where to start

[tallbry]

Where do I start?

I never thought that I would ever get myself into so much debt that I am having to consider a IVA[:(] but I realise that if I am ever going to get my life back on track then I need to do something.

I am going to contact Melanie as she seems from the postings Ive read one of the better ones to talk to.

My question to everyone is where do I start.

Ive already started to put a list together of all of my outgoings and totalling up all of my unsecured debts - when I realised how much I owe and what my minimum payments were it is very very scary [:(]
and I cant believe how stupid I have been to get myself into this position.

I do want to pay them and not run away from it all - BR is not an option due to the type of work I do and work for but when you look at your bank balance and realise you cant pay for everything this month then I need to do some about it. My bank who are my main creditor have been very unhelpful, given me wrong information and mis sold loans to me but are not prepared to help even though they has admitted errors.

Ive not fallen behind with my payments yet but this will happen this month and this scares me. Ive run out of money and its only the 6th of June [:(]

My wife has been really supportive and without her I would have gone stir crazy.

Do I stop making payments whilst I am going through an IVA or something else

Any help/advise would help me

Thanks everyone

[michael.t47]

i in same boat as you
i stopped paying a week ago
an tina, who is in melanies team, is progressing everything for me
i really worried though

[TheMatrix]

You stop making payments the moment you start the ball rolling on a IVA.

Good luck, think you'll be in safe hands with Melanie.

[Adam Davies]

Hi
Melanie will advise regarding stopping payments or only making token payments.The view on this differs from one IP to another but whatever they advise stick to.
We all are surprised when we finally total up the debts and minimum payments but it is this reality that spurs you into doing something about your debts once and for all.
Good luck

[harves]

good luck m8 same boat

[suzanne100268]

Hi Tallbry - we are with Melanie's team and are hoping to call our creditors meeting within the next few weeks. I haven't paid anyone for 2 months. I have dealt with all the calls from creditors by keeping calm and explaining that I am going through an IVA. Some have been understanding and some have been awful. However quickly you get the information together, the quicker your proposal can be progressed. Good luck and keep posting for support!

[Viki.W]

Hey Tallbry, welcome to the forum. You are in a great place here for advice and support. Keep posting and good luck, let us know how it all goes with Melanie. I'm with Melanie too. Viki X

[plasticdaft]

Welcome to the forum Tallbry. It doesnt feel right not paying things but you know yourself that if you pay all your minimum payments you will have nothing left to live on. You end up paying the minimum on a credit card then go and use it for thr weekly shopping!!!
I have spent the last few days cancelling old direct debits and setting up new ones on a new bank account. As your bank is a main creditor I would suggest you open up a new basic account somewhere you dont owe money to ASAP.

Good luck.

Paul.

[kallis3]

Good advice, Melanie will tell you to do that anyway. Co-op and Nationwide are good ones. It will have to be a basic account with no overdraft etc.,

As soon as you stop paying, you will have the creditors baying for your blood, but don't be intimidated by them! Either ignore the calls, or politely tell them what you are doing.

[elizabethr]

If you are on overdraft on your bank account then that will become one of your creditors. I sorted a new account before going into default on my cards so that I could organise my salary into and direct debits out of before things got difficult. After lots of ups and downs I am now feeling quite positive about the whole debt/IVA situation. My problem now is that I have just moved sections at work (I do project work so can change job type without changing employer) and I think I have done the wrong thing. My new senior management doesn't seem able to credit you with anything and doesn't like their ideas questioned - this is going to be very difficult for me because I know they are doing things wrong and could do things a better way - they also seem to be in the habit of taking leave when they want to even if that means telling members of the team they can't take theirs. My immediate manager has just had to cancel their holiday abroad because the senior manager wanted to take their leave at the same time.!!!! As I have a young daughter and a disabled husband to care for I think my live is going to be pretty stressful. So I have just got rid of one lot of stress and now got another.

[kallis3]

That's disgusting Elizabeth! Fancy doing that to your staff! Can you not change again? You can do without all the extra stress.

[tallbry]

Guys

Thank you for your warm encouragment - I think the hardest thing I found was realising I had a debt problem and more importantly recognising it
I think I lost what the true value of money was but Im determined with the positive messages I am getting to resolve this.

I have an Alliance & Leicester bank act which doesnt have a overdraft although they are encouraging me to take one out!!! - they are not one of my creditors thankfully - anyone have experiences with them??

[kallis3]

I think most of us bury our heads in the sand as far as money is concerned not willing to admit we have a problem.

Once we do admit it, we can then get on with sorting stuff out. The relief once that IVA is accepted is indescribable.

Can't help you with Alliance and Leicester though - not had any dealings with those. Don't accept the overdraft though!

[facingittogether]

good luck tallbry!

you really have done the right thing by facing up to things!

melanie is our ip and she and her team are brilliant, you wont go wrong with them!

let us know how it goes

barb x

[Soulgrowth]

Hi tallbry ... welcome to the Forum. It's a familiar story, I had never even begun to acknowledge how much my debt amounted to until I started totalling it all up ... and is not as if, like most of us, I had anything to show for it ... just supplementing day to day living of a pretty modest standard.

The most important thing is that you are now taking control ... and you will be safe in the hands of Melanie's team.

Good luck and keep us informed of your journey ... we are all here to support you.

Debbie