wondering if an IVA is the best option for us

[cantstopcrying]

Hi...i have just found this website and am now wondering if an IVA is the best option for us. Our situation is we owe just under 42k.........this is spread across 7 creditors.
We have spent the last year scraping through and selling things that we can on ebay to get the extra shortfall each month.
Now it is just getting too hard for us.
We have a car which we have tried to get rid of to reduce monthly payments but there is too much negative equity in the car for anyone to consider buying it. The agreement for the car is with GEmoney so am i right in thinking this si a personal loan rather than HP?
I really would like to get rid of our debts the 'normal' way but its just getting harder and harder...we pay £78 a month to mbna and then they charge £81 interest! I cant win anymore.
Please someone help.

[kallis3]

Not sure about the car, but you need to speak to an Insolvency Practitioner and explain your situation to them. They will give you advice as to the best way forward for you.

Visit www.iva.com where there are reviews for a lot of firms. Contact one or two to see where you stand.

You could contact Melanie Giles who posts on here and comes highly recommended.

[emma_t]

Hi cantstopcrying and welcome to the forum[:)]

Firstly pleasestopcrying as there will be a solution to your debt probelm, and an iva is just one of those solutions.

What you really need to do, as Jan says, is to get some professional advice sooner rather than later so you know what your options are and then you can decide on the best route to take from there.

I am in an iva as it was the best solution for me, but it was not the only option available to me.

I used Melanie Giles to prepare my iva and recieved honest, professional and top notch advice. Lots of professional Insolvency Practitioners post on the forum and I am sure one will be along to give ruther advice soon.

www.iva.com is a great place to read reviews on IP's by their clients on the quality of advice and service they recieved.

Good Luck

[sjbyron]

Hi and welcome to the forum

I was in an IVA and have £39k of debt, however ive moved to a DMP, long story but feel its the best option for me.

I too have a car with GE Money and its a HP Agreement not a loan, it usually states it on page 2 or 3 of your agreement.

Have alook on www.iva.com Melanie Giles and Andrew Graveson are both excellent people and will give you honest and professional and excellent advice.

Good luck and we are all here for you

[MelanieGiles]

It appears that an IVA would be one solution for you, there may be others. An early chat with an insolvency practitioner would highlight the options available to you, enabling you to make a reasoned choice about the way forward.

[Adam Davies]

Hi and welcome
There will be a solution for you,it's just a matter of finding the right one.
As Melanie says have a chat with an IP directly or a debt management company so that they can advise you on the right option for you.
Regards

[David Mond]

Yes have a chat with a number of IP's. You have been referred to www.iva.com. Is your agreement with GE Money a HP Agreement or Conditional Sale Agreement? In any event once you have decided whether an IVA or DMP or whatever other solution is recommended based on your personal circumstances then sell the car or give it back to GE Capital and any shortfall will become another of your creditors and will be treated in the same way as your other liabilities. This can (depending on your DI) be by way of an IVA or DMP. Speak to an IP who will give you the most appropriate advice.

[liberta]

Hello cantstopcrying and welcome. You will get a lot of support on this forum by people that really care.

Take a deep breath, call an IP and discuss your financial difficulties with them. They will give you free and impartial advice on the best solutions to suit your particular circumstances.

If you are not sure about your car loan, then if you send them a copy of the original agreement, they will be able to advise you whether it is secured or not.

You have taken the biggest step in realising you need help, now go and get it. Once you have taken advice and know which way you are going, you will feel so much better.

[michael.t47]

Weclome to the forum and good luck. You have made the 1st step