www.iva.co.uk

My husband and I are in a huge amount of credit card and overdraft debt and are in big financial trouble. We have been trying to stay afloat but just can't anymore. We have been literally robbing Peter to pay Paul and have exhausted all lines of credit in order to make the minimum payments. I mean we have actually been withdrawing cash from credit cards just to make minimum payments to other cards! We have absolutely no credit left, and don't know what to do. I have read about IVAs and DMPs...all very scary. This is the first time we have missed payments and the companies are phoning us constantly. I have been reading a lot about IVAs and due to our debt being so high I think it might be the better option instead of an DMP. What I am worried about is will the credit cards companies be likely to agree an IVA when we have been recently using our credit cards to get by and make the minimum payments, buy clothing for our children etc etc? I am going to get proper professional advice but just wondered could anyone answer my query in the meantime? Thank you.

hi tralee reading your post reminds me of where i was 5 years ago.the answer to your main worry is yes your creditors are likely to agree to a iva although you have recently been using your credit cards.whats more important for you is finding the right solution to clear your debts in the medium term.depends on your circumstances, and whether your job home etc could be affected by what route you take.it seems a bit daunting at first but with professional help like you intend taking, all will be well ,and you can look forward to a debt free future.good luck we are are all here to help keep asking questions.

hi tralee
we are about the same as you are peter to pay paul
the best thing i did was to make that first phone call to tina from m giles god did i then realise you are not on your own.there are lots of us out there with money probs keep asking on here.also there is lots of links on here to get advice

I think at some point those of us within an IVA/DMP or Bankruptcy have felt like you do. Your are most definitely not alone. I read you're going to take professional advice and all I would add to that is that you take the advice of 2 or 3 companies to ensure you get case specific, free and impartial advice. www.iva.com lists some companies and some reviews of these.

I used my credit cards in the run up to me applying for an IVA and my IVA was accepted, try not to worry, speak with a few professionals and things will seem a whole lot better.

Welcome to the forum and remember we're all her for support.

Same here, I used my cards as well - it was the only way we survived!

Visit the link Lesley posted and contact one or two companies as suggested.

Once you have decided that it is time to turn to a debt solution - be it an IVA, DMP or bankruptcy, then it is probably time to stop using the cards. It is permissable to then cease making ongoing payments to creditors for a short while, whilst you work out your finances and see what you can afford to pay on a monthly basis to creditors - after allowing for all household and general expenditure.

Talking to an insolvency practitioner would aid greatly with this task, as they will be able to let you know creditor current guidelines with regard to reasonable sums, and also look at your creditor listing to advise which type of solution is likely to be acceptable to them. I can promise you that you will feel far more better in the long run, and there is still time to organise your finances properly before Christmas!

Tralee, to put your mind at rest, its not hals af dauntng as you may think, and everyone dealing with your case will have heard it all before.
Dont skimp on the facts, you have to be realistic and true.

make that phone call m8
it seems very scary at first but once you have told somebody,beleive me its a big weight of you to be actullay doing something about it.
it is scary but when you do get a solution(and there is always one)its great feeling to be paying exactly what you can afford and for your life to be nearly normal.
im with paypal and can not fault my treatment so far(2 years in) but there are a number of exellent ips on this forum who will give you the advise you need free of charge so ask away.
call somebody now and i can guarrantee you will not regret it.
5 years for an iva is not not long,think of it as a 5 year loan that your paying and its quite a nice feeling that at the end you wont owe a bean

back on track wrote:

make that phone call m8
it seems very scary at first but once you have told somebody,beleive me its a big weight of you to be actullay doing something about it.
it is scary but when you do get a solution(and there is always one)its great feeling to be paying exactly what you can afford and for your life to be nearly normal.
im with paypal and can not fault my treatment so far(2 years in) but there are a number of exellent ips on this forum who will give you the advise you need free of charge so ask away.
call somebody now and i can guarrantee you will not regret it.
5 years for an iva is not not long,think of it as a 5 year loan that your paying and its quite a nice feeling that at the end you wont owe a bean

I MEANT PAYPLAN[:D]

Tralee
I was in exactly the same situation as you just over 4 years ago. I can remember the sick shaken feeling I used to get as I pulled up outside the bank to withdraw what felt like a huge amount out of my credit cards at the ATM and then go into the bank to pay those same credit cards and buy some food.

STOP!! It only makes things worse. Speak to some professionals and get some help SOON! If you think its tough now, it can only get worse. Signing an IVA was the best thing I ever did. It was incredibly tough for a long time and all I could focus on was being debt free in 5 years. Hang onto that thought - imagine, DEBT FREE! My husband and I both signed up for IVAs and are finally debt free after managing to negotiate an early offer/settlement. During that time, I learnt so much about money and how to manage it. We are still not completely out of the woods because I am currently unemployed and we have a large secured loan to have to deal with but at least we have no other financial commitments.

Best of luck Tralee. I hope you are negotiate an IVA that eventually will clear all your financial troubles. Believe me, you can make it happen.

I fully understand your situation.

I too was using my available credit to withdraw money so that I could then make the payments due on the same cards.

It is strange to think that this was six years ago.

The sooner you make that phone call the sooner you can put things back on track.

Reading this back is like listering to me n my hubby 6 months ago. Best thing i ever did was phone a goverment number for debt someone gave me payplan number and they gave me advise,i spoke to all my creditiors which was successful they help. Mbna i was most worried about they froze interest and said ingnore your monthly payment it as being logged and agreed for you not to pay at this moment, everyone else was really good all credit cards loans etc.

Pick up the phone it really makes a difference! 2nd month in our iva best 2 months in years, feel so much better not stressed and not feeling ill anymore!!