Well I seem to be in the same position I was in 10 years ago. Situations change was caught off guard and I end up borrowing more than I should. Anyhow I've contacted VB straight away (10 years ago this step took me over a year with another IP and never discussed options back then) went through my options and I'm now waiting for an IP for IVA. Thought I'd become a member in here as previously I think I read the whole forum without a single post plus get some really good advise.I'm all mixed emotions at the moment. Angry for letting it get like this, Sad to be in the situation again, was actually exited once speaking to VB however I think this was just relief someone was helping - now just nervous... Will be glad once it has been agreed.
Don't rush into anything and be really selective about who you chose.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
VB are a good company and Andy Davie posts on here and initial advice is free. They can be recommended.
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
Well done you for recognising the need for help early on ... you are now once again focusing on what you need to do and fingers crossed it will be sorted for you.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hindsight is a wonderful, impossible thing so don't beat yourself up about it. Hopefully your IVA will be approved and on the way to getting over the debt. Good luck.
1. If you were able to suddenly pay it off once in an IVA are you subject to statutory interest (some firms like the one I used this year McCambridge Duffy don't charge this and it is a variation different to the protocols).- worth checking if still the case.
2. If you you have a property be sure to ask exactly and get in writing what would be required of you at the end of the 5 year term if you can't remortgage and there is equity in your property - see posts on here about people being forced into loans for extended periods after the 5 years or being threatened with a breach.
3. Read and understand every single aspect of your agreement.
4. Understand how any payrise and bonus is addressed and to be captured and your responsibilities.
5. Finally are you really sure you need to go down the IVA route, if your credit file is not totally trashed could you release equity from a re-mortgage yourself, or get. 0% interest card for 40 months to consolidate debt (destroying other cards)
6. Would a debt management plan maybe be better if you could clear debt inside 5 years ?
7. Consider speaking with stepchange, I found them useful before deciding on a route, even if it is initially for them to do a debt management plan and freeze all your interest while you think about it.
8. Is bankruptcy a bad thing for you, 12 months vs 60 months and no "unknown" at the end ?
9. What is the level of debt and what is your spare income each months after essential spending,any equity in property? And defaults so far ?
Etc etc etc
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
41k no assets no mortgage. £240 spare once essentials have been paid.
Thank you for all the comments and pointers. Really appreciated.
I've been down the list ( what a great list!) and Im happy to say a lot of them I have completed. First approached citizens advise and then stepchange and they both advised bankrupt or iva.
Currently have no defaults- however also have no money and debts are going up.
I have been appointed Knightsbridge by Vincent bond and have a call with them on Thursday. They have good reviews but will see how I get on with them.
Would seem like good advice on the face of it, I would suggest getting details of IVA from several of the small sound firms, VB sounds good, I would also contact Michael Peoples from McCambridge Duffy (I used them - see blog below for different experiences I found - can't praise them enough).
I'd steer clear of the large firms that feature regularly on these forums for all the wrong reasons,
Remember if you're going via a broker or anyone else you shouldn't be paying anything up front and to ensure your payments are all indeed going to the IVA and not for example the first x months payments go to the broker who sourced them the business.
Having several irons in the fire and getting advice from multiple sources will help you build a valuable personal database, I had a script of questions I would ask each firm and detailed their individual responses and then made my decision based on those along with a few other factors.
Good luck,
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
