Hi, I am new to this forum and have a question

[jennib]

Hi, I am new to this forum and have a question that I hope that someone may be able to answer.
I am thinking of going into an IVA with my husband. We have a joint monthly income of £2948 and after working it out on the CCCS website we would have £726 available to pay into an IVA each month. What is the pence per pound that they would get (approx after fees) and is it likely this amount would be accepted? We owe £63000. We do not have any equity in the house. Also, if I got a second job, would this be classed like overtime where we pay 60% to the IVA or would it all have to go in to the IVA? And finally, how bad do the creditors hound you because we have recently changed our telephone number and have not informed them which means that they would probably call us at work and I would be so embarrased as I am in a position of authority and I'm sure that everyone knows what "we need to speak to --- regarding a private banking matter" really means"! Can I stop them from calling me at work?
Many thanks for your time

[Shining]

Hi and welcome to the forum.

Have you taken case specific advice from 2 or 3 individual companies as that is advisable to ensure you get impartial advice firstly and discusss all debt solutions suitbale to you.

One of our professional posters will be along to work out the p in the £ for you but the amount you're have disposable assuming you've forgotten no expenditure seems a good one in comparison to the amount owed.

In respect of your telephone number I would inform all your creditors if you decide to go the IVA route that your work number has changed and give them your new home one and agree to talk to them on that only.

Any good IP will sort a proposal that was the best offer and not put this forward unless they were pretty sure of acceptance.

2nd jobs would give you more disposable income and need to be declared to your IP , they would then tell you your revised payment.

All the best and remember the forum do have professional posters who can answer a lot more concisely than I can. x

[MelanieGiles]

Hi Jenni and welcome to the forum

First of all please don't be embarrassed about your current financial situation. There are many people in the same position as you right now, and you should be proud of yourselves that you are doing something to resolve your debts.

I would keep your creditors as informed as you possibly can throughout the process, but ask them not to contact you at work due to the effect this may have on your employment. If you arrange to give them weekly updates, you may find that this actually stops them chasing you.

The figures you have provided would give a return of around 52p in the £ which is very good and much higher than the national average which is around 28p in the £. If I were your IP I would be more than happy to put that forward - but do make sure that you have provided for all expenditure as the CCCS guidelines can be quite frugal if you have a growing family.

[Shining]

You could always take a look at www.iva.com for a list of companies and some reviews of these to get that impartial advice. Our professionals who post on the forum also do come highly recommended. x

[Julie]

Hi Jennie,

Great advice given - I just wanted to welcome you to the forum and reassure you that help, advice and support is always available on here.

xx

[Tina Shortland]

Welcome to the forum Jennie - I hope the information provided so far has given you answers to your questions.

On-line calculators are good up to a point but in order to ensure you have the best possible solution for you both it is best to seek further advice directly from some companies, as the others suggest. You can then discuss your own personal circumstances and be advised on expenditure as quite often we all find clients haven't thought of certain costs or have underestimated things like petrol. You mustn't overcommit yourselves to a payment that would not leave enough for you manage all your normal living costs. No good company would allow you to do that anyway and as lesley suggests there are many good companies reviewed on www.iva.com and who post on here.

Regards,

[Adam Davies]

Hi
It is very important that your expenditure allowance is realistic otherwise five years will seem a very long time.
Do take advice from several other providers
Regards

[Goosed]

Hi jennib. You owe a similar amount me. I thought I would be able to afford to pay a certain amount into my IVA, but when Melanie`s team thoroughly worked out what my outgoings were, I was quite surprised.
Make sure that every expenditure is accounted for, because as has already been posted, five years is a long time to struggle.
Don`t be embarrassed jennib, there will probably be people you work with who will be struggling with debt too. As for what creditors would accept as a dividend, well I think each case is looked at very individually, but my dividend is 34p/£ and thankfully that was accepted with minor modifications.

[whatarelief]

I agree make sure expenditure is calculated properly when I used the on line calculator with cccs I had £342 income for iva but iva has just been agreed at £232 a month your ip should talk through things in detail to make sure the figure is correct.

[kallis3]

Much easier to talk things through with a person. It's amazing what you forget to put down.

[jennib]

Thanks so much to everyone for your replies, I really appreciate it. I'm sure to be asking a few more questions if that's ok!

[kallis3]

Ask as many questions as you want Jenni. That's what we're here for.

[Shining]

As Jan says ask away and we'll try to help and with the input of professional posters, you're sure of excellent advice. x

[Hammie1]

Hi Jennib

Be sure to know that you have definately come to the right place here. Everyone's post for yours, and many more are so geniune and understanding. I also felt embarrassed of our situation, but believe me once I heard the words from my IP on the 20th August, IVA accepted, those were the words I should of heard of a few years ago, and I wished that I had sorted the problem earlier. This forum has also been invaulable to me to, even in the early hours of the morning when I was unable to sleep I would read some of the posts and relaise that all off the questions being asked that we were all in the same boat. Like I said our IVA is now accepted, but I am still reading posts. Good luck to you.

Melanie - I am not sure if you read my post saying that we were accepted, but I also thanked you on there for all off your support, even though you are not our IP, you have been great. We did get to keep both cars - what a relief everything is.

Thanks
Sam

[plasticdaft]

Embarassment,one of the many stages you go through whilst sorting out your debts. I find it more embarassing now when we are in the queue at tesco's and the couple in front are discussing what plastic to put this weeks groceries on!!! Embarassed FOR them that is!!!

Well done in making moves to sort out your debts. Its very easy to get into debt,and much much harder to get out of it,but with the right advice and correct choice of solution it can be done.

Paul