www.iva.co.uk

So I finally decided to get some help with my debts.

As someone who has been a responsible borrower since I was in my teens, for this to happen in my late 30s I feel pretty ashamed to have ended up in this situation if I'm being honest.

Albeit It also feels like it's time for a life style change and to stop frivolous borrowing, I'll hold my hands up and say I'd got the point where I was living beyond my means.

I've been having some mixed feelings about this and feeling like perhaps I could scrape through and not ruin my credit rating, but I've come to the realisation with the increases in living costs, plus recent changes in circumstances, help is needed.

I'll update on the 14th, wish me luck.

I take it you have a creditor meeting on the 14th? If that is correct, then good luck, I hope it goes ok for you.

Best of luck with the meeting. Don't forget that some of the situation you find yourself in is down to the creditors themselves. They make credit so easy, and painless at the point of sale that you find yourself in far deeper than you imagined, before you know it.

Mon Aug 07, 2023 3:55 pmBreezy wrote:

Best of luck with the meeting. Don't forget that some of the situation you find yourself in is down to the creditors themselves. They make credit so easy, and painless at the point of sale that you find yourself in far deeper than you imagined, before you know it.

That's one valid point.

If I'm being brutally honest with myself there was a really weird culture in my previous job of all the members of staff at my level driving BMW, Mercedes and Porsche's.

I had a rather nice Porsche 911 Carrera 4 which wasn't beyond my means at the time.

Alas when the engine failed I had to borrow a LOT of money to fix it, then the pandemic hit and being furloughed on 80% salary. I to sell it but obviously never got money back for the engine rebuild (albeit I didn't lose any money on purchase price).

Then replaced it with a much more sensible car albeit which broke down (no exaggeration) 10 times in the first six months costing me a small fortune in repairs, which I had to borrow.

I then started a new job and was hit by an uninsured foreign truck driver on the way into work (in the car which I'd finally got fixed) then due to complications that would take way too long to explain I had to wait 7 months to get paid in full for this so I had to buy a second car (financed of course).

By which point I was so far under I found myself here, I'm not sure exactly there is anyone to blame here, it's just a sequence of unfortunate events and bad luck where I've found myself and hopefully I'll get some help.

Fingers crossed for you.

My creditors meeting was scheduled today, they didn't file any paperwork with any of my creditors so the entire proposal expired and nothing moved forward.

I told them to cancel the whole thing, what a complete waste of my time and now I've incurred late fees and ruined by credit rating with a month of missed payments because of a useless load of nonsense this was.

Very bad of your company and I would certainly make a complaint! You could try again with a different company? In the meantime try doing a Debt Management Plan. This will keep the wolves from the door for a short time.