enough is enough

[wen]

Hi my husband and i have decided that enough is enough and we're going down the iva road...hopefully!! If i have a catalogue account with a zero balance will i still be able to use it when i'm in the IVA? I did have a question about bank accounts but you've answered that one for us.. thanks.

Nice talking to you

[OPTIMIST12]

Hi wen -

I am not an expert but am in an IVA myself. My own advice would be to get rid of the catalogue. Surely to continue using it would amount to taking on further "credit"?? Your IVA proposal will include money for clothing etc and will - probably - include a "contingency" fund for unexpected expenses. This will NOT be a lot however!!!

An IVA means a major change in lifestyle and it is best to bite the bullet from the start. It is NOT the end of the world and gives you a definite target date for debt freedom. One vital thing is to give your IP / IVA Company a complete and honest account of your debts.

Hope you will keep posting (how far have you got with your IVA??) and may I wish you the very best. Good Luck!!!

[jpj]

I think you will find the catalogue is classed as credit!...no point buying clothes on the never never...the interest is high,and that little each week turns out to be a lot (how do you think they make a profit!)

Theres some good cheap clothes out there now...walk/bus it into town,and remind yourself about the true art of shopping.... It may look good in the catologue,but you cant beat trying before your buying!!

[Adam Davies]

Hi
NO,you will need to cancel this.
There have been horror stories on here of people using credit cards,post IVA,that had a zero balance and running up debt.This has put their IVAs at risk.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Soulgrowth]

I used to have two catalogues wen ... I buy my suits for work from the "Next" catalogue as I have found them the best ... but I now order them off my daughter's account and pay for them in full after I have put the money aside for them first [:)]

One of the positive outcomes of going into an IVA is that it gives you the opportunity to evaluate and change your spending patterns ... for the better [:)]

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

[wen]

Hello - thanks for your replies - my husband and i are off to see our financial advisor tomorrow to discuss the way forward for our quickly sinking business and we've been advised that an iva is a way out. We had many questions we wanted answering but reading this forum many of them have been answered. WE're still apprehensive as to whether we will succeed with the iva and hope that we have the percentage of yeses needed to proceed. I feel so much better though reading through this forum, you're support is great to each other.

Thanks[:)]

[pixie]

Hi
I still use a catalogue but I've always paid it as soon as I've decided which items i'm keeping. I've never used the account for credit before or after iva. I thought this would be ok so long as there's never a debt on there.

Pixie

[wen]

Hi Pixie
I'm the same i only use for the odd item but i pay it straight away and this is the same with my next account, it's there for the odd item and i always pay it off straight way. But i think i will dispose of the temptation. Our problem is we are fully uptodate with all our personal commitments and 99% of our business commitments we just have this one overdue debt that is causing us huge problems. Hopefully we can get the advice we need tomorrow[:)]

[Soulgrowth]

Good luck for tomorrow Wen ... do let us know how you get on ... and stay around in the Forum as you will find that you have somewhat of a journey ahead of you ... which some of us have already been on and can help and suupport you along the way ... and from your own experiences you will then be able to help and support others coming along in the future [:)]

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

[iva.com]

Hi wen,

I hope that your meeting goes well today.

If you do decide on an IVA you might find www.IVA.com useful. We maintain a list of IVA firms and IPs and publish client reviews of the services that they provide.

Please let us know how it all goes.

Kind regards,
Terry Balfour
IVA.com


IVA.com - The IVA Comparison Site
100s of reviews, All IPs and IVA firms rated.

Use our IVA firm comparison tool to find best IVA firm for you:
http://www.iva.com/iva_comparison_1.asp

[wen]

Hi all - well we had our meeting and we have been old that the only way is br - so here goes down the br road!! feels very strange but all these sleepness nights are taking there toll - glad your all hear[:)]
Wen

[wen]

Hi again - we have been advised to close our business but what happens to the staff and their pay? wen

[ray_a]

Hi Wen

Sorry to hear about your situation.

As for the closing of the business, this is a complicated area as it depends on what you do. You will need to get as much money you can from your debts.

Your staff will be treated as preferential and therefore you will have to pay them redundancy. I suspect there will be no funds available and when you go into bankruptch the redundancy fund will pay the difference.

If you have an accountant go and see him as he will know your business and advice you as to what requires to be done.

Do come back if you need any help with anything specific.

Take care and Good Luck

[tracy.h]

Hi Wen
I just wanted to say im so sorry,that things have turned out this way for you and your family.
Be strong when this is over you will be free to start again.
I know its daunting but if you read some of the blogs ie:Skippy,Kerri,Coco,and many others it will show you,you are not alone,they have all been there and share there journeys and will give you hope for the future.
I am sending you and your family positive thoughts.

Take care

Tracy

[wen]

Hi

It was their wages for this week and last week that i'm not sure about..i'm calling our accountant tomorrow but just thought i'd ask the question before. It's been quite a year for us..my husband was subject to an armed robbery in our post office and then he got arrested as the police thought he did it!!! all that was sorted but our post office was not allowed to re-open so our business has gone down pan!! now we have to look forward and look forward to our debt free life[:)] glad i have you guys to talk to... thank you sooooooooooo much

wen