currently wrestling with the idea of an IVA

[mdf]

Hi

My husband and I are currently wrestling with the idea of an IVA. We appreciate the debt is ours and want to pay it back but really can't afford to carry on at present. We are becoming increasingly worried that we are slipping into more debt. This is something new to me as I've managed to pay my debts on time for 20 years and have an excellent credit score but due to bad decisions and personal circumstances we have spindled out of control and don't know where to go. What are the rules for IVA and how we will know whether we will qualify? I'm afraid this could be our only option but apprehensive to seek legal advice in case we are refused. Any help would be appreciated.

[sblack]

Hi,
We were in a very similsr situation to yourselves, we contacted Melanie Giles and spoke to one of her representatives who put our minds at rest and advised us on our situation. They are extremely caring and non judgemental. We have our IVA creditors meeting on Friday. Melanie is an expert on this forum and posts regulary.
An expert will be along shortly to advise further.
Please don't be scared to seek professional advice.

[debbiw]

Hi Mdf, and welcome to the forum. Can you post a few more details so we can help more. What is your total debt,and who are your creditors. What amount of disposable income have you got left per month, after living expenses, not including unsecured debt.

[aguise]

Hi mdf and welcome to the forum.
Your situation sounds similar to how ours was when we decided to look at the possibilities of an iva. I am not a technical expert and without more info like amount of debt, disposable income, number of creditors, if you own your own home then it would be impossible to say if it was a suitable solution for you.
Criteria for an iva would be first and foremost to be insolvent ( more going out than coming in)
at least 15,000 plus debt, more than 4 creditors, a disposable income ( what you have left after paying your normal living costs) of at least £200 per month.
I would speak to a couple of companies, initial advice costs nothing more than a phone call and they will be able to tell you if an iva could be an option. I agree with sblack melanie Giles or Ian who are ip,s which freely give their time on the forum and are well respected could be a good place to start.
Iva. com also gives reviews on all the companies. Another thing would be to read some of the blogs, they give a good view of the process,

All the very best, please ask all you want on the forum.

Ang

[MelanieGiles]

Hi mdf and welcome to the forum

Can I say that you probably have several options available to you - and an IVA is just one of them. Depending upon your circumstances, an IP can give you advice on all of the options available to you and help you choose the best way forward for your future.

If you know that you are making your financial position worse by not doing anything, this is only going to get worse for no benefit. IPs are non-judgemental individuals who are here to help you work to a better debt-free future. It only costs a phone call to see what advice they have to offer, and it may be sensible for you to try one or two different firms to compare the differing scenarios before making up your minds.

Good luck in your search.

[mdf]

Thank you all for your advice. We still haven't made any decisions as an IVA seems so final and feels very embarrassing as we should have been able to handle things better. Think getting over this hurdle is the hardest. Don't want to take official advice yet as it may impact on our current credit position as we need to try and survice until Oct as our new mortgage deal is due. Is it possible for me to work out if we go can down the IVA route as need to try and get my head around this - Sleepless nights and all that but I'm sure some of you can relate to that. [|)]

[MelanieGiles]

Of course it is mdf. Initial discussions with an insolvency practitioner will not cost you anything or affect your credit rating, so I would suggest you at least do this now to explore the variety of options available to you.

[Reviva UK]

Hello mdf

you have already made the biggest and most difficult step - realising that somethingis wrong and that you need some guidance and support to get the right solution.

Even though your mortgage deal is not until October you really owe it to your sanity to make a call and explore the situation with a specialist.

As Melanie says it doesn't cost anything and you can at least start sleeping well knowing that - whatever the solution - you are on the road to becoming debt free.

Please review the reports from Melanies's clients and the respect she holds within the industry. You would struggle to find a better solution provider.

Good luck - make the call

[joh71262]

Go for it mdf - if nothing else it will give you the full options - I only wish I had known of this site before I took mine out. I'd buried my head in the sand for so long that I was getting more and more stressed about it.

If I had seen the amount of advice and help that was available, I wouldn't have jumped straight on in without all the options.

I don't regret doing it at all - whilst I still have another three years to run on mine, things seem to be going well and I have learned a lot of things that I probably already knew but chose to ignore because I had a flexible friend to hand all the time.

[AlanO]

Hi Mdf,


Suggest you follow Paul's advise and contact an expert for a free consultation - you have already jumped the first hurdle in acknowledging there is a problem.

The Key is to review you and your husband's situation and work through the options to find one that is best for you

All the best Alan

www.debtdr.co.uk