www.iva.co.uk

hi guys
sorry to bother you, i am still thinking about a iva, have spoke to a few companies, the thing i am most worried about is i am still using my credit cards and overdraft to live on ie. to pay rent and bills shopping ect. has they are still building will this look really bad when i apply for the iva, many thanks .

Hi and welcome.

I think we were all like that at one point, but obviously it can't go on. You need to speak to an Insolvency Practitioner as soon as possible.

Can you post a few more details of your debts and your disposable income? One of the technical experts will be able to advise you.

Hi there

It would be much better to stop paying your credit cards and loans right now. There are two types of debts, priority and non priority. Electric gas mortgage/ rent etc are priority debts, they can cut you off, throu you out if you dont pay. The non priority debts, like loans and credit and store cards are non priority or unsecured debts.

It would be much better to stop paying the non priority things and concentrate this money on the priority stuff including food. Although most of us have done it, (as Kallis says), you know you cant afford to pay this credit back.

The sooner you decide which route to take the better, go to IVA.com for a list of companies and user feedback, like all things there are good and bad out there, or you could try one of the IP's who post here on this forum.

I know this is a stressful time but you have already made the first important step, recognising that you need to do something.

Good luck.

Whilst you cannot rush your decision on whether an IVA is for you or not,the sooner you can stop using the cards the better,we were using our cards right up until we decided to go for it. Providing your cards are being used for essential stuff like fuel and food and not for dining out at michelin star restaurants then using them wont go against you.

You obviously know that you cannot go on as you are so are you aware of what your options are??

Have you spoken to anyone regarding an IVA??

Hey aly86, welcome to the forum. As the others have said you really need to speak to an insolvency practitioner who will go over all your options. It would be best if you stop using your credit cards and overdraft and just offer token payments to your creditors. This will free up money to live on. As Lily has said, have a look at www.iva.com and read a few reviews before you contact anyone. I'm with Melanie Giles who posts on here and can recommend her. Good luck and keep posting. X

hi guys
ok i have £40,000 worth of debt only 2 creditors, main one my bank , the other credit card with someone else, i have spoken to a few iva companies, i had to take £500 cash of my overdraft yesterday so i can pay the rent, my credit card got used for shopping, i have a overdraft limit of £4300 which is nearly full now,my credit cards are now keeping me a float, i am self employed and do not have much work at present, so if they see i have took £500 cash out im thinking they will not like it and think im cashing in which is not the case, my wife and i bring in about £1950 a month with approx £1600 going out that icludes everything food bills ect. but not the loans and cards that comes to another £650.00 so obvisouly cant continue as we are.

again many thanks to you for your replies.

I thought you had to have three or more creditors to be able to have an IVA?

If that is correct (and someone will tell me if I'm wrong), then a Debt Managment Plan might be better for you.

hi kallis
oh i dont know nobody as mentioned this to me, i have a bank loan ,overdraft, 3 credit card debts but 2 of them are with the same bank as overdraft and loan, i do hope this is not the case please someone tell me i can do an iva .

many thanks.

Hi again

I had the same, one bank, one credit card, loan 2 overdrafts and a couple of other creditors. I was allowed to do an IVA although as one bank had the overwhelming majority vote it was make or break with them.

You need to open another basic bank account and start again, stop the rot. Cancel all you payments from this bank and start again with another. Speak with someone you can trust ASAP.

I think that if you have two creditors with three lines of credit then you can do an IVA. Can you tell us who all your creditors are and how much you owe to each. X

Hi
You just about qualify but it will depend on how much debt that you have with each and who your creditors are
Regards

hi
natwest is my main creditor, i have a balance of loan of £29995,00 including interest, an overdraft of £4000 2 natwest credit cards one £2050 and the other £995.00, and an egg card of £2500, and a tax bill which has to be paid by the 31st january 2009 of £1400.

many thanks.