Seriously Confused & In Need Of Advice

[maria1989]

Hi my name is Maria,

Im currently thinking of entering myself into a iva.

My situation at the moment is that i am currently in 22k worth of debt (loads payday loan companies, overdrafts, personal loans) which i took out for my current partner. He has just recently lost his job and is unable to now cover the debts in my name. There are about 18 companies that i have debts with.

I have no assets (dont own a house or a car and no current savings) I live at home with my parents (im living at home rent free) and am currently on maternity leave as i have recently just given birth to my son 2 months ago. Im due to go back to work in april 2011.

I dont get paid maternity pay by my company as i wasnt there long enough so i only get maternity allowance from the government which is £500 a month and also receiving child tax credit £260 per a month.

Im employed by a bank so i cant declare myself bankrupt as i eventually want to go back to work and i cant work for a bank if im bankrupt.

I would like to know a couple of things:

1) if i go in for a iva can i still work for a bank?
2) does an iva go on my credit report? (the reason why i ask this is because when i eventually go back to work, my company will do a credit search as banks credit search you)
3) will i be accepted for an iva?
4) and is a iva the best option?
5) will i have to tell my company that i have entered myself into an iva?
6) how does an iva actually work?
7) will the monthly payments ever change?
which is the best iva company to go with and who i can trust?


Any advice and answers would be appreciated.

Thank you in advance.
P.S. Please no horrible answers. I already feel depressed and stressed as it is.

[Shining]

Hi Maria firstly welcome to the forum.

I'm not sure about working for a bank when in an IVA, it will definitely go on your credit file and stay there for 6 years from date of acceptance of the IVA.

An IP would put together a proposal for your creditors and they would vote and decide if your IVA was accepted, a good proposal wouldn't get rejected, an IVA doesn't suit all and it's best to talk to 2 or 3 companies, try www.iva.com as a starting point to choose 2 or 3 companies to talk too, that way you'll get free, impartial case specific advice, all debt solutions will be discussed. As for telling your company about any debt remedy, maybe an anonymous call to HR will guide you on that one? Monthly payments are based on disposable income after taking into account all utilities/living costs. The amounts can vary with payrises etc., You can choose you company and the link above is a good starting point.

I hope there are no horrible answers there and we do have professionals on the forum who give excellent advice. x

[deb.ml]

Hi Maria,
I'm no expert as quite new to this forum but thought your post sounded like you wanted some advice asap.
Firstly I have never seen a horrible answer on here. We are all on here as we owe money and want to sort out our problems.
One of the experts will see your post and answer your questions fully.
I can answer a couple of them. I have been in an IVA for a year and it has affected my credit record and when I last checked, nearly all my accounts were showing as defaults on payment (it may be different for others).
As for the best company to use. Looking at the forum Melanie or Andy Davie both post a lot on here and are highly recommended. I used Blair Endersby and have found them to be very supportive and helpful but others appear to have mixed results.
I hope you get some answers and congratulations on the birth of your son. Try and enjoy, they grow up so quickly.
Wishing you all the best.
Deb

[Adam Davies]

Hi and welcone
To try and answer your questions
1. You will need to check the terms and conditions of your employment. Working for a bank and entering into a formal solution such as an IVA may affect your employment.
2. Yes, it will be recorded on your credit record for six years
3. Impossible to say, however on the info above it would be quite unlikely that an IVA is suitable at the moment for you
4. Given that you are on limited income at the moment I would consider a debt management plan until you are back at work. Also your partner may find employment soon and may be able to meet the repayments
5. If you work for a bank then you will probably have to declare an IVA as it may well be in the terms and conditions of your employmentto do so
6/7/8 An IVA is based on how much you can afford to repay over five/six years.Payments into it will change as your disposable income changes. All companies that post on here are bona fida and can be trusted
Regards

[plasticdaft]

How soon is your partner hoping to find a new job? It seems like a lot of trouble for you given that an IVA or BR may not be options due to your work.

Paul

[MelanieGiles]

My personal advice is for you to write to all of your creditors and explain your current position in exactly the same was as you have in your post.

The key to this is your partner finding another job and then being able to deal with the debts again, and as Andy says in your current situation an IVA may not be suitable if you have no income or assets to offer to creditors.

Are you parents able to help you perhaps make token payments in the meantime, or at least until you return to work?