Hi, I'm new these forum thingies so please forgive me if I'm waffling on and not making much sense.
My debt level has reached crisis point and I'm not sure where to turn. I've researched the internet looking at different options that are available (I owe £24,000)but I've ended up more confused. My initial thoughts were to enter into an IVA but my biggest worry is that I will still be paying out all my wages and not able to put a contingency fund away for emergencies. e.g. unforeseen car trouble, household breakdowns, etc). Will an IVA take all spare cash once minimal living expenses have been applied (the guidelines seem a little low on the acceptable amounts to live on) or will there be a little left for emergencies?
Experiences do vary, but with the help of a good IP your allowances should be adequate. Not luxurious living, by any means, but, to be honest, I was living better in the IVA than before it!
I would suggest you chat with a couple of firms to get specific figures and so be able to make a more informed decision. Have a look around the forum and you will see who are good (and who aren't). But do bear in mind that there are many more firms out there not mentioned on here. You can find a fairly comprehensive listing, with reviews, at www.iva.com
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It's definitely good to do some research about the options available to you, however it can feel like a never ending information overload. It is important to speak to a professional who is qualified in explaining all of these options you have found and provides you with advice tailored to your situation as this may give you more options.
The majority of insolvency firms will NOT charge for advice and can certainly help you out of the crisis point that you are starting to feel you are in.
We always advise people to do some research on the options discussed and if you decide to go with an insolvency firm, ensure you do your research into the company too.
I work alongside Melanie Giles and Kelly O at PJG Recovery. Picking up the phone is the hardest part, from then on things WILL get better... For help, find our contact details at www.pjgrecovery.com or www.melaniegiles.com
It can be quite daunting at first with all the info and all you want to do is just get it sorted!!
Its going to pay dividends in the long term to do your home work with regards to going with the right company. You will probley read some of the issues people are having from time to time with certain companys.
Remember do not rush into anything if you can and sign up with the first company that promises you the earth.
Its so important to get the budget right so that you stand a chance of getting through the IVA.
Do you own your own house?
Im sure once you speak to a few companys and bring up any issues you might have: Equity release, PPI, Budget issues,etc you will be fine.
Do not sign anything until you fully understand what it means for you.
There are some great experts on here and people who are in an IVA or have finished that have so much knowledge, its always a good idea to just run it by them if you not sure.
Do your research and if you decide to go down the iva route be very sure that you are comfortable with the company you choose. (You will get a feel for different companies on this site.) It is very easy to panic and sign up with the first people who offer you a solution. Remember that you are not alone, we have all been where you are now and there is a way forward for you. Iva is not a 'soft' option but get it right and it can be a brilliant solution. There is light at the end of the tunnel. Good luck.
