WHAT DO I DO NOW? THIS IS A NIGHTMARE.

[onlypassion]

Hi guys, not been on here a while, been trying to put the whole debt problem to the back of my mind as it seemed things were looking on the up but unfortunately they are worse than ever. We originally though unsecured debts were approx £84k. Turns out part of our mortgage with Northern rock is unsecured and the actual figure is more like £108k (max) Grant Thornton were dealing with us but have now said they cant take on case as we cant repay enough? We can offer £888 a month for 44 months then the remaining 16 months £1123 (once HP agreements on our cars are up) This would make a total amount repayable of £57040. They said it as on the basis of Egg, HSBC and Northern Rock accepting minimum of 40p dividend. Are they right, can we really not offer enough to the creditors? I really dont know where to turn I am so frightened about what the future holds. Any advice would be great.

Andrea x

[MelanieGiles]

Hi again Andrea

Well I would certainly be putting your case forward, as that gets 44p in the £. It seems to me a good case and I suggest that you take further advice from an alternative IP if Grant Thornton do not want to act.

What did Grant Thornton say they were going to charge you in fees?

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

[onlypassion]

Hi Melanie,

Grant Thornton said it would take our return down to 29p in the £ after their fees but I dont know what the overall figure worked out at, my brain is not functioning well enough to work it out!! I am going out of my mind now, I am sitting here hysterically crying typing this, it's really got to me now this has been going on months. We were supposed to have someone from a company called clear me debt free of their website address www.c-c-c-s.com to see us tomorrow however on reading their info I notice they charge up front fees and I am wary of that plus dont have huge amounts to give them so we have cancelled this. Can I ask Melanie, which company do you work for? Is there any way we can apply to yourself or your company?

Thanks so much for taking the time to reply. I am so grateful for your advice, it really helps provide reassurance in such tough times.

[MelanieGiles]

Hi Andrea

There are a number of insolvency practitioners who will not take on cases at the moment due to Northern Rock and HSBC debts. It may be that this is simply a policy decision from Grant Thornton - but I cannot understand where they get the 29p in the £ from

I suggest you approach a debt management company such as Thomas Charles who are an expert on this site and work with a number of different insolvency practitioners who operate under various acceptance criteriae.

http://www.thomascharles.com/

I have listed their website above. Be prepared to go through another telephone interview, but I am sure that they will be able to place you with an IP who is prepared to give you a second opinion. To do this they will need to look into your case more thoroughly than perhaps this forum allows. I suggest you give them a call in the morning and let us know how you get on.

Please dont upset yourself over this Andrea - in my experience there is a solution to every problem, it just sometimes takes a little longer to find one.

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

[Skippy]

Hi Andrea, I'm sorry to hear that things aren't looking good at the moment, and that you are upset.

Melanie had some great feedback yesterday (there's a post on here somewhere from Gizmo), and I would definitely contact her if I was applying for an IVA.

Good luck, there will be a solution for you x

Four down, fifty six to go until freedom!

[onlypassion]

Thanks so much Melanie. My hubby is going to ring them in the morning as I am at work all day. Fingers crossed and will let you know how we get on.

Andrea

[Skippy]

Thomas Charles put me in touch with my IP - they were excellent, gave me good advice and really put my mind at rest.

Four down, fifty six to go until freedom!

[onlypassion]

Thanks Skippy, honestly all your posts are so reassuring. There are times I feel like just giving in but reassurance given on this forum keeps me hanging in there, it really is a godsend.

Will keep you updated.

thanks again.

[Skippy]

Don't give in Andrea, it will all work out in the end. I know it's easy for me to say, as my IVA is approved so I haven't got all the worrying, I had a problem with my IVA last week, and I sat here crying my eyes out typing my questions. Melanie and the others were so helpful and reassuring, and it all worked out in the end, and not in the way my overactive imagination thought!

I'm a great believer in what doesn't break us makes us stronger.

Four down, fifty six to go until freedom!

[gizmo]

Hi Andrea
Thomas Charles put me in touch with Melanie as our IP. You won't go wrong with them at all - they are very professional and extremely helpful - make the call and I promise you that you will then feel so much better. Most of us have been where you are now and it feels as though there is no light at the end of the tunnel but trust me, there is even if it doesn't feel like it at the minute.

[neverending]

Hi
They can,t be charging 27k in fees[surely not],it should be in the region of 12k max[vat included] so its essential that you approach another company as advised.
good luck

[thebear29uk]

Hi Andrea

Just adding my thoughts to those already given. Melanie is my IP and I met with her on Monday. She is very honest about your options and gives realistic assessments of your circumstances and the chances of acceptance. I got the feeling that she would put 100% into presenting my case and felt more at ease by the time I left. I was put in touch with her by Thomas Charles who were also excellent. There were complications with my case and a couple of IP's felt it would be rejected but Thomas Charles will endeavour to find an IP who is prepared to take on your case. 2 things to bear in mind. TC charge 2 x the monthly payment as a fee. However if your IVA is rejected they return this to you and pay you £500 as well. This gave me more confidence that they wouldn't be just taking on the case to make money out of me regardless of the outcome. Secondly because of this guarantee they have a >99% success rate. You will be dealing with one person who you can contact with any additional questions. They work closely with the IP's and know their stuff.
Good luck with whatever you decide.