We are truly suffering.Is there any help or advice?

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1


User avatar
Posts: 1
Joined: Sat Jul 24, 2010 6:58 am

Post by emmanuel.6 » Sat Jul 24, 2010 6:58 am
WE are currently one year into a five-year IVA programme which we find quite hard. In addition my wife has had to keep up paying a huge monthly sum separately for an ever-increasing repayment rate on a Welcome Finance loan secured on our property. We are truly suffering.Is there any help or advice for us?. We'd be very grateful. Many thanks in advance


User avatar
Forum Expert
Posts: 76066
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Sat Jul 24, 2010 7:07 am
Hi and welcome to the forum.

Sorry to hear that you are struggling. You need to speak to your IP about this to see if your payments can be reduced if needs be . Have you had your yearly review yet?

Which company are you with?
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.


User avatar
Posts: 582
Joined: Fri Jul 23, 2010 7:25 am

Post by baldy » Sat Jul 24, 2010 10:02 am
Hi we are new to this site but have been doing a lot of reading gathering lots of info.We are in the process of getting our IVA through the cccsa.If you are having any problems with the budget or really living off nothing you have to get on the phone to your IP and tell them.From all the posts on here that is a Very important thing to do keeping in touch with the IP and letting them know exactly what is happening ie any finacial changes etc.We have a secured loan with First Plus (3years into) and our payments have stayed the same.Why do yours keep going up?. Good luck and hope it all works out.[:)]


User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am

Post by MelanieGiles » Sat Jul 24, 2010 3:54 pm
Why are you finding the payments a struggle? Did you put forward your income and expenditure budget to your IP when the proposals were being prepared - and were all of those figures accepted? Or have you suffered from a change of circumstances since the creditors meeting which has affected your disposable income?
Regards, Melanie Giles, Insolvency Practitioner


User avatar
Forum Expert
Posts: 9545
Joined: Wed May 21, 2008 12:45 pm
Location: United Kingdom

Post by plasticdaft » Sat Jul 24, 2010 7:25 pm
I think the problem Mel is the increasing costs of the secured loan. Welcome seem to have a history of upping the rates as and when they please.

Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”