don't know what to do for the best

[julie_7]

I'm £27k in debt. I contacted MoneyExpert to see about a consolidation loan but they say that a loan of this amount would not be approved. They spoke of IVA's saying that it will effect, but not destroy, my credit rating and get me debt free in 5 years. I only managing the minimum payment leaving me next to nothing to live on. My family and partner know nothing about my situation and I really don't know what to do for the best. I have an IP contacting me on Wednesday to discuss the IVA further. I'm a tenant and worry that I'll never get on the property ladder so I've never considered this type of agreement. Please help!

[chris.g]

Hiya Julie, sorry I can't give you any answers, Just wanted to say welcome to the forum. I really think you need to tell your partner. It will effect them whichever way you decide to go. Someone should be able to answer your questions on here, it's great for good advice, best of luck

Learning as I go along and getting wiser all the time!!!

[MelanieGiles]

Hi Julie and welcome to the forum

An IVA will only work for you if you have some spare money to offer to your creditors on a monthly basis, and I would suggest that at least £250 would be required.

Have you also considered bankruptcy proceedings, as if you have no assets which would be at risk under such proceedings, this is also an alternative option. Hopefully the IP will talk you through all of your options on Wednesday, and you can then make a reasoned choice as to the best way forward.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[mike.s]

Hi Julie,
Sorry to here you are in a bad place at the moment, I really do know what you are going through and so does everyone on this forum, who will give you loads of help, advice and support whenever you need it, it really is an excellent forum and will help you through the dark times. Facing up to your problems and taking the steps to get it sorted is the hardest part and you have already taken that first step. You really do need to sit down and tell your partner, don't face this alone. Your loved ones will handle it better than you think and will want to support you through this. If you have been facing it alone for a while I think that they will already have guessed by now that something is wrong, so being open about it will help them to help you and will also be a huge relief for you so you are not going through it alone. You will get through this, there will be a solution for you and there will be light at the end of the tunnel, may not seem it now and it will be an emotional rollercoaster, but you will get there, just hang on in and share it with your loved ones. Keep posting and you will get some amazing support from this forum, it has helped me so much. I don't know which company you will be talking to, and it's not for me to give advice on this, but I would strongly suggest speaking to Melanie direct. Melanie and her team are wonderful and will give you sound advice, I don't know what I would have done without them. Hope you get things moving soon.
All the best
Mike

[iva experts]

Welcome to the Forum Julie,

What you will need to do is work our your disposable income, this is calculated by taking your monthly income and subtracting your monthly expenses (not inc minimum payments), what is left is your disposable income to offer creditors.

An IVA will remain on your credit file for a period of 6 years from the IVA's acceptance. Being in an IVA wont necessarily hinder you from getting on the property ladder, it is possible, however you would need the express permission of your I.P. and you are not likely to get a mortgage with a high street lender.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[iva experts]

Sorry just another thing, I also think that you should tell your partner. This is because 5 years is a long time to go through this alone.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[iva_squirrel]

Hi julie_7,


AS long as you have some money to pay your creditors back (minimum of £200/£250) an IVA could be a feasible option.
If you don't have any assets you could also consider bankruptcy.
However if you decide to go trough the IVA route I think you should consider having a chat with your partner. An IVA is not an easy option and I’m sure you will need all the support you can get trough the 5 years of an IVA.


Regards,
Michelle P.

[julie_7]

I have money left at the end of the month and earn a good wage. If everything is put together then could afford the repayment but the interest is crippling me. I don't want to tell my partner as it isn't an issue between us, I'm also worried that he'll tell my family thinking it's the best thing to do. I can well do without credit cards and loans for 5 years, that's how I ended up in this mess. I've always managed to keep my accounts up to date and have never had arrears.

Thanks for responding.

[Adam Davies]

Hi Julie
I too would strongly recommend that you confide in your partner.
Many on this forum have had the same thoughts and concern as you but I believe all,without exception, have been surprised at the positive reaction that they received from their partners.
Received

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Hi Julie

It is sound advice to tell your partner, but you do not have to. Your IP will need to know details of his earnings, however, if you live together and share household bills. There will also be correspondence going to and from the office, which he may open and wonder what is happening. If you tell him that you are entering an arrangement to repay all of your creditors, I am sure that he will be supportive.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[andymac]

Hi Julie and welcome to the forum.

I recently had to file for Bankruptcy, and telling my partner and also my parents was the hardest part of the whole process, I know exactly how you feel, but you will find it much, much easier to deal with the issue once it is out in the open, believe me.

To do it on your own and in secret will be virtually impossible.

Good luck.

[iva experts]

Who are your creditors Julie? What is your disposable income? As already mentioned if you and your partner live together then a household income and expenditure will need to be taken. Also your partner will have to prove his wages through sending payslips etc.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[cr15py]

Julie

I know how you feel - I am in exactly the same boat. I have not told my partner or family either. My family are very judgemental when it comes to things like that, and would hold it against me (I know my Mum went through something similar - think it was a DMP, I have seen the paperwork when she left it lying around once). My debts arose primarily from my previous marriage, and it could cause ill feeling between my partner and I if I told her (we keep our previous relationships very private from each other).

So, personally, I think I am doing the right thing keeping it to myself - but that doesn't mean it is the right thing to do for everyone. At the end of the day, what I was paying in credit cards each month is less than I am proposing for my IVA, so it's not as if there is going to be a huge financial burden I have to explain.

The other point that works in my favour is that out post goes in to a communal post box and my partner is very happy for me to sort it out (means going downstairs, and outside!)

I wish you all the luck in the world Julie. It isn't easy "going solo", but it is possible.

[emma_t]

Hi Julie

I have told no one of my iva and it was very hard going through the stage of sorting out the proposal and waiting for the creditors meeting. I found it very hard to be 'my normal self' around people who know me best and to be honest it did make me quite ill.
I did not tell my parents as I know one or both of them would have bailed me out and as they are both over 60 I thought this was very unfair to burden them with and my mother is not in the best of health either so I would do anything to prevent her form worrying about me.
Now I am in my iva I have explained to everyone that I will not be splashing out this Christmas and am now being very careful with money, but as I just lost my part time job this is not difficult to explain away.
It is a very tough process to go through but like cr15py says it can be done alone (I have not felt totaly alone though as have had this forum as an outlet[:)]).
I suggest to you to speak to more than one IVA firm and choose one you feel happy with, I chose Melanie Giles as felt very comfortable and confident in her and her team but this was not the first company I had spoken to. Have a look at iva.com and compare some reviews before making any decisions.
I wish you lick on your journey and if you do decide to do it alone the forum will be a great strength to you as it has been for me.
Good luck
Emma

[MelanieGiles]

Emma

That is a great post, as it shows a balanced view of sharing your personal details with those closest to you. You chose not to, for very good reasons, and have shouldered the burden admirably.

Telling family memebers is not for everyone, and sometimes the comfort of knowing that you and you alone are addressing your demons can in a way be very comforting. And you also have all of your forum friends for moral support night and day!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp