Any advice please ???

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Goosed
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by Goosed » Tue Jan 19, 2010 9:08 am
Hello folks,As you can see, I`m a newbie. I wonder if anyone can give me a bit of guidance?
I have been given 6 months notice by my employer of a severe cut in my working hours. This will result in me losing £200 a week from my wage.This will render me unable to meet my financial commitments come July.
I live with my partner, we both work, my house is currently worth approximately £60000,with £15000 equity, in my name only. We have combined debts of £72000 all of which are unsecured and up to date.
I have worked out that after all living costs and essential payments we will have £800 per month left.
Would an IVA be the road to go down?
If so would I be able to keep my house?
Would I be able to keep my car (a 6 year old car worth about £6500)? as I need this car for getting to work and transporting my dogs.
If an IVA is the path I should take, should I start now or wait until July?
Thank you for any advice anyone is able to offer

 

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MelanieGiles
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by MelanieGiles » Tue Jan 19, 2010 9:13 am
Hi there and welcome to the forum - I love your forum name!

I think that an IVA would be an ideal solution for you to considerm as this would protect the family home and offer a reasonable tertunr to your creditors.

I see no difficulties with you retaining your car, as you have justified the need for its retention and it is not of significantly high value.

There is no reason to wait until July to start your application, and in reality it may take a couple of months to set the process up from start to finish in any case.

The other options to consider are bankruptcy proceedings - but is strikes me that this is not necessary given the amount of disposable income you say you will be left with, and will probably affect your property. You could also propose a debt management plan, which will take longer to repay but may offer more flexibility to you in the future if your work situation improves, but on the downside offers no legal protection nor guarantee that interest and collection charges will stop.

I suggest that you take direct advice from an insolvency practitioner at the earliest opportunity. This will cost you nothing, and at least puts some tools into the toolbox for you to work with in the meantime. Good luck - and do continue to use the forum for support in the meantime.

 

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Goosed
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by Goosed » Tue Jan 19, 2010 9:20 am
MelanieGiles wrote:


Hi there and welcome to the forum - I love your forum name!

I think that an IVA would be an ideal solution for you to considerm as this would protect the family home and offer a reasonable tertunr to your creditors.

I see no difficulties with you retaining your car, as you have justified the need for its retention and it is not of significantly high value.

There is no reason to wait until July to start your application, and in reality it may take a couple of months to set the process up from start to finish in any case.

The other options to consider are bankruptcy proceedings - but is strikes me that this is not necessary given the amount of disposable income you say you will be left with, and will probably affect your property. You could also propose a debt management plan, which will take longer to repay but may offer more flexibility to you in the future if your work situation improves, but on the downside offers no legal protection nor guarantee that interest and collection charges will stop.

I suggest that you take direct advice from an insolvency practitioner at the earliest opportunity. This will cost you nothing, and at least puts some tools into the toolbox for you to work with in the meantime. Good luck - and do continue to use the forum for support in the meantime.
Thank you Melanie. A large proportion of the debt is to one creditor (£32000),would they therefore be more inclined to reject an IVA proposal?

 

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kallis3
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by kallis3 » Tue Jan 19, 2010 9:54 am
Hi, and welcome to the forum from me as well.

I recommend that you speak to a professional now, rather than leave it until your hours are cut.

Visit www.iva.com for a list of companies and reviews, or click on the experts link on the left hand side of the page and speak to one of professionals who post on here. You will receive free and impartial advice as to all the options open to you.

 

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Goosed
Posts: 953
by Goosed » Tue Jan 19, 2010 10:27 am
kallis3 wrote:


Hi, and welcome to the forum from me as well.

I recommend that you speak to a professional now, rather than leave it until your hours are cut.

Visit www.iva.com for a list of companies and reviews, or click on the experts link on the left hand side of the page and speak to one of professionals who post on here. You will receive free and impartial advice as to all the options open to you.
Hi,thanks for the welcome...It actually feels good to be taking the first steps into what I expect to be a very tough half decade!!! or so, mind you, I can`t lose my hair with worry...it`s already long gone[:o)]
I was wondering whether to contact cccs to see if they could recommend a reputable IP, as I guess this area is a minefield

 

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kallis3
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by kallis3 » Tue Jan 19, 2010 10:49 am
CCCS use their own IP's, so they are unlikely to recommend anyone else.

If you click on the link provided, you can read genuine reviews of a lot of companies.

 

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Skippy
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by Skippy » Tue Jan 19, 2010 10:59 am
Hi and welcome from me as well. I can't add anything to what has already been said, but wanted to say hi!

 

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Goosed
Posts: 953
by Goosed » Tue Jan 19, 2010 11:01 am
kallis3 wrote:


CCCS use their own IP's, so they are unlikely to recommend anyone else.

If you click on the link provided, you can read genuine reviews of a lot of companies.
Thanks...I didn`t know that

 

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Michael Peoples
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by Michael Peoples » Tue Jan 19, 2010 11:06 am
The CCCS also outsource a lot of IVAs particularly those who are self employed. I am not sure if this is because they do not have the experienced staff to deal with such cases so it is better to contact an IP yourself rather than be farmed out somewhere and further delays occurring.

 

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Goosed
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by Goosed » Tue Jan 19, 2010 11:45 am
Thanks all for the welcome and advice so far...I see from some of the blogs and reviews that face to face meetings are part and parcel of the IVA / IP process, so I obviously need to choose an IP who is relatively local to me

 

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kallis3
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by kallis3 » Tue Jan 19, 2010 12:19 pm
It's only compulsory if you are self employed. Otherwise you can deal via phone and post.

I never met my IP either.

 

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Michael Peoples
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by Michael Peoples » Tue Jan 19, 2010 1:07 pm
Most IP firms will happily meet with a client although as Jan says it is only compulsory for the self employed. However, many clients are happy to use the phone, fax and internet and never have any reason to meet with their IP.

Many local IP firms do few if any consumer debt IVAs and may ask for up front money. There is no need to do this if you contact any of the IP firms on this forum.

 

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MelanieGiles
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by MelanieGiles » Wed Jan 20, 2010 2:16 am
I recommend face to face meetings for all clients, self employed or not - but in reality it is often not essential with simpler cases.

You may find that firms that specialise in personal insolvency have a network of offices around the country and will travel to meet you at your own convenience, so it may be best to shop around before you make your mind up.

 

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CCCS Counsellor
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by CCCS Counsellor » Thu Jan 21, 2010 3:06 pm
kallis3 wrote:


CCCS use their own IP's, so they are unlikely to recommend anyone else.

If you click on the link provided, you can read genuine reviews of a lot of companies.


Hi Kallis3,

Clients, who are advised an IVA is an option, do not have to go to CCCSVA we also advise that there are other Insolvency Practitioners that they can use as this is a legal requirement.

Sarah

 

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CCCS Counsellor
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by CCCS Counsellor » Thu Jan 21, 2010 3:26 pm
Michael Peoples wrote:


The CCCS also outsource a lot of IVAs particularly those who are self employed. I am not sure if this is because they do not have the experienced staff to deal with such cases so it is better to contact an IP yourself rather than be farmed out somewhere and further delays occurring.


As a standard within the insolvency rules you must meet self employed people face to face as we are only based in Leeds this is not always possible hence the reason we refer it on.
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