Hi, I am looking at going into an iva after getting into debt, I am now paying credit with credit and it's got abit out of hand.
I stupidly took out a loan of £6000 2 weeks ago to clear a family debt (someone lent me some money over a year ago and needed it back). I understand that all debts need to go into an iva but would this credit require any contractual payments before hand. I would have to pay them using other credit cards? Thank you (can't wait to get the help I need)
I took out a loan for 7, 500 with Sainsbury bank 4 weeks before enquiring about an iva , & had numerous other debts. It was included in my Iva with no problems. I completed my Iva last month. A long 5 years but worth it.
I spent last year using credit cards to pay for shopping and petrol: then last 4 months taking out cash on one card to pay another. It is a downward spiral (heard this many times whilst in debt, yet every new year was going to be the one I sorted out my problem). Last Christmas I knew financially it was the end of the road. I had made several recent large purchases over Christmas and was worried this may affect my ability to get an iva. I spoke to a debt charity who said this was example I was insolvent and would not work against me. 1 week and 4days to go to my creditors meeting. It's been a rollercoaster, feeling positive one day and down the next but now feel in control. Most of this thanks to advice I have received from this site.
I know the feeling well moira, even on the day I got the phone call to say it was accepted I still felt a failure!!! & when I went out... shopping etc I thought that everyone who looked at me knew.... but as the months passed & we settled into it I realised it was the best thing we could have done. 5 years seemed endless but it passed very quick & did not have any problems. Looking forward to receiving our completion certificate now. Good luck to you.
