-employed cases on a regular hasis for the best possible advice.
Be careful about contacting the CCCS if you are self employed. If you do make sure you speak to an experienced person [if not the IP] and do not be passed on elsewhere. This would only delay matters so if the CCCS cannot deal with your problems immediately contact a firm that can.
