Posted: Tue Sep 08, 2009 11:48 pm
I thought I would start this thread in order to both track my IVA process and give others an idea of time scales and the rollercoaster ride of up's and down's that I feel I have embarked on to hopefully one day becoming debt free.
At the moment all my payments to creditors (7 credit cards/3 loans) are up to-date, however, this has only been possible by a rather large overdraft and a robbing Peter to give to Paul attitude......which stops as of NOW! Main reason I carried on paying my creditors was for fear of their reprisals, intimidation and harrassment that some speak of.....but eventually something has to give and unfortunately it's my lack of further available credit, so here we are.
Well thankfully on Mon 7 Sep 09 I was informed that Melanie Giles was willing to represent me in obtaining an IVA (current debts loan/credit cards in my name circa £117k), however, my Wife (not eligible for IVA), who has currently £15k of debt (Barclays) and pays £292.00 will have to make her own arrangements with Barclays and this will have to be paid out of her disposable income (DI).
After telephoning Melanies Team early last week I have obtained a Co-op current bank account (opted for the account just above "Cashminder" due to a cheque-book facility and although it does have the possibility of an "overdraft" facility I am quite confident that I will never apply for it....edit: or be allowed it.
Have spent today sending off my Authority To Act to Melanie, arranging a valuation of my property and 6/7 hours obtaining the requisite documentation regarding wage slips/statements et al. I also applied today to the Northern Rock for my Repayment Mortgage (currently 15yr fixed) to be changed to an Interest Only Mortgage and also applied to my loan companies for up to-date statements.....now just need to find a photo-copier to copy the myriad of documentation, hopefully at less than the 20p a page the local library charges.
Hoping that my application for transfer to "Interest Only" will be successful and Northern Rock will allow me the full 12 months on this...and also possibly another 4 years on top, but small steps first eh.
Anyway onward and upward.
PS: If anyone thinks this is not the correct forum for such a thread then please let me know....just want to keep a diary and hopefully help others along the way.
At the moment all my payments to creditors (7 credit cards/3 loans) are up to-date, however, this has only been possible by a rather large overdraft and a robbing Peter to give to Paul attitude......which stops as of NOW! Main reason I carried on paying my creditors was for fear of their reprisals, intimidation and harrassment that some speak of.....but eventually something has to give and unfortunately it's my lack of further available credit, so here we are.
Well thankfully on Mon 7 Sep 09 I was informed that Melanie Giles was willing to represent me in obtaining an IVA (current debts loan/credit cards in my name circa £117k), however, my Wife (not eligible for IVA), who has currently £15k of debt (Barclays) and pays £292.00 will have to make her own arrangements with Barclays and this will have to be paid out of her disposable income (DI).
After telephoning Melanies Team early last week I have obtained a Co-op current bank account (opted for the account just above "Cashminder" due to a cheque-book facility and although it does have the possibility of an "overdraft" facility I am quite confident that I will never apply for it....edit: or be allowed it.
Have spent today sending off my Authority To Act to Melanie, arranging a valuation of my property and 6/7 hours obtaining the requisite documentation regarding wage slips/statements et al. I also applied today to the Northern Rock for my Repayment Mortgage (currently 15yr fixed) to be changed to an Interest Only Mortgage and also applied to my loan companies for up to-date statements.....now just need to find a photo-copier to copy the myriad of documentation, hopefully at less than the 20p a page the local library charges.
Hoping that my application for transfer to "Interest Only" will be successful and Northern Rock will allow me the full 12 months on this...and also possibly another 4 years on top, but small steps first eh.
Anyway onward and upward.
PS: If anyone thinks this is not the correct forum for such a thread then please let me know....just want to keep a diary and hopefully help others along the way.