I don't really know where to start and i find even typing this deeply embarassing but my wife and i have found ourselves again in serious debt totalling circa 40k. Typically credit cards, store cards etc.
I say "again" as we have already succesfully completed an IVA several years ago and now find ourselves at face value to not have learned the lesson which in itself is pretty shameful i admit but please don't judge too harshly.
Up to press, we have not defaulted or missed any payments but are really struggling to even purchase simple groceries/put petrol in the car etc.
My question is can we apply for an IVA again because we have had one in the past (it was completed without issue 5 years ago)or do we need to pursue Bankruptcy or is there another alternative?
Both my wife and i earn a significant amount of money and would be able to repay but for the interest charges which due to the level of debt mean we are in the never ending circle of making only minimum payments for all the cards. We have very little equity in our house as an aside.
Would welcome some constructive ideas/feedback even though it appears that we completely have ourselves to blame.
Hi Roy and welcome to the forum, we would never judge anyone and I would certainly take a look at www.iva.com and talk to a professional. you will also get non-judgemental, free and impartial advice from them and I sincerely hope the right solution is found for you x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
The short answer is that I don't know! However, one of the experts will be along soon to advise you - and don't be embarrassed - look at my username eh?
We've all been there, so hang on in there and someone will be along soon to help.
Please don't worry, no one will judge you, you're not the first person to have been there.
You should be able to apply for an IVA again, or you could consider BR or a DMP.
You need to consult an IP again, and we have some excellent ones on here whose details can be found under the expert link on the left hand side of the page, or visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you.
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
Hi Roy, we are not here to judge you or anyone else (welcome to the forum by the way [:D]). I remember a little while ago this question was asked and Michael Peoples (one of the forum's experts) advised that it was possible for someone to enter into more than one IVA.
I'm sure an expert will be along shortly and they will be able to give you the correct information.
No one here is going to judge anyone. No reason why you cannot have an iva proposed for you.
Are the reasons for the debt the same as last time? Did the IVA run for a full 5 years last time or was it settled with a full and final?(just curious about this,as I think that the "learning to budget" for 5 years is an important part of an IVA that sometimes those who sort out a full and final early exit from an IVA miss out on).
What company ran your previous IVA,and were you happy with them?
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
You definately can - and I have acted a couple of times for people who are on their second IVA. Creditors will want to be assured that the events which have led to this current insolvency have not been deliberate - I am sure that they have not - and I would suggest that you arrange to have a chat with an insolvency practitioner as soon as you can to explore whether they feel this is a viable option for you and your creditors.
Whilst I haven't seen one for a little while now, there was a period not so long ago where I was looking at this sort of scenario at least once or twice a month. I fully expect that there will be quite a lot of these type of cases when the full effects of the downturn in the economy are felt.
Nobody will judge you, so pick up the phone and get the help you need.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
I am sure you are in a situation that many people may find them selves. I hope you find a solution to your problem. I know that I would not be able to manage having a credit card again, please do not think I am judging you or any one I know my self too well.
Jan
Nothing you can buy feels as good as not being in debt.
