I have buried my head in the sand for years

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Cakie

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Post by Cakie » Sat May 29, 2010 9:05 pm
Hi there, I have enquired about an IVA and DFD have provided great help so far. I now need to fill in the paperwork so that I can move things along. I am terrified to be honest. I have buried my head in the sand for years regarding my debt and finally, as I approach 40, I felt it was time to sort myself out! I have a very good job, get well paid, but have found myself in debt for many reasons and know that I need to take control. I do actually own a property and there is a mortgage outstanding (with Northern Rock) for approx. £113k. I also have a secured loan against it for £40k (with a different firm). I rent out the property and the rent only covers the mortgage payment and not the loan amount. My tenant is happy there. I had to move away from the area due to my job hence the reason for renting out the house. I have now moved back and rent a glorious apartment where I am very very happy - the only good thing in my life really. I don't want to move back into my house (a long story but I just wouldn't consider it); to be honest, I just don't want the house but I find myself in a catch 22. Firstly, I am not sure in the present market that I would make the required £143k+ on it. Secondly, if I put it on the market, my tenant would get spooked and move out. I can't afford that. I did chat to him about buying but he could only really afford around £120 - 125K.
This issue is stopping me from moving on with the IVA - I don't know what to do. I have debts of around £45k. I just want to get on with my life and move on. I know an IVA is the right way forward but I am so scared at the moment. I get the impression from the forum that DFD is a good company to go with - I just wish they'd stop calling for the time being - it's spooking me! I am a single girl with a very busy job and don't have anyone to talk to about this. My family and friends have been great - but I don't want to keep hassling them. I would be grateful for any advice.
taking my head out the sand and starting over...
 
 

Shining

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Post by Shining » Sun May 30, 2010 9:48 am
You've made the first move Cakie, Declan from DFD does post on the forum and I'm sure you'll get great service from DFD and from Declan.

Have you taken the advice of more than one potential IP? It is always advisable to take free impartial case specific advice of 2 or 3 potential IP's just so you're sure you've made the right choice. 60 months is a long journey and you need to be happy with your IP.

All the best. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Julie

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Post by Julie » Sun May 30, 2010 4:21 pm
Hi Cakie, I agree with Lesely you have made the first move. Please don't be terrified, there will be a solution and you will find it.

I'm not sure what will happen to your properties - someone else maybe able to advise.

Declan from DFD is always happy to help and I'm sure he'll stop anyone from calling you, if thats what you want. The important thing is to consider your options and not to put your head back in the sand.

We're all here to help you along xx
 
 

MelanieGiles

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Post by MelanieGiles » Sun May 30, 2010 6:05 pm
Don't let anyone harrass you about entering into any particular debt solution - the decision is yours to make when the time is right, and you certainly do not need the added pressure of constant calls from the firm you have chosen to represent you.

I would be concerned about the secured loan payment, as you say this is not covered by the rental income you generate from the investment property. Your creditors are unlikely to want to see this continuing at their expense, unless there is equity in the property which could be realised by a sale at the end of the IVA. What have DFD advised on this aspect as a matter of interest?

You could surrender the property to the mortgage company, and bring in any shortfall as an additional claim in the IVA. As it sounds that you have no emotional attachment to the property, this is definately worth considering.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Cakie

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Post by Cakie » Mon May 31, 2010 11:48 am
Hi
Thanks for all your helpful messages. I have only really got to the part where I am filling in all the information and haven't actually talked to an IP yet - but instead the people that take down all the info - although they have been really helpful.

I have been thinking about what you said Melanie - I have considered this approach; I haven't actually been advised of anything yet by DFD but will be asking them questions. I think that perhaps I need to get the house valued to see what my options are. I haven't actually defaulted on any payments at all or made late payments to anybody and I do have a good salary so in some respects the house is the least of my worries; its the overdraft, (secured) loan and the credit card bills. I did check my credit rating yesterday with Experian - it's through the floor at only 156 which is a stark contrast to the excellent rating I had last year. My debts haven't significantly increased since then - they've been dreadful for a while, and I wonder if it was something to do with only being at this rental property for 10 months however, if my credit rating is this bad I might as well go ahead with the IVA anyway.

All I do know is that I can barely sleep at the moment and have never felt this stressed in all my life. I can't believe that I've let things get this bad but its time to move on. My only other thought was trying to negotiate with the credit card agencies to freeze interest and come to an arrangement with a final figure payment but I do worry that this wouldn't really solve things in the long term. I guess I am really scared about whether or not life will be worth living with an IVA - I don't suppose it could be much worse than it is now but I just want this horrible constant sinking feeling to go away.
Blimey, I sound so pathetic!! What a way to spend a bank holiday....!
Thanks for your support.
taking my head out the sand and starting over...
 
 

MelanieGiles

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Post by MelanieGiles » Mon May 31, 2010 5:42 pm
I am pretty suprised that this has not yet been discussed with you, and I would try and have a word directly with the IP at this firm as soon as you can to get some clarity on the actual options available to you and the advantages, disadvantages and implications of each one.

Call-centre staff in the larger firms may not be in a position to give you full advice on case specific items.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Declan at DebtFreeDirect

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Post by Declan at DebtFreeDirect » Tue Jun 01, 2010 11:40 am
Hi Cakie
Welcome to the forum from me aswell. Firstly, I would like to apologise if you have been receiving alot of calls from us - I'm not sure why and I will ensure it gets stopped. Secondly, any queries or questions you have, you can direct them straight to me and I will ensure they get answered very quickly and any confusion you may have can be resolved. I do agree with Mel in that sometimes call centre staff may not have the dept of knowledge to answer every question you may have but I am more then happy to help out.
The most important point to note is that you are making a commitment to resolving your debt problems, you have already made the first move and we are here to help you every step of the way.

If you would like to email me, my details can be found under my profile on the experts section.

Thanks
Declan Murray
Debt Advisor
Debt Free Direct - the UK's largest IVA provider.
http://www.debtfreedirect.co.uk/iva/
 
 

Cakie

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Post by Cakie » Tue Jun 01, 2010 11:59 am
Hi Declan
Many thanks for your reponse. I am today trying to pull together all my paperwork. I think I want I need to do is consider my various options with regards to my position. I am sure that an IVA is the correct route, but I just need to know if there are alternatives. The house I own feels like an added burden but I don't want to burn my bridges given that it is more or less the only asset I have other than my car.
I will email you separately about this. Would it be ok to send my information to you directly? Your call centre staff were very helpful but I think it would be better to speak to an IP after you have received my paperwork. Can I just check that I am not bound by anything at this point?
Many thanks
taking my head out the sand and starting over...
 
 

MelanieGiles

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Post by MelanieGiles » Tue Jun 01, 2010 12:03 pm
There will be several options available to you to address your debts, and it is right that you consider each one of them in turn to measure the advantages, disadvantages and implications of each option.

I am sure that Declan will be able to arrange a direct chat with one of the IPs to set your mind at rest - and do let us know how you get on with everything.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Declan at DebtFreeDirect

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Post by Declan at DebtFreeDirect » Tue Jun 01, 2010 12:11 pm
Hi Cakie
I am more then happy to address any concerns you have and as Mel said, there are several options to go through in which will look through.

I’m more then happy to receive your paperwork and I will liaise with one of our IPs to look at it straight away.

Also, to confirm, you are not bound by anything right now.

Hope this helps.

Thanks
Declan Murray
Debt Advisor
Debt Free Direct - the UK's largest IVA provider.
http://www.debtfreedirect.co.uk/iva/
 
 

Cakie

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Post by Cakie » Tue Jun 01, 2010 12:17 pm
Many thanks to you both. I could weep with relief just knowing that I'm not alone. This is a very stressful time.
Thanks again
taking my head out the sand and starting over...
 
 

artemischild

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Post by artemischild » Tue Jun 01, 2010 12:26 pm
Hay Cakie

Im also very new to the forums and also with DFD, have to say they have given me great support and help from the day my IVA started!

I remember when i first started getting things sorted, a very stressful and nervous time but trust me the feeling fo relief and more importantly control you get back is a huge reward!

I hope it all goes well for you!

best wishes
Arty
x
IVA completion and certificate received 08/10/2012!!!
 
 

artemischild

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Post by artemischild » Tue Jun 01, 2010 12:27 pm
ps- when feeling unmotivated or flat have a read in the 'success story' section, its great to read about people who have come out the other end!!
IVA completion and certificate received 08/10/2012!!!
 
 

luluj

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Post by luluj » Tue Jun 01, 2010 1:16 pm
Fear not ....we have been with DFD for nearly three years now and we have had really good customer service from all the departments and have never had cause for complaint (fingers crossed !). The best thing I can say is ensure you understand what you are entering into, ensure the budget set is realistic and then sit back and enjoy - you will become a "saver" rather than a "spender" and before you know it your debts will begin to disappear and your life can start again !
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
 
 

kallis3

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Post by kallis3 » Tue Jun 01, 2010 5:21 pm
Wish I could save - all of our income goes on normal expenses and the IVA.

Glad to be able to keep the head above water and not worry about phone calls and still be in the black at the end of the month.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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