www.iva.co.uk

i feel so ashamed never done anything like this before its just got out of hand i feel guilty because i borrowed the money of these companies and i really want to pay them back will i get black listed.

Hi Diane and welcome to the forum

Please do not be ashamed about your financial situation - you are one of many at the moment caught up in the "credit crunch" no doubt, with overextended credit, and there are probably faults on both side which have led to this situation.

I suggest that you seek appropriate advice directly from an insolvency practitioner, however if you post a few more details about your situation here we will try to help. How much do you owe? How much do you feel you could afford to pay each month? Do you have a property with equity in it?

Welcome from me too.
Dont feel ashamed. It takes guts to admit that things have got out of hand. The main thing now is that you speak to a proffessional to discuss all your options.
Whatever the problem, there is a sollution and this forum will help you find it.

Hi

I can empathise with your feelings of shame as we too felt that way. We are now on the road to applying for an IVA.
I spoke to a couple of companies but opted for Melanie and her team, they are very thorough and this can only be a positive thing.
I promise you that I although I still feel stressed about everything I feel a damn sight better for starting to face up to our difficulties.
Every day gets a little better as I realise that there are solutions to each problem.

I can only urge you to speak to a professional, wish I had years ago.

X

don't knock yourself for not being able to cope. These problems don't happen overnight but occur slowly, infact many of us here myself included would say that you didn't even know you had a problem untill it was too late.

Life isn't a rehearsal. You just have to learn from it and move on.

As we are in a credit crunch should the Banks not bale people out of indebtedness or assist them with our taxes.But I see they are still chasing and charging as vigorously as before. No,let up.

I find the situation rather jaunted as the Banks are been suppported and relieved with billions of public taxes as they had...."over extended thmselves"....how eloquently put by their spin doctors

This a Alice in Wonderland situaion.

Why should the banks bale us out? We borrowed the money, it's up to us to pay it back, or as much as we can. They will chase and put charges on if you are not addressing your debts, and I don't blame them.

Ok, I'm not happy that my taxes are being used to shore up the banks, but if they don't do something, we will be in meltdown, and that won't help anyone.

I agree Kallis. I borrowed the money, and yes the banks made it too easy, but they didn't force me to take the money. If the banks go under it won't help anyone.

Hi
We all agree,I think,that responsibility stops with the debtor and not the banks.However some of the charging made by the banks when an account is over a limit is sometimes truly appalling and only goes to make the debtors situation spiral out of control.
A little more help with genuine hardship cases by creditors would be very welcome.
Regards

Hey diane9, welcome to the forum. Please don't feel ashamed, you should be proud that you're taking the first steps to sorting this out. If you can post a few more details then we can help you further. X

hey diane...shame will paralyze you...dont let it get you down..you are doing the right thing now in looking for help ....keep posting the forum will help you sort it out....

Hi Diane, welcome to what is a very supportive and informative forum. Please don't feel ashamed, sometimes circumstances prevail and things happen, i too felt like you but i now realise that i am not on my own. The main thing Diane is that you have taken the first positive step to trying to sort out your problem and i wish you good luck with that, remember the majority of us are all here as we have also experienced the same thing.

15 down, 45 to go

The most important thing is that you realise you have a problem and now you are looking at ways to solve it. Depending on your personal circumstances, level of debt your income and outgoings - you can rest assured the experts can advise you on the most appropriate solution. Visit www.iva.com. Good luck.

"A little more help with genuine hardship cases by creditors would be very welcome."

I couldn't agree more...I mean there is a knock on effect somewhere from the taxpayers money to help the banks - its not just Banks 'promise' to go back to the more conservative way of making money, there are I hope other unwritten demands to assist the taxpayer in trouble.

Today,the USA enforced the notion that they will legislate to help to give more time for people to pay their Homeloans, big tax breaks,etc..taking care of main street.I am impressed.

I am struggling to find what the UK's rescue plan is doing for mains street other than to adopt the soapbox and threaten melt down - very subtle...just what we need.There is nothing to say how they will help?

Well, if the Government initiative works banks will start lending to banks and small businesses again and get the economy moving. However it will take a long time for money to be lent again on property or at 100% value rates. Probably a two year slog in my opinion, but never above 75% to 80%. People have to knuckle down and banks will I believe become more receptive to proper hardship cases. In any event new legislation is due out to cover real hardship cases within the next 12 months.