www.iva.co.uk

I have just sent documents ready to apply for an IVA. I am very nervous and tearful at the prospect of what i am going to do. I am a teacher and very respected in my workplace, little do they know... My husband got laid off from work three years ago and that is where my problems started. I have been pretending for ages everyhting is ok, but recently got involved in payday loans. wish i had not. So embarrassed and down about my situation. In 18,500 debt. Can anyone give me some kind words ? really need to know i am doing the right thing and can be discreet about it, being a teacher and all.. Gutted. x

Hi and welcome
An IVA is an excellent way to deal with debt in the right circumstances and is very private.Your employer will not be informed and life will carry on as normal as far as friends and neighbours are concerned.
Once you are in the payday loan cycle it is almost impossible to get out of them.You are not alone and everyone posting on this forum has first hand experience of debt, many will feel the same as you and will be at the same stage.
Once your IVA is in place creditors will not contact you and you will be able to get on with your work and life and look forward to becoming debt free.
We are all here to help and support you
Regards

Hi Kate, I also teach and am in an IVA. It can be discreet, you are on the Insolvency register once the IVA is accepted but I didn't know this existed until the IP told me and checked it once, so I doubt any of your colleagues would know it exists or check it, unless they're looking for themselves.

An IVA is an excellent debt solution, I'm 42 months in and I won't lie that it's all been plain sailing but it's definitely worth it.

With the forum you can be open and make new friends and we're all in or have been in the same boat (IP's excluded). Nobody judges you and you can speak openly if you want to. x

Hi Katie and welcome. We've all felt how you do but an iva is excellent for getting your finances straight. Over time you will feel better about your situation and come to accept it. The forum really helped me with accepting the situation I was in and feeling better about myself. xx

Hi Katie. Debt is growing all around so even though very few people would admit to having money troubles there are many others in your position. Watch for people deciding which credit card to use at tesco's next time you are in!! I notice it much more now.

You are taking steps to sort out the debt so take heart that over time you will be back on the straight and narrow.

Paul

The main thing here is that you have faced your problems and are dealing with them. It is scary at first but it does get better.
we have all been where you are right now and its not a nice place but with help and support from the rest of the forum, it will get easier.
Nobody needs to know unless you choose to tell them.
Its far better than struggling and getting deeper and deeper into debt.
The end product is most definitely worth the wait. [:)]

Hi Katie

I have acted for lots of teachers and every single one of them has had the same concerns as you have right now. Being a teacher is a difficult job - and it is so important to keep your private life away from work - and an IVA will give you that anonymity that the offer of settlement is between you, your creditors and the IP you have chosen to represent you.

My daughter teaches - and I know from first hand experience what a stressful and full-on job it can be - so take away one worry about your finances and get the IVA in place as soon as you can. In the great scheme of things your debts are relatively modest, but I know it won't feel like that right now as far as you are concerned. The sooner it start the sooner it finishes - and you will find lots of friends to talk to on this wonderful forum community.

Hi katie & a warm welcome to the forum from me.

I remember feeling just as you did in the beginning & others will too. It's a big step to take & I really mean it when I say well done for doing it & try to look at it positively. It takes alot of inner strength to address debt problems & seek professional help, but please remember this is for the benefit of your creditors as well as yourself in the long run.
Ignoring debt problems only make them bigger & once the cycle starts to roll it's very hard to stop. We have so many posters from all walks of life in the same situation as you, so do not put yourself down. Things happen that are beyond our control that add or create a problem, so it is totally understandable how you have got to where you are.

I'm 38 months into my Interlocking IVA with my husband, we entered with just £15000 worth of debt, but if we had done nothing when we did, I think we would of doubled it by now. It's not been easy, we have had up n downs but it's still the best thing I ever did. An IVA is to re educate you to manage your money without credit & it's terrifying to start with, but you will be amazed how you adapt & learn, you end up getting addicted to bargain hunting & saving. The relief of knowing that you are on your way to finally becoming debt free & worrying about the post man is no more, is just brilliant.

This forum has been a god send to many of us whom post, we are all in the same boat & support & share our journeys & problems, not just IVA related but family & work life too. I have made some wonderful friends on here, whom have been an amazing support to me on & off the forum, so if I had not chose the IVA route, I would not of met these wonderful people or found this amazing forum, that I'm very proud to be apart of.

Stick with us Katie your in good hands on here x

Katie, please don't feel too bad, the main thing is that you have decided there is a problem and you are to about to deal with this. I was in a lot worse predicament in terms of the amount of debt owing (around the 90K mark) and I am living proof that is can be done. Just completing our 6th year (had to extend as could not release the equity in my house) and about to become debt free. I too was ashamed, embarassed, angry, extremely emotional and frightened into the bargain, but so glad I went with the IVA.

I only wish I had found this forum at the start of the IVA instead of only one month ago, as I felt so alone.

So stick with your decision to seek help, and ask any questions on this foum (no matter how silly or insignificant you feel they may be).

Good luck.

[:)]
Thank you everybody. Needed that! I know it is the right thing to do, will just take some time to get my head round it. Good to hear off another teacher in my situation. Thanks again everyone x

Hi Katie,
I've just made my 2nd payment, so those feelings you're having are still very fresh in my mind. I also am a public sector worker,and have told no-one about my situation. I'm also a single mum, so have no one at home to share my worries. It was great to find this forum and be able to ask lots (and I mean lots [:D]) of questions at each stage of my application process without being judged.
Stay positive and keep posting. For me the IVA was the right thing to do. Yes, I've had to totally re-educate myself spending wise, and start to budget properly - but that can only be a good thing, and when I complete my IVA I know I will have done something positive about my debt, unlike a lot of other people who are still avoiding the issue.

Hi, big hug,you're not alone. i kept the tissue factory in overtime!

you'll feel better now you've faced up to the problem. our debt was more than double yours,you will get this sorted out.

this forum is a lifeline,the people who post-Joe public & IP's alike,you will find it a huge support source on many levels.

it takes courage to face it,well done x

Hi Katie,
This time last year I was exactly where you are now. As Melanie has already stated, your debts are modest relatively speaking although I`m sure it doesn`t feel like that to you. At creditors meeting time my debts were £67000, I just wish I had acted sooner than I did and boy am I glad I found this forum.
I have learned, and continue to learn so much from my fellow forumistas and you will too.
You really are not alone, ask anything you wish and I guarantee that another poster or professional will be able to answer.

Katie, I too am at the early stages of the IVA process, and whilst I am content to face this openly on here I too have concerns about the information being made public. The support on this forum has been invaluable, and the answers to my multitude of questions have always been reassuring as have the threads of others questions. I have (I think) finally managed to get the plethora of paperwork, documents and information to the case administrator and look forward (with a certain amount of trepidation) to the next stage. The hardest decison for me was to admit that there was a problem that I couldn't handle on my own, and that I needed help. I know the next six years will not be easy but I do know that at the end I will be in a better position than I am now and that my IP and the experiences of others will support me along the journey. Keep smiling and keep in touch.

a lovely post Rod,it helped me so much to know i wasn't the only one in the world facing all this.

our debt came as a shock to me,facing it is the biggest thing,the 1st part to getting sorted out,well done x