Hi,
I feel like I am drowning! I have been advised by good friends to enter into an IVA. They say it was the best move they ever made and I would so like to sleep at night again!
I have used the IVA calculator, but am being pointed in the direction of debt management rather than IVA. My friends are telling me NOT to do this. They tried this before entering into an IVA and continued to struggle.
I have debts amounting to 18,033.26 and have approximately £350 disposable (not including debt repayments). I have not yet received that final bills for income tax (inland revenue) or an overpayment owed to HMRC for child tax credit. I am estimately that my total debt will be approximately £22,000. Am I really out of the running for an IVA?
The debt calculator isn't always that accurate so it's best to actually speak to someone.
Visit www.iva.com for a list of companies and reviews and give one or two a ring for some free advice or speak to one of the experts that post on here - their details can be found under the 'Ask a Question' link on the left hand side of the page.
They'll go through everything with you and advise you of the best solution.
Good morning Jo, and welcome
An IVA may be an option for you, but can I suggest you visit www.iva.com where you will find a list and reviews of Insolvency companies and give 2/3 a call. They will give you free and nonjudgemental advice and explain your options depending on your personal circumstances. There are also a number of IPs who post on the forum, like Mel and Michael and personally I would call them first. Do let us know how you get on. We are a friendly bunch.
Hi Smileawhile I was in a debt management before my IVA and it didn't work for me but everyone is different. Please get advice before deciding on the best one for you good luck
Hello
Dont sink Swim
Listen you will be fine Give one of the companies in here who are posting so at least you know they are contactable through this forum in the last 3 weeks I have spent £17 on Phone Calls to listen to a song over and over and over again !!!!!!
Give 2 companies a call write all your debts down so when they ask for a total figure you can tell them and they just ask a few basic questions about your work
Dont hang about make the call asap and get things dealt with and then you can get a goods nights sleep I know exactly where you are and how you feel
good luck and stay positive and push yourself you will come out of it a lot stronger than you think !! trust me
Bear in mind that there is also the tax liabilities for the years 2011/12 and 2012/13 to be added. Ignore the calculator and do not enter a DMP. HMRC could make you bankrupt so make sure and speak to someone who understands self employment and tax credits.
HMRC are unlikely to agree to a DMP, so you could be left with an disagreeing creditor which could disturb the equal payment principle of a DMP. I would definitely speak to an insolvency practitioner who can give you specialist advice about all of the options available to you, rather than a computer programme which will not necessarily take all factors into account.
Thank you all for your advice and support. I have now taken my head out of the sand, made the calls I was advised to make & have been given some solid, sensible advice. I have decided to go with Melanie Giles & Tina has been wonderful. She explained things in great detail & for the first time in a long time I feel safe. What a great feeling that is! I even had the courage to open the letters I've been hiding behind the clock for a LONG time! I'm not quite at the stage where I can sleep at night, but the pressure is easing & my attitude is changing.
Great news smileawhile -- you have chosen a great team to act for you. There will still be a bit of "ups and downs" and maybe a few wobbles of confidence, but Mel, Tina and the team will get you through it all ... and the rest of us are here to offer support and cheer you on.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
We're delighted to be looking after you smileawhile and you have a great bunch of new buddies on here too. Trust me, life will start feeling very different soon and glad to hear you have a ray of hope at last. You'll be sleeping better at some point...and for the nights you're not Melanie is normally on here until sillyoclock anyway!
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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