Hi, First time poster.I am currently sinking in debt

[flossom]

Hi, First time poster.

I am currently sinking in debt...well bot me and my partner are! We have tried to arrange our own payment arrangements with our creditors some have been great while others, Sygma Creation are being a nightmare and have refused everything we have proposed. I feel that an IVA is the best course of action now but as yet still trying to decide.
My main question I have is :

I have a loan with my existing bank which is all up to date...yes you did read that right. It has 3 years left to run on it. Will I still be able to pay this off separately to the IVA or would it have to be included? Same applies to a credit card I have that has a very small balance on it that I keep for emergencies like car repairs, will I be able to keep that too?

Sorry for the long winded post I just need to make sure I make the right decision.

[Foggy]

Hi Flossom, and welcome. All of your unsecured lending will have to be dealt with by way of an IVA, if that is the course you chose ... and the card will have to go.

Might I suggest you pop over to www.iva.com and have a word with a few of the companies listed there, for specific advice. You need to chat to a few to compare advice and to see who you feel comfortable working with over the next 5 or 6 years. The advice is free and withour obligation at this stage.

[luluj]

Welcome to the forum...foggy's advice is sound and will provide you with the confidence needed to move forwards in your desire to find debt freedom.

[Hyperdrive]

Hi Flossom. Been there like everyone on here, trying to pay off the interest minimum payments and coming to a tipping point. Take Foggy`s advice and make a few calls. I found it a relief just talking to someone who could suggest a way forward. I thought I was the only person in the country in such a mess lol.
This site is a godsend - use it to the max and make use of all the great support and expertise it offers[:)]

[Gareth.hs]

Hi Flossom.
You are fortunate to have found this site at this time, a lot of people (myself included) didnt find it until after we had already decided our course of action.
You will see a lot of other people posting questions that you can relate to and may help you, which I personally find quite comforting, you are not alone.
We have all been in a similar position to you but each of our cases are individual, hence the good advice above to discuss with more than one company, to help you make the right decision to suit your personal situation.
Good luck.

[MelanieGiles]

It is possible that you are paying more to the bank loan than you can realistically afford, regardless of the fact it completes in three years time, so it does need to be included into the IVA. Hypothetically, however, if the contractual payments under the loan were less than the pro-rata sumwhich could be paid - the debto could be rightly left out of the IVA with full disclosure to all creditors.

I suggest that you consult an insolvency practitioner who can give you advice on all of the options available to you.

[flossom]

Thank you all for your replies. It is amazing to know that im not the only one in this situation as it sure feels like it! I will look at the options available and pluck up the courage to talk to someone, for me that is the biggest hurdle if making/receiving a phone call I always do everything online as I find it easier to hide behind my computer screen.

[Struzzo39]

Hi and welcome to the forum from us also. You've done the worst bit and admitted theres a problem. Make that call. You will find the support from the firms invaluable and non judgemental. Good luck on your path ahead x

[Shining]

Hi and welcome from me too. The experts who post on this site come recommended and the link above is good. You're not alone and by ringing two or 3 companies you will get great advice and then make your choice as all debt solutions can be discussed. All the best x

[OnTheUp1976]

That first one or two phone calls is indeed the hardest but it really does suddenly start to get better after that. Just knowing you are facing up to your debts makes you feel more in control. Well done on facing up to it, you can now progress on the road to being debt free. Welcome to the group I wish you all the best xxx

[Robbieboy]

I wish I had gone ahead three years ago when I first made contact about my debt, but instead I convinced myself I could sort it myself and just kept plugging on - result even more misery and more debt. Do it now and you will not regret it. Good luck xx there are a lot of people out there to help you and they really care.

[Adam Davies]

Hi and welcome

Many people prefer to chat just by email and some companies offer this service
Try to contact two or three companies/experts this way and explore all options

Regards

[Skippy]

Welcome from me as well. I can remember how scary making that call was but everyone I spoke to was lovely and I wish I had plucked up the courage to do something sooner.

Good luck x

[Gareth.hs]

Flossom,
It is difficult to grasp all the options at this stage. For me, I was actually online looking for another loan option, when I came across a site for people in debt, out of curiosity I entered my details, I then started getting calls from companies talking about bankruptcy, debt management plans, IVAs etc. I didnt feel comfortable, as they were calling me and the IVA, for me, sounded too good to be true and wondered if it was a scam (it wasn't by the way).
I think you are in a better position in that you have found this site, with real people, talking about their experiences, that you may relate to, with recommendations of people/companies to talk to and even how you want to talk to them (phone, online etc).
There is another thread under the "See the last 250 debt posts" (link at top of page), from someone at a similar stage to you, asking a lot of good questions (as we all did at the start), with good responses from Forum members. Its titled "Thinking of IVA, need advice", definitely worth a look.

[Shining]

I was embarrassed to make the call as I felt alone and nobody in this whole world had debts like mine...how wrong was I? nobody was judgemental and I certainly wasn't alone. Do make the call/email and I guarantee you'll feel easier making the second one. All the best and remember we're all here to support you. x