Hello First post i need to look at an iva

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grimhab

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Post by grimhab » Wed May 19, 2010 10:27 pm
Hello
First post
i am in a situation were i need to look at an iva.I feel bad but can no longer manage.I have cancelled all direct debits .so far only one company trying to contact me ,should i answer the telephne or ignore.this is all new and seems very scarey .I have not spoken to anyone yet and feel lost .all advice appreciated thankyou
 
 

marsha1

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Post by marsha1 » Wed May 19, 2010 10:37 pm
Hi and welcome to this marvellous forum. You really need to speak to someone(an expert) about your situation. There are some experts that post on here and the forum would be lost without them.
You could also go onto www.iva.com to view ratings on companies that help people like us.
Please keep us posted as you will no doubt have ups and downs along with lots of questions.
As for answering the phone to creditors I didn't but I had got my IVA proposal well underway by that stage. I just didn't want to speak to them.
Good luck.
 
 

Struzzo39

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Post by Struzzo39 » Wed May 19, 2010 10:40 pm
Hi and welcome to this amazing forum. Well you've got through the first and hardest hurdle. you've admitted that there is a problem well done. You'll find loads of great advice and support on this site and numbers for various professionals. good luck with your road ahead.x
Steven & Debbie
 
 

Daveyboi

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Post by Daveyboi » Wed May 19, 2010 10:49 pm
Hey Grimhab welcome to the forum

I am surprised you have cancelled all direct debits prior to seeking advice you will be inundated with phone calls from your creditors and you will need to put yourself into some form of financial stability prior to an IVA or Debt Management Plan being formed.

Your debts will vary in importance when you look to pay people back and the below will give you an idea in the interim prior to you seeking professional advice on how to order your finances to avoid eviction / court action prematurely.

First things first you need to look at your Rent/Mortgage payment this is a priority payment and cannot be stopped as it is where you reside.
2) Council Tax / Court Enforced Fines etc which could lead to imprisonment should you not comply.
3) Essential bills for the home, Gas, electric, water bills etc
4) Secured debts on your home or car or other assett not including your mortgage/rent thats first.
5) Unsecured Debts including overdrafts, credit cards, loans etc.

So if you are struggling to make payments at present prior to seeking professional advice write down your income and expenditure in the following example i will give you a very basic idea so you know what I mean.

Income £2000
Rent £650
Council Tax £150
Gas and Electric £100
Water Rates £30
Landline £10
Other basic expenditure like mobile phone bill, car expenses for work travel to and from work, food for the month. All stuff you need to survive.

Imagine you took all the above off your £2000 total leaving you with say £500 disposable income you can now look at your unsecured loans credit cards etc.

Now say you currently pay £800 a month towards these unsecured loans. you need to work out what percentage of your total unsecured debt you owe to each creditor. then call them and offer token payments of those percentages of your £500 disposable income. This will show you are still dedicated to repayment despite your current hard times.

Get yourself onto the www.IVA.com website and call 2-3 of the IP companies on there and seek advice. Only when they tell you to stop all payments to creditors do so. They will never advise you to stop payments to critical bills such as rent or council tax so always maintain these payments.

Then when they will guide you from there. I am very concerned you have just cancelled everything with no advice at all. You need to pay all essential critical bills as aforementioned asap and make token payments to your unsecured creditors and get professional advice at the earliest opportunity.

Let me know how you get on and good luck

Davey
DaveyBoi - Just Keep Smiling :)

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Julie

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Post by Julie » Wed May 19, 2010 11:17 pm
Hi and welcome to the forum,

How much debt have you got and to how many creditors?

Now you've cancelled the DD's, the creditors will start to contact you. As the others have said, you need to take professional advice to determine the route to take.

Are you in employment and do you have any assets?

It can feel scary, daunting etc..but you are not alone xx
 
 

Shining

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Post by Shining » Thu May 20, 2010 6:57 am
Hi and welcome to the forum from myself too. The link www.iva.com is a good starting point to find yourself an IP, always take the advice of 2 if not 3 to get impartial case sepecific advice. We have professionals who post on the forum and they can be contacted via the experts link and they all come highly recommended.

Take some professional advice and I wish you well x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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