www.iva.co.uk

can any one advise what one should put other
i am going to be honest about my reason but wanted to check that i am not missing anything need to build my case so its rock solid

thanks jonesy

jonesy

Mine is quite simple - break up of relationship plus MBNA putting the interest up from 15.9 to 26.9% - completely thew my budget out....

http://anna.blogs.iva.co.uk/

I was honest too...mine was just too young and stupid really. My bank offered me a loan of £5k with protection, I was only earning £6k at the time and then they go give me a credit card with £1800 limit...then I consolidated them, then got another card and so on...the money was there and I spent it...also had some time off work looking for a job and had to pay the rent and bill for a couple of months.

I was using them to pay each other so that i had cash and my partner didn't ask questions. He didn't know anything about them.

Just be honest and list the facts in chronological order. Try and remember what each loan was taken out to fund, and list items of major expenditure such as home improvements, car purchase, wedding etc.

Your IP will only want three or four short paragraphs, so you don't need to recreate "War and Peace", but make sure the statement is factually accurate.

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

Mine was divorce also. Took on all the joint debts and the mortgage in return for full possession of the house. 3 loans with 10 months, 2 years and 3 years respectively. Would have been easy to afford if I had succeeded in consolidating straight away, but hit a brick wall in the shape of institutions unwilling to let me. Result, missed payments, bad credit rating, charges and the never ending spiral of increasing debt. IVA not an option for me, too much equity in the house, now stuck with max mortgage, steep repayments as at high interest rate and still a bit of debt left to pay back.

Keep thinking positive though, in the end the house will be all mine, my credit rating will be ok in about 3 years time and I am reclaiming those bank charges so I can pay off the bit of debt which makes life a whole lot easier.