I am looking for some advice, I am £35,000 in debt and sinking fast

[KAYKAY]

Once again thank you all for the messages of support. Does anyone know how my mobile phone, land line, sky tv,broadband etc will be affected should I enter into an iva, I have never missed payments so I suppose what I mean will they renew my contract when the year finishes on any contracts

From my experience you get to keep your mobile, sky and broadband. You will probably be only to receive the minimum allowances for Sky and broadband (basic packages), but if you can fund it by making savings from other areas of your allowances then you can keep whichever package you want. However the most important thing is to contact a few companies and run through the things you want to know or don't understand. All will soon become clear and you will start to feel better as soon as you have taken those first steps.

[DMB]

Good luck for the next few weeks Wicksy?
It will be a very stressful time,but there is an answer to all problems.
Take your time and dont be pressured by anyone.
You have recognised that you have to do something about the debt,so you are already on your way to a better future. Dont feel ashamed or embarassed,after all there are alot of people in the same boat,and in fact entire countries?
Again,get on this forum whenever you have any questions or if you are feeling down,because there is certain to be someone who can answer,advise or just lend an ear.
There is a better future Wicksy.

[Devilish]

Take it easy Wicksy.

I had debts of a similar level and getting threatening calls at work - it is really stressful and a taxing time, but I wish i'd used this site at the time.

As others have said, keep your mobile contract, sky etc - (i didn't and it costs you later) and just admitting you've made a mistake and want to do something about it is a great first step.

I used freeman jones myself (who were good overall) and there is recommended companies and people on this forum. I rushed into it - due to panic - and got lucky, but it's better to take time out and think about it properly.

Best of luck - and the forums are a great place for support and advice.

Rich

[kallis3]

I still have my mobile (and as long as you stay with the same provider you should be able to upgrade during the IVA) and still have Sky TV. I even managed to change my broadband and phone to Sky last year as well.

[Wicksy]

Thank you all for replying to my post, I genuinely mean it. The replies have meant a lot. At the minute I cannot bring myself to enter into an iva and feel sick and suicidal at the mess I find myself in. I just think I will have to struggle on and meet the minimum payments even though it leaves me absolutely no money to live on. Once again thank you all for your kind words

[Broke of London]

Why not restructure your debt with a DMP? It's not a legally binding agreement, but your creditors may accept reduced payments and stop interest and charges.

What scares you about an iva?

[Timmylad]

Wicksy, I am only on my 3rd IVA payment but the relief in knowing that i will be debt free in just under 5 years is a great feeling. 5 years ago before the recession and global banking collapse Banks and Credit providers would lend to anyone. I got a credit card with a £2000 limit, i made the minimum payments and within 18 months i had a limit of £6500. Thousands (maybe millions) borrowed money that in reality would be very difficult to pay back. At the start of the year i could not continue making the payments. I was being paid on the 27th of the month and by the 30th i was overdrawn and being charged £22 every 5 days.
You owe it to yourself to get debt help because if you don't things will get worse and your health will suffer more.
Contact Citizens advice and if your feeling suicidal then you could call the samaritans.
Please don't feel ashamed. Sure you are in debt but so are thousands of others and you are not alone.

[kallis3]

Best off going directly to an IP company rather than cab now that he found the forum. He will be able to get the ball rolling a lot quicker.

[Tina Shortland]

Hi Wicksy - I have just caught up with your thread and this is one of those times that I really wish I could show the future! I and everyone on here compltely understands what you're feeling right now but trust me when I say that you will feel so much better off than you do right now when you take the next step instead of carrying on the cycle you're stuck.

You don't have to start an IVA but you will feel better once you have talked about it and discussed your options. No reputable company will push you into anything or rush you into a decision and you will not be charged for advice on your options.

The sick feelings will not go away as you know to yourself all you are doing is putting off the inevitable and if you are feeling in anyway desperate as you intimate you are then that is more of a reason to get it sorted. Debt is just a financial mess that can be cleaned up, don't let it control your life Wicksy , it is not worth it.

I am glad you found the forum - there are brilliant people on here who will help you every step of the way.

Take care,

[ginger3232]

Wicksy - i can only add my support to what people have said.

I am one of the many that has been down the IVA route and the desparate times prior to it.
Its hard work and can have a few bumps. It now been 10 years since i finished my IVA, i am older and wiser about money and realise that it can be the simple things in life that matter the most.

[Louise.bb]

Hi there Wicksy, just a few short weeks ago I felt just the same and I owe substantially more than you. I spoke to the wonderful Melanie Nicholas from JonesGiles who was fantastic. She was so reassuring and although my application is still in the initial stages I cant thank her enough for making a debt free future seem attainable.
At the end of the day its only money and your health and happiness is worth a million times your debt.
Dont suffer anymore, pick up the phone and let someone else take the worry off your shoulders. You'll be so glad if you do[:)]

[kazzafunk]

Hi Wicksy - Can only add my support to you. I wish I had tackled our problem a few years ago but I ignored it until I too was thinking of ending things. Thank god I found this forum and plucked up the courage to sort out our problems.
2 payments down now and I am so much happier - not much money left at the end but knowing it will be all over in 5 years is a fantastic feeling.
Fire away with any questions. We've all been there and know exactly how you feel.

[Broke of London]

I procrastinated for years before taking the plunge and deeply regret that time I wasted sinking deeper into debt...I would be nearly finished now!! So with the benefit of hindsight, I would encourage you to at least speak to someone and read the info they send out x

[Wicksy]

This site is absolutely amazing, the advice and support initially received has been great, I would just like to thank everyone who replied to my post!!!!!

[Hippo]

Hi Again Wicksy

Get yourself in the IVA pronto I was where you are now and nearly at the end now I posted earlier but you are just getting yourself deeper and deeper It may seem scary as it does to everybody You are not going to clear your debts paying minimum payments every month I was in that situation all you are doing is throwing good money into a huge hole that will not fill up

Pick the phone up now no excuses or fobbing off an old hippo !!! and call some company on here theres a few to choose Then you can sort yourself out

Look at it this way You are going to take 5 plus years to pay your cards or loans whatever plus a shedload of interest and you will be worse off than you are now Do you think they give a toss about you nope
All you have done is got into a situation that has got out of hand Now you need to get a grip toughen up and put it behind you And move forward Once you set the ball rolling you will feel better I promise : ) All you have to do is have a chat with your choice of IVA company then they say Yes you meet the criteria which you do as you owe more than £15000 next they send you some forms to fill in

And then I had a 20 minute chat on the phone with a really top guy who went through all kinds of things I could claim for and really put my mind at rest so I would be able to get through to the end of the 5 years
Then you get the legal forms and send that back and any help you need give them a call they tell you what to write or not You sign it then off it goes The next step you get a call about your meeting day and you then wait for the phone call to say Yes you are accepted or no because of some hitch You will get a yes Once your IVA sets you up in 99% of cases they are sure it will be agreed Read some of the posts here are the same as you now sleepless nights stress worry and then a YES !!!!!

Then you start on your 5 years journey and the best part you will have some money in your pocket each month And you are on the way to getting it sorted and no interest as thats the killer part

Get it started now and send your Credit cards or whoever a £1 each month if you want And the money that you would be paying them keep to 1 side If for example you are paying £700 per month to debts pay out £1 to each or nothing up to you and keep the rest in your own hands Not in any bank draw your money out as soon as it goes in the bank

Once you start the IVA call your debtors and say you are in the IVA process and tell them to take your telephone number off there database and not to call you Saves you being hasseled by customer care teams
By the time they get around to doing anything more serious or red letter bills your IVA company will be in control
I was told that by mine And as soon as I told my credit card company I am starting an IVA and take my number off your records They guy on the other end just said Oh there are lots of people doing that good luck no arguing very apologetic I never had any calls after that

Any issues you get then just call your IVA and say you get some letter just send it on to them to deal with it They are the professionals they know what to do and how to deal with these matters thats why its '' scary '' simply because you dont know how to deal with the matter and the legality

You are the same as me when I was in the same position as you
I saw a nice big bunch of grass to eat in the mango river and got stuck there But as I am tough old hippo I just kept wiggling my big fat hippo legs and now I am nearly on the river bank )

So get on the phone at the end of the day you got yourself in the mess and now you are the one who will get yourself out !!!! Its only money and you need it dealing with now Trust me once you make the first call you will feel a whole lot better nobody will blame you or give you a lecture You are doing the honest way to pay back what you borrowed the banks will be happy and your IVA company will be happy and most of all you will be Happy !!
5 years is nothing You could go to your Bank and say put the wole lot on a bank loan and pay that way but you are still going to do that for 5 years plus and more interest The IVA you are losing the interest and will be supported in that time
You can miss 2 payments have a payment break maybe pay less for a few months if you struggle in the future the IVA is individual to you dont forget that part Sure its tough at times Millions of people are worse off then I am or you are now
So toughen up get your chin up and get this sorted
I was told that by my close friend but I knew already I was in trouble He said get yoruself sorted or you will go crazy
Think positive and not negative and no more putting this off
I want to read your next post that you have called somebody and ser the thing in motion
You dont want a rampaging hippo coming round to your house do you

take care and get it sorted !!!!!!!