www.iva.co.uk

given my present situation that I have marital problems and major debt problems. I am only at square 1.
I wont be able to survive long, but if I get the right advice it will buy time.
I know I need to contact the 'card' people and say ?? I have no spare money!
I have just agreed to contribute to mortgage arrears.
I'm about to go into arrears on a secured loan.
how do i approach this in a way thats best?
I have been looking at the book sent by CCCS and it gives some good ref..
I just thought I would ask my fellow sufferers.
Will the 2 main priority debt people be simpathetic (abbey/firstplus)

cheers folks

Hi debtdungeon.

I am not sure how your priority companies will react, but I'll push this back up to the top in the hope that one of the experts will see it and can hopefully help you,

cheers,
I read more on payplan site (some good info). so have an idea on mortgage front.
re firstpoo! sorry plus. who knows? but I will soon.loi

You should pay your secured loans but do not make payments to unsecure / credit cards etc as these will be seen as preferential payments to one or two creditors against others and if you decide to go down the IVA route could go against you if you have paid some and not all...mysuggestion is make sure the secured loans are paid, but inform you unsecured creditors of your position and start the process of an IVA - great feeling when it is approved and it might just make a difference to your home life!

Perhaps if you could post a rough income and expenditure,we could help you more.

Just dont borrow money to get out of the hole,coz that only makes the hole deeper and the sides steeper.

Hi Debt dungeon,

Unfortunately we had a secured loan with First Plus, and I have got to say that was the worst move we ever made. We had to sell our house in the end because we could not afford to pay them and our mortgage. We borrowed £40,000 from them, had been paying for nearly four years and ended up having to pay them back £52,000, which was a total rip off. So I would say if you can manage to pay them and your mortgage keep them going, as they are secured and there is not a lot you can do, apart from sell to pay it off, which I felt heart breaking but in the end had no choice. Sorry I do not want to sound all doom and gloom, I just wanted to share my experience with First Plus. Good Luck

Hi Debt Dungeon

I'm not sure what the best move for you will be but Plastic daft is porbably right if you can post a few figures for the experts to look over then maybe they can help.

Good Luck. XX

Are you intending on keeping the house? If so, then you need to continue to pay the mortgage (including any arrears) and the secured loan payments to avoid possession proceedings being commenced against you.

My main priority was always to keep the roof over my head ... anything else can wait.

All the best

Debbie

I have always made sure that the mortgage and secured loan were paid, closely followed by council tax and utility bills. The creditors got what little bit was left after that.

no we are not going to keep the house. i get valuations this week and next. i will pay priotity 1st as best i can. i am contacting the card people to explain this week and start token payments. if the house goes we could just break even.
will discuss shortfalls later.
thanks again folks.
will post later as at work at min.
wish i was in the sun [:)]

Hey Debt-dungeon

Hope you are okay today. Things will start to get clearer for you. X