When just making enquiries about IVA

[bagpuss]

basically you use the money you have saved by not paying your creditors minimum payments.

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[marcia]

Thanks Angie, we make all our miniumum payments every month, we are not in trouble with our creditors yet. But by the time we have done all that, we have no money left for the every day things, like food and bills and therefore we use credit to do those things, and hence you are on this merrygoround with no end. Yes I can see that by cancelling payments you can then afford to get the things you need from the money you do not pay out.

[bagpuss]

I was just the same Marcia...wages in...pay bills and minimum payments....wages gone...no money to live on....cards come out. But what this means is that you are living on credit....and its just going to get bigger and bigger.

At the time we went to see someone about our debt we had never missed payments...been good payers etc...but reality was that unless we won the lottery there was NO way we where ever going to get these debts paid.

If you are living on credit for everyday things and not paying it off in full ever...then there is a problem.

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[marcia]

Well just to keep you all informed I have started the process of openning up a new bank account. Still learning a lot from the forum and I am still doing my homework. Thanks again for all the help, advice and support.

[cat 1]

Also, you will need to transfer any monies from the old bank account to the new one. Don't be like me and panick at the last minute as my husbands weekly pay was in the bank and my origionl bank (also a creditor)was freezing the account. Therefore, no credit cards and no wages.Fortunately, Clear Start were able to negotiate as the bank would in theory, have been paid twice once the IVA was accepted. So my advice, get organised as things can take forever, or happen so fast there is no time to be had. I was advised to stop using credit cards, but I also have a family to feed.I was cautious but still had to use them for a couple of weeks following my initail call to Clear Start.Cat 1

[marcia]

Well folks, thought I would keep you informed of my progress. I had a long and honest chat with Tina who works with Melanie and basically we worked out that an IVA won't work for us we might well have to declare ourselves bankrupt. Need to discuss with my hubby when he returns from a work related trip. I know he will be shocked but I had a feeling this would be the case.

I am so scared. We have no equity in house so hopefully will be able to keep the house but we will see. Please keep me your thoughts and prayers. Will keep you posted. Have sent for the forms.

Has this happened to any of you here?

[Adam Davies]

Hi
Have a look at the blogs page and you will see many members that have decided on bankruptcy,Skippy,Scaredkez,Coco to name a few
Regards

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

[marcia]

Thanks Andy, I will do that.

[MelanieGiles]

A shame we have been unable to help on this occasion, but the advice you have been given is best and it is not our style to make an IVA fit.

Good luck and let us know how you get on with everything.

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

[marcia]

Thanks Melanie, Tina was very helpful and we will keep you all posted as to how we get on.