help

[jonesy]

hello i am 34k in debt and i am in the process of going down the iva road with grant thornton i have five creditors the main two are barclays and egg. after my calculation and in agreement with grant thorton i have around £600 to offer as an iva payment.

i about to start getting my paperwork together and have applied for a basic account and feel rather stressed about as have read articles that a high number of iva get rejected. also i am unsure what to put in my letter for the reason for my debt do i need to say certain things of just be honest.

can any one give me advice as i need to be certain i am taking the correct route to solve my debt

many thanks stressed out jonesy

jonesy

[Skippy]

Hi Jonesy and welcome to the forum. I am not an expert (just up to my ears in debt!) but I wanted to reply as you sound so stressed.

First of all, make sure you can afford the repayments. I didn't and that was my big mistake as my IVA failed after 4 payments. Make sure have accounted for everything, and try and include a £50 per month contingency plan - I know about that now thanks to Melanie Giles!

Regarding your worries about the IVA not being accepted - you are returning a very high amount to your creditors. You will be paying a total of £36000 pounds (I know IP fees have to be taken into account) - have you considered talking to your creditors about a debt management plan? I'm not sure if it would be an option for you, but I'm sure that one of the experts will be able to help you on that one.

Good luck and keep posting to let us know how you get on.

Onwards and upwards!!!
View my blog at: http://skippy13.blogs.iva.co.uk/

[neverending]

Hi
I must echo Skippys reply in that have you discussed a debt management plan ?? Your monthly payment of £600 could be used to pay off your creditors in full over 5 years if you could get the interest stopped.
Regards

[jonesy]

thanks for you response and advise
the iva consultant advised me that the iva was the best option as a debt management plan was not secure and my creditors could charge interest at any point

at the moment i have more money going out than in and have started to miss payments. i have probably rushed into this. i think i will contact one of experts on the web site and ask what they think as i do not want to take the wrong route



jonesy

[neverending]

You will loose nothing by getting a second opinion,also a face to face meeting enables the IP to put together a statement regarding the reasons that you got onto debt,rather than you proposing one,so try to have this.
Good Luck

[sps]

Hi
I agree with neverending have a face to face meeting with your IP as it gives you a chance to go through everything together and discuss all options asking any questions that arise. I had a meeting with my IP the other day and she made me feel more positive about my situation.
Regards Sue