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Jessicamj
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by Jessicamj » Tue Nov 21, 2017 9:25 pm
Hi guys i am new to this

Not currectly in iva yet but have phone call tomorrow with national debt relief (McCambridge Duffy)
Has anyone used these before?

I have reduced payments with all my creditors already would they accept an iva due to this?

Also what would you consider on missed payments until the iva is set up as i really cant afford to make the payments. Would this go against me of the chance of being accepted for the iva?

I cant see any other way of getting out of debt. I am only 22 with £24000 debt, bankruptcy is my only other option :cry:
Last edited by Jessicamj on Thu Nov 23, 2017 4:07 pm, edited 1 time in total.
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kallis3
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by kallis3 » Tue Nov 21, 2017 10:01 pm
Hi,

One of our better companies on here
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JustPlainStupid
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by JustPlainStupid » Wed Nov 22, 2017 12:08 pm
Jessicamj wrote:
...Also what would you consider on missed payments until the iva is set up as i really cant afford to make the payments. Would this go against me of the chance of being accepted for the iva?:

I did reply to this last night but it doesn't seem to have gone through.

My experience was that I spoke to a financial advice company first. The moment I made the decision to go down the IVA route, they advised me to cancel everything. I think by the time it was sorted I'd probably missed about £8000 worth of payments on £65000 worth of debt and my IVA went through very easily.

My advice would be to make sure that this is definitely, definitely, definitely the right thing for you. I was in a very dark place when I did my IVA and thought that there was no hope. 2 years later and my circumstances have changed enormously. My monthly payments are now considerably more than the payments I was struggling with when I went into the IVA and I wish I'd worked out another way of doing it. Once you're in an IVA, you're in it until it's complete. It affects you in more ways than just not being able to get a credit card!

Hope it works out ok.

Andy
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Foggy
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by Foggy » Wed Nov 22, 2017 12:13 pm
JustPlainStupid wrote:
Jessicamj wrote:
...Also what would you consider on missed payments until the iva is set up as i really cant afford to make the payments. Would this go against me of the chance of being accepted for the iva?:

I did reply to this last night but it doesn't seem to have gone through.

My experience was that I spoke to a financial advice company first. The moment I made the decision to go down the IVA route, they advised me to cancel everything. I think by the time it was sorted I'd probably missed about £8000 worth of payments on £65000 worth of debt and my IVA went through very easily.

My advice would be to make sure that this is definitely, definitely, definitely the right thing for you. I was in a very dark place when I did my IVA and thought that there was no hope. 2 years later and my circumstances have changed enormously. My monthly payments are now considerably more than the payments I was struggling with when I went into the IVA and I wish I'd worked out another way of doing it. Once you're in an IVA, you're in it until it's complete. It affects you in more ways than just not being able to get a credit card!

Hope it works out ok.

Andy



Definitely agree with Andy that this is not a choice to be made lightly -- but, on the other hand, if we had crystal balls we wouldn't be here in the first place ! I think those whose circumstances improve drastically are in the minority and they are more likely to go downhill rather than up!
You have to make the best decision you can with the facts available at the time and then go with it.
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kallis3
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by kallis3 » Wed Nov 22, 2017 1:26 pm
I agree with Foggy - please think carefully before making a decision. Most of us did not make payments so we could build up a bit of a contingency fund - it makes no difference to your IVA application.
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