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Hi everybody

I'm new to posting here but have been viewing the forum for a couple of months now so feel like I know everybody already. I have debts of approx £80000 (it hurts typing that) and I'm in the process of an IVA. I will shortly be meeting my IP then hopefully getting a date soon after.
I've not got a question for the forum today but wanted to say a big thank you to all the contributors. Without this forum I wouldn't have a clue about anything. Like many of you I have had the phone calls and letters but I've been lucky in as much as all my creditors have my old mobile number. For a time I was running 2 mobiles whilst changing contracts so it was just a matter of turning off the old phone. I have caller ID on my landline so only answer numbers I recognise. A couple of them did call me at work but stopped after I told them I cannot receive personal calls at work. Now that the IVA is progressing I have contacted everybody to keep them up to date. I feel really sorry for all of you that get nasty phone calls. Mostly everybody I spoke to were sympathetic. Some did ask if I wanted to arrange reduced settlements directly but, again, thanks to this site, I was able to point out that this would be viewed as favouring one creditor over all the others.
Because of checking this site I opted to use Thomas Charles and I have to say they have been excellent. I had the mobile number for my personal contact and he answered any questions I had as necessary. This included the Friday afternoon before Xmas when AIC - who bought my debt from Amex - told me that they would obtain a charging order in 48 hrs to claim full payment and there was nothing I could do to stop it!! Is it just me or is it wrong, wrong, wrong that these people can say whatever they like to try and bully you into making a payment you cannot afford. Thomas Charles assured me they could do nothing of the sort but if I hadn't been able to rely on their help I would have spent the whole of Xmas worried sick. My file has now been prepared and I'm in the hands of the IP. I'll let you know when I have a date through.
To anybody wanting good advice I highly recommend Thomas Charles. They charge 2 payments for their services so you pay 62 payments but include a guarantee that if the IVA is rejected you get the payments back plus £500. Because of this their success rate is >99%.
Good luck to everyone. We are not bad people. We may be bad at controlling our finances but there is little control excercised over lending it to us in the fisrt place

Hi there
Having realised we have got to do something about our large debts I came across this site whilst searching on the internet and have found it full of information ( such as opening a new bank account if your current one is one of your creditors ) I would not have realised. Having only just started not paying minimum amounts to my creditors I cringe everytime the phone rings and realise from the many posts here that I am in for a lot of hassle yet. I have spoken to a debt counsellor and put in touch with someone from Grant Thornton and have to gather more information for them. I have read on this site a few mentions about them which all seem positive I would be grateful for any more feedback from anyone. It is encouraging to know we are not alone in our problems Hope things work out for you

Hi sps

Grant Thornton do seem to have a very good reputation on here. I found the information gathering the hardest part so far. I needed to get my house valued, get a settlement figure from my endowment, dig out old payslips, find all statements , loan agreements, default notices etc. But it was a relief to know that I had sent it and my case could now progress.
Also, remember the people who phone you are only doing a form of telesales albeit trying to sell the idea that you pay them. Telling them you cannot pay has no bearing on the success of your IVA as they are much further down the food chain than the people making those decisions. As the experts on here say: "be polite but firm".
Good luck to you and keep posting updates

Thanks I will
Have arranged to get my house valued and surrender value of endowment policies. At least I feel am doing something instead of just hoping it will all go away!!

SPS

If you are considering an IVA, please make sure that you do not actually surrender your endowment policies and or change anything to do with your house until told to do so by your IP. Remember, if you surrender your endowments, you will no longer be entitled to any life insurance that often comes with such policies. As such, you may need to make provision for seperate life cover once the policies are gone and build this into your monthly expenditure budget.

I suggest that just getting surrender values at this stage will be sufficient and a quote for the replacement life cover. Then the IVA can be presented taking these things into account. Once your IVA is accepted by your creditors, your IP will then advise you to go ahead and surrender policies etc.

It is always best to wait to make these changes until the IVA is accepted if possible because if your IVA is rejected you may have put yourself in a worse position.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. I am regularly featured on BBC News, Finance Programs and Radio.

Visit my blog at: http://jamesfalla.blogs.iva.co.uk

Bear
A great post and it shows how scare tactics are used to pressure people.The Thomas Charles deal seems superb..........good luck

To extend James' advice to anyone who is doing an IVA with the suggestion that endowment policies be surrendered - make sure that you are not pressurised into doing this beforehand and handing the money over. If the IVA is not accepted, your policies remain intact.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Thanks for your advice James and Melanie will not do anything hasty