www.iva.co.uk

Well I finally had my phone interview with the CCCS and its not very good news. After going over the income/expenditure form it seems I dont have enough money left for a realistic proposal to the creditors for a DMP. The high monthly repayments on the secured homeowner loan is the stumbling block in all this and seems to have taken options away from me that I would have otherwise been able to persue.

The only remaining option according to my advisor at the CCCS was to go BR.

They have agreed to send me token payment template letters which I will send on but these will not stop the collection process going forward which would ultimately end up with them making me BR anyway.

So its pretty much back to square one in terms of the nuclear option. Im feeling pretty tired from the whole experience but also somewhat wiser for it.

So next steps seem to be to start looking for a rental and to then petition for BR.

Ill post back when I have some more news.

Just wanted to thank everyone on here that has helped with good advice & moral support. It does make a big difference and is helping me and no doubt many others through a difficult time.

Hey Octagon, I hope you do keep posting, we're all here to support you. Sorry to hear your news. If there is little or no equity in your home then you might not have to lose it and BR may not be as scary as you think. Have a look at our sister site www.bankruptcyhelp.org.uk Lots of good advice and support there for you too. Good luck. X

Octagon, I had the same thing from the CCCS. Went through everything on their site, produced the whole document only to be told the same as you!

Have you thought about IVA as an option. You mention DMP and BR, but it may be worth a look?

stressed_suzanne wrote:

Octagon, I had the same thing from the CCCS. Went through everything on their site, produced the whole document only to be told the same as you!

Have you thought about IVA as an option. You mention DMP and BR, but it may be worth a look?

Hi stressed-suzanne,

Yes I originally explored that option but the same stumbling block applies. An IVA requires a sustainable monthly payment for the duration which given the present income / expenditure situation I have been advised would not be sufficient to be accepted.

Thanks for your support Viki.W I will post there as I go down the BR route which I think is the only realistic way forward now.

Good luck to you all.

Please carry on posting on here as well to let us know how you're getting on. Good luck with your BR x

Oh Octagon, I hope you didn't think I was suggesting you don't post on here![:0] We are definitely all here to advise and support you. Just thought you might want to have a read over there too as it is ALL about BR.[:)] X