www.iva.co.uk

This is my first post having just registered so I hope i'm in the right section. Desperately needing help, please bear with the post and I hope it makes some sense! Here goes;

I have around 6 creditors that are chasing me for monies owed and having lost my job in summer situation has got worse! I have been unemployed in this time and have just managed to try and re-negotiate with them all. Have been successful with most of them with exception of one - a collection agency - who sent me a letter asking me to contact them to make arrangement plan but when I contacted them they were very rude and unhelpful. Indicated to me if I was not in position to pay whole amount or at least 50% by Monday it would go to solicitor for court action without any further notice. The debt is approx £6k [assuming I can post that on here].

Tried to explain my situation and the fact I was unemployed, had managed to come to temp arangements with others [even if it is stretching me] and that my disposable income did not amount to much. Still no joy.

I telephoned CAB who have suggested I consider a cpl of options - a DMP or IVA [hence why I have searched the net and found this site].

Should I consider going down the IVA route? My debts are approx £20k. I have tried a few of the quick calculation wizards from various sites [including the one here]. Some suggest IVA and others suggest BR but don't really want to go down the BR route.

Forgot to add....I'm in rented accomodation and have no assets but want to meet my obligations as best I can.


HELP!!

Hi jon and welcome to the forum.

Unfortunately,if you are unemployed, an IVA will not be an option.

Are you actively trying to seek employment? if so then it may be an option when you have a wage coming in.

Bankruptcy is not as bad as you may think and if you have no home or valueable assets to protect, it could well be a sollution.

Hi Jon, so glad that you've found this site, you will have plenty of support. I'm currently proceeding with an IVA application which I know is of no help to you, but ..... you will find a way around this, my IP is Melanie Giles who has come well recommended on this site. I believe Mel deals with all aspects of debt management not only IVAs so why not approach her. If its any comfort to you myself and my husband are £78000 in debt! Please don't despair, I know you probably feel rock bottom now but you will find a way out. Keep posting, there are other experts on this site as well as Melanie so I'm sure you will get some expert advice soon!

mrs skint wrote:

Hi jon and welcome to the forum.

Unfortunately,if you are unemployed, an IVA will not be an option.

Are you actively trying to seek employment? if so then it may be an option when you have a wage coming in.

Bankruptcy is not as bad as you may think and if you have no home or valueable assets to protect, it could well be a sollution.

Thank you for your prompt reply and a bit gutted on the IVA front!

I should have mentioned that I also contaced a Debt Management company in Glasgow who are sending me a pack out in the post this evening. They have mentioned rough figures of around £150 per month from the conversation I had with them on telephone. They have said they would make all arrangements if I proceed and would negotiate on my behalf with the creditors. Are these companies ok to deal with and are they legal binding like other options? Is it a good option in light of you telling me the IVA route is no available?

Yes, I'm actively seeking employment!

Brown Lizzie wrote:

Hi Jon, so glad that you've found this site, you will have plenty of support. I'm currently proceeding with an IVA application which I know is of no help to you, but ..... you will find a way around this, my IP is Melanie Giles who has come well recommended on this site. I believe Mel deals with all aspects of debt management not only IVAs so why not approach her. If its any comfort to you myself and my husband are £78000 in debt! Please don't despair, I know you probably feel rock bottom now but you will find a way out. Keep posting, there are other experts on this site as well as Melanie so I'm sure you will get some expert advice soon!

Thank you for your kind words and yes it does feel rock bottom [ shamed to admit that]. Looks like I really need some expert advice here eh!

A DMP would be a good sollution untill you could find steady employment.
However, you dont get the legalprotection that you get in an IVA.
Some creditors will agree to freeze interest but some may not.
If they do freeze interest, they are free to again start adding it at a later date.

As i said though, as a temporary measure it would probably work.

Once you find a steady job, you could then propose an IVA.

I would recommend Andrew Graveson of Brightoak if you are looking into a DMP.
His details can be found on the experts page.

Good luck xx

mrs skint wrote:

I would recommend Andrew Graveson of Brightoak if you are looking into a DMP.
His details can be found on the experts page.

Good luck xx

Thank you, will seek him out soon!