New and Confused

[jonnysouthwell]

Hi all – I’m new here and in relation to IVA’s and “dealing” with debt, I am incredibly wet behind the ears, Naïve or some would possibly say ignorant.

Without being derogatory to anyone here can I say it has been a real weight off my mind to know there are people out there similar to myself and to find out that there is a possible light at the end of the tunnel.

I have no idea whether or not I am a worst case scenario but I feel like a lost cause to myself and I really do not know where to start. I have a lot of debt (I would say around the £20,000 mark). Some of it has been ignored for a long time. Some of it has become CCj’s. All of it remains in arrears. There is no way I can afford to pay it all back. I don’t even remember half of the people I owe money to.

I have come to a point in my life where it is make or break, I want to be able to set up a life for myself and my partner, by a house, have children and give them a life they would deserve. But with my current state of affairs this would never be possible.

An IVA sounds like the most sensible route based on my current situation?
I did look at this option about a year ago and contacted Debt Free Direct – they hassled me more than my creditors and in the end did more damage than good in persuading me to sign up with them so I shied away back into the debt riddled, robbing peter to pay paul existence that I had become used to.

So there you have it a little about me.

Now to ask something of you guys as you seem to know how I may be feeling?

Where do I start ?
I have no idea who I owe and have no idea how to trace it back ?
Should I use a company like debt free direct ? (they seemed very dodgy) what’s in it for them?

I just need to make that first step and I think I’ve found a place where I can do it – hopefully with your help?

Thanks for hearing me out

Jonny

[indebtforever]

hi and welcome you will get great advice from the experts on here some are ip firms that are highly regarded.

as for me dfd are a large firm you dont get the service you will from the smaller ones i would advise you to speak to melanie giles on here she comes highly recommended

[abc]

A good way of finding out who you owe is to send off for credit searches on yourself. They cost £2 each. This will probably give you a good idea who you owe.

If you don't like dealing with large organisations like DFD, then consider seeing a local insolvency practitioner. They will give you ALL your options and discuss them in detail with you.

[loubylou10]

You feel like you are the worst but rest asured your not!! we all feel like that but you are right the people/friends that post on here are knowlegable and are waiting to offer support and advice. I decided that an iva would be best but it turns out a dmp was better until I could sort out more disposible income. Don't worry it been very hard for me too and I have just come off the phone with Andrew frpm BrightOak and they are sending me a proposed plan through the post tonight. I wish you all the luck and keep us all up to date.

[jonnysouthwell]

thanks for the welcome guys - it's the warmest welcome i've had when the first thing you say is - ''i've got a tonne of debt'' lol

Ok i've started the ball rolling - I've had a look at my credit report - and there appears to be something wrong - there is hardly anything on there and there should certainly be alot more when i think back to all the letters I have recieved from various debt collection agencies over the last couple of years ??

any suggestions ??

Thanks as always

jonny

[LoneRanger]

How old are some of your debts?

I had a couple of mobile bills that were quite high from when i was younger and then when i grew up a bit and took responsibilty for what i owed there was nothing on my credit file about them. It was 7 years later i checked it from the date i was last chased for the cash

Regards

Steve

[abc]

Yes there are 3 credit reference agencies, you need all three and I don't think you can do all three on line.

Then collect as much paperwork that you have at home and the IP will be able to help you and keep all new post.

[loubylou10]

Oh let's hope they have magically forgotten about all your debt. Can I just say your opening line on your 2nd post was a cracker - made me laugh (Hi i'm Louby and I'm maxed up with debt, nice to meet you!!!!)classic.

Someone will be able to answer your questions for you shortly. The companies I owe would never forget!!!!!

[Skippy]

The 3 credit reference agencies are:

Experian Ltd
Consumer Help Service
PO Box 8000
Nottingham
NG80 7WF
Tel: 0870 241 6212
http://www.experian.co.uk

Equifax
Credit File Advice Centre
PO Box 1140
Bradford
BD1 5US
Tel: 08705 143700
http://www.equifax.co.uk

Callcredit PLC
Consumer Services Team
PO Box 491
Leeds
LS3 1WZ
Tel: 0870 060 1414
http://www.callcredit.co.uk

When I wanted to look at mine I found it easier to have the paper copies in front of me so my partner wrote me a cheque for £2 for each and I sent of the application form, which can be downloaded from each site.

[Skippy]

Sorry, I'm forgetting my manners - welcome to the forum!

[kal]

Hi Jonny
Just wanted to give you a warm welcome to the forum - I think most people are ignorant or naive about IVA's until they enter one - the good thing about this forum is you well get such good advise and there is always someone who can answer your question.
Good luck in the start of your journey.
k.

[greeneyes34]

Welcome to the forum. This is a brilliant forum and you will find everyone is very friendly and helpful. Good luck.

[Beans on Toast]

Welcome to the forum Jonny, good luck whichever path you choose. [:)]

[jonnysouthwell]

again thank you for the warm welcomes

Loubylou - I'm pleased I made you smile

Tryingtogethelp - some of the debts are over 7 years old so i presume they have gone now ?? but i've had a think and i'm guessing my student loan is not included in my credit report ?? does this mean I cannot include it in an iva ??

Questions questions questions - but I do appreciate getting the answers.

Thank you all

Jonny

[abc]

Not an easy answer on debts over seven years old, I discussed this with a solicitor a few days ago.

The six year time bar starts from the date of the last payment or perhaps when the account become in default not when the loan started. However, if the loan was signed under deed then it may be 12 years.

Student loans are not straight forward, depends on when the loan was obtained, how much is being offered in the IVA - they like a high dividend!