www.iva.co.uk

its just been great your site/ forum good for me and even good for my creditors as i want to see light and live MY LIFE.

thank you so very very much, knowing others are like me, i am not alone
been a while but have been to see family and fiends and hey, I've got family and friends that really really care and can
see what i've been through and really want to help me.

do you think if i offer my creditors 21% (15k) appox of what i own them all it's about 60k unsecured on personnal loans and credit cards i've got a chance of them leaving me alone and not chatting about me to my neighbours and chasing me anymore and just generaly making my life (not theirs) unbearably.

Ok their not totally to blame... i borrowed ! but then i had to even more, to pay them and they kept lending and ring me and say 'Oh! you haven't paid your creditcard bill in full shall we add it to your personnal loan it will safe you money' and of course half the time i was merry or nearly drunk as i was trying to escape (my escapism was drink) from my problems of losing my work! worst luck for me then 'tel banking!' 'Oh need more just say yes we can do all the work and your account will be credited tomorrow' and so on and so on.

what do you think my chances are then, should i write to them or will this just make them mad come round more and write more often.

since i opened my curtains i've opened my mind, i will once again live life instead of just being!!

Hi lee and thank you for the comments about the forum!

I think you will need to increase that offer to 25% to have a fighting chance of creditor acceptance. This is the bare minimum dividend that most creditors work on, unless you owe HSBC who work to 40%.

If you are going to use an IVA to make the offer, you will also need to provide for IP fees which are likely to be in the region of £5,000.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

lee_m the emotonal impact of losing one's job is devasting. I experienced it last year.I 'internalised' my pain though and developed a heart condition. Well, it transpired that I was predisposed (genetics),but it took a very stressful event to trigger it.

Thank goodness you resolved those feelings around that issue in your life and stopped drinking. No, you're not alone when it comes to debt.
As long as there are things to buy, there will be indebtedness. Even King David had debt(smile).

Glad to hear you have shared your concerns with friends and family and they are supportive. I wish you success in managing your way to debt freedom.

Good luck![:)]

All I have left is my humour.

Ok, wish me luck then offers of payment going out today! never felt so good parting or offering to part with other peoples money, okstill owe then but maybe god will allow me to be debtfree! yipee! fingercrossed. This forum has allowed me to pull myself together and crack on with life, thank you all so very much if only the credtiors knew what a benefit this site is to people who otherwise have noone to turn too..

lee_m, that's what we're here for; and you're welcome(smile).

All I have left is my humour.

hi all, can you advise me please from your wealth of experience. I got a letter back from one of my crediotrs and they refused my offer of 21% full and final one off payment and my monthly token payment and have issued me with a 'default notice' with the intension of going to county court? but the original card issuer did this two years ago? and then gave the account to these guys!.. Should i ask them for a full breakdown of all the charges, interest, fee that make up the amount they are claiming before i am issued with county court summons so that i may fill in the forms again as i did before, or should i wait until the count summons arrives?

Hi
Are you negotiating directly with your creditors ??

lee,

I'm guessing that the default notice you have received is not a proper default notice in the Official sense, it's just an (un)official notice from the collection agency griping about whatever payment you are (or aren't) making. Although these are full of dire threats about all the terrible things that will happen to you I'll stick my neck out and say it's mostly hot air and don't worry too much about it unless you get a letter from a solicitor. You seem to have had all the usual hassles for a couple of years, but I wasn't clear on the next bit, do you have a CCJ already ?

I think your creditors are mad to reject your offer, but not too surprised, I think they would look for a bit more than that depending on the creditor and the age of the debt, so keep trying if no joy (ie the older the debt, the better your chances). However you are right to offer an equal %age, don't be tempted give one more than the others if they ask and then not have enough to pay the rest, unless you have firm acceptances and it all adds up.

As you clearly have access to some funds to make the 21% offers perhaps you could use a small amount to increase your 'token' monthly payments and keep your annoyed creditor at bay a bit longer while you get something else sorted.

Are you in a good position to go bankrupt (ie few/no assets, rented property/low equity etc) ? Even if you have no intention of actually doing it, it's very useful to threaten your creditors with.

Also bearing in mind what Melanie said about an IVA, with your 21% you are getting there, could you get the difference together from income or other sources over the next 5 years or so to enable you to qualify?

-Best


'5 years sticking my head into the Lion's mouth of debt !'

.....oh and make sure your offers and acceptances are made 'in full and final settlement'. You don't want them pocketing your 21% and then pursuing you for the other 79% !

'5 years sticking my head into the Lion's mouth of debt !'