What im not understanding is if IVA is risky in your job then a BR would be catastrophic surely? I had a DMP before my IVA and the catalogues accepted straight away and froze interest. My advice along with everyone elses, dont pay anything off with that 10k just now!
Silly question but could you discreetly sound any colleagues out about this matter but not give details that its you?? I found a few of my friends had ivas just through general chit chat! We arent good at talking openly about finances but when you do you realise everyone seems to be struggling or has had a debt plan of some sort!!! maybe you could broach it with someone and see what reaction you get?? i dont know what cima is and what impact anything will have for you. You need professional advice and a long chat to answer all your questions. We cant tell you what to do unfortunately.
Thats my issue BR would be thats why i feel doomed, surely CIMA accountants/other accountants have gone BR and then been ok, society today surely would not mean a family like mine be on the streets
What catalogues were they , maybe their is alot if scaremongering on other forums .
It looks like BR might not be the monster you imagine..... but, even so, do not jump right into the abyss without thoroughly and calmly exploring all options.
If you need to (and I feel you might) have another chat ( or a few) with Tina, or another professional, to help you get your head straight.
Come on, Ox. You are, after all, a senior professional --- put that professional head back on
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks Daniel it does but what I dont know as I have never experienced it is that if in reality it has an impact when talking to employers. I envy the families on here that have done the IVA route some with success
Foggy it is an odd one as it seems that CIMA dont take your accreditiation of you in BR but the hopes of actually getting a job is nil I think
Last edited by Ox1987 on Sun Apr 14, 2013 10:36 am, edited 1 time in total.
josu hits nail on the head. We dont know our future but if iva helps settle things down now then maybe thats the way to go if only to get finances under control and interest stopped. If iva fails for any of us then face BR and for us that would be worst nightmare due to having a young family but i dont fear being on the streets or kids taken into care. Trust me that is not what would happen! Children are not just taken away from familys. i think you are over thinking it all now as overwhelmed by it all. I imagine there is scaremongering but ive not been on other forums to know. All you can do is get your income/outgoings for present time and go through with an experienced IP...theres not much they havent come across.
Thank Abbie It has been the fear i have lived with on a daily basis since Xmas when I lost my last decent contract that could have paid this off in a year. Why don't you fear that if i lose the house then where would we go and what will I do thats what i wake up thinking and go to bed thinking
I want someone to assess our situation and be honest and say if we are a BR case or not. I have too many what ifs to make a decision but need to do something fast for all our sakes
Last edited by Ox1987 on Sun Apr 14, 2013 11:08 am, edited 1 time in total.
I have now read most of this thread and please forgive me in saying this but I really think your suffering the classic signs of depression. You are a professional man and no amount of debt will ever remove your talents but depression is making you feel hopeless a loser and i am sure you are not, you automatically feel you are going to lose your home and then state with your last contact you could repay your debts in a year, you automatically feel no employer in the future is going to use you because you have no self esteem, you get some relief thinking you have found a solution then you are tearing that solution apart and seeking another. Its just my opinion but I really think your main problem is your self esteem,bought down by depression which is not your fault, with the right frame of mind you can conquer your problems, you have the talents to do so.
I dont fear it because we are commited to the iva. we were certain want to pay back as much as we can afford. we have an excellent ip who has taken a lot if time ensuring our budget is realistic affordable and fair. we both have fairly stable jobs but even if we lost them i dont think we'd have problems finding something else and if that happened i know our ip would support us, we have family who could put us up, i think even if BR we would still have income so woukd eventually be able to rent and i dont think you instantly lose home i think you have time to sort something out although someone can correct me on that if im wrong. I dont fear the children will get taken. my mum is a foster parent and social services have so many cases if neglect/abuse to deal with i doubt they will get involved in cases where parents simply have debts. Now dont get me wrong its always in back of my mind that this could all go terribly wong and we do emd up br but we are commited to succeeding and as iva payment much less than we were paying creditors and kept up to date with all bills including mortgage i dont see us failing. We arent big spenders. we are disciplined to live in budget and save. We got into debt through wedding/home improvements then costs of living increased more than income snd things spirraled but now we have no choice but to live in oyr means and im so relieved. its given us our life back. i feel kids will benefit not suffer. would have hit rock bottom if hadnt done iva then we woukd really be in a pickle. ive been on forum for several mobths and only read success storys or problems which get resolved with talking to ip. very few seem to end up BR from what i can tell. If we screw this up then we deserve to go BR because been given affordable lifeline and if we cant get through this then its our own fault. We hate that weve got in this mess but also doing everything we can to get out of it for benefit of the children. I doubt they will even notice!!! It is in my head that BR is a risk but it no longer occupys my every thought.
I think that also and the doctor has prescribed me something I am struggling with what is the best solution for us as a family and going round in circles both on here and in my head. I want to save my career and my house but am struggling to see how. I did yesterday but still have too many what ifs to take the leap.
If we are to go BR I need to understand what will happen and take action now to protect the children
I feel paralysed by it all
Well done for admitting to the depression Ox. Are you actually taking the meds? No wonder you cant think straight if got so much more on your plate. Try and put things in perspective. Try speaking to Tina again. Maybe if you can see one thing improving it will make a start to helping you feel more in control. Depression is not a sign of weakness...it is trying to be strong for too long.
I am very depressed have not started the meds yet..why ? because I am worried about them.
Earning a high salary and not having much left every month seems backwards.....mortgage is high, car , loan etc i know are the reasons and i understand that and face it ,combined with a salary drop and uncertainty over the future job wise you can see why I cannot get BR out of my head and asked are we a classic case or not from peoples experiences on these forums.
I have faced my responsibility that has got us here and the reasons behind it both our own fault and redundancy, death of child, loss of second income, economy etc
Now its time to sort the solution what ever it will be and get on with it but i get confused what is best and come back to BR and that worries me.
If we are we are. Its not the debt levels that scare me really as on here i have seen worst, its my disposable income and access to pay down, added to the fact that my job issues and depression
I am trying to be pragmatic and honest and enough is enough if we are to go BR then so be it we will have to survive dont know how. (I may start getting forms ready, cancel mortgage payments and moving children and stuff to my parents and then see housing officers). I am annoying this forum and my family and this has got to move forward somehow. Thought I had yesterday with F&F IVA but too many what ifs to consider.
I just hope that the children are OK whatever happens
You are not annoying the forum Ox, people are not being forced to read it! What i am struggling to understand though, is if you would consider losing your home and car e.t.c and moving to your parents which is a massive massive thing, why wont you give an IVA a try, even if it was a full 5/6 year one, you get to keep your home, your children will not even notice you are in an IVA and if your job comes to an end in a year you can re-look at things then. Why do you need to do something so drastic now? The IVA is a life line and i think you should grab it? I think BR is only necessary if people are not earning enough to pay anything monthly, you have a very decent wage coming in and once you are in an IVA you will be able to breathe!!! Even if you have to take a lower paid job one day, your IVA can be reviewed!
My catalogues were Very and Littlewoods who are one and the same really.
Does everyone remember that story on the news of the family where the dad shot his wife, his, kids, the horses the dogs, set fire to their whole beautiful house and killed himself, all because he was in debt? Im not making any comparisons here so please don't take this the wrong way, what i am pointing out is its just not worth it. You have already been through so much this is just money, life is too short. I look at my childrens beautiful little faces and nothing else matters. Please try to stay rational, it really is not the end of the world.
The reason I am nervous Josu is that I am not sure I can work with the IVA I am an accountant not only at my current job but also at later ones, some don't even ask about IVA but this one did and they have just had the forms for a credit check. I could be honest and tell them and see the reaction or if its done dont even tell them yet. Some of the debt was caused by a business i was setting up with ex colleagues that went bust and i had to work for next to nothing for a period that meant i had to live of credit, i thought the next big contract would sort it but it never came.
I was told on the catalogues on a different forum that very kays lw NDR can threaten legal action wont freeze interest in a DMP.
I would never do that i think but understand the sentiment and also the despair. I have thought things especially when I was in London last week on the tube line but thats when I realised a dark cloud had come over me and i needed to get help from the doctors.
My problem is i do not see a way through 5 years on a IVA, F&F IVA 10-12 years on a DMP or BR
Also the fear of BR drives me insane as no being able to work and no income I worry about everyone wife and kids as they are my life being homeless and hungry and that is what paralyses me. I end up lying in bed as i am now worrying and annoying the wife
