Im nit defaulting on payments yet but will be in about 3 months when my interest free credit card stops.
Im confused about the array of IVA companies and these websites that all seem to link to other ones.
I have made contact with Clear Start and they are sending me a pack. Does anyone know if this is a decent company- they seem friendly but i guess they are salesmen.
I notice melanie on here ranks the highest would i be better with a named individual like her?
Also im concerned as 2 of my debts are with virgin and HSC bank and people in some forums say these are always refused.
Also, i have no good reason for the debt, eg divorce etc ive just been stupid and overspent - is this a bad prognostic factor too?
My saving grace is a do I have a reasonably high wage and im not defaulting yet.
Appreciate any advice as I am panicing and dont know which help to turn to.
My husband went to Melanie Giles after alot of others said he would not stand a chance - she got a very difficult IVA through for him against all the odds including (most important) a totally realistic budget. You could do no better than her. J
Thanks for that. I am thinking of trying Melanies form as I notice clearstart have not been reviewed for other 1 year so iva.com but Melanie seems to have loads of customers. I hope Im approvable.
As I have said you can do no better - it is no exageration to say that my husband's was indeed difficult - Melanie won - hands down - she will take it all off your shoulders and get on with it. Best of luck - let us know how you get along. You will find her not only highly competent but lovely with it! J
I felt as you do now, terrified and confused, its a horrible realisation when you cant meet your payments and you just know youre heading for a finacial downfall.
I am really not sure why you were told that Virgin and HSBC vote against. If you have a good IP who feels you have a good case for an IVA then they will be addressing these issues for you. I am aware that HSBC did have a minimum criteria but even that has been demonstrated not to be the case with at least one of the professionals on this forum.
I dont think you need to worry about reasons for the debt, its done and its in the past now. You have realised that something has to be done and thats where the future is.
Try talking to around 3 or 4 companies just to get a feel for what is out there for you. Then you can kind of judge who you will feel most comfortable with.
Its hard as to be honest some companies are quoting me really low repayments 320 but are they the ones most likely to fail and should i go with a company which is quoting high repayment 550 but which will more likely be accepted? Of course Im tempted to go with the low one but at this stage i have grown up and need the one that will be approved!
The other big thing if maybe a kind IP could answer. Im moving flat in 5 weeks time. I was going to wait and do the IVA in my new flat but if i was to do that I would go into my HSBC overdfraft with repyments which is my current account now. i would rather start process now but is that not viable. If I had to go in my current account overdraft what would happen then at point of IVA.
An IVA is about affordability and if you can only afford £320 a month and you have gone with a reputable company then you should be ok.
There is no point pushing for a higher payment just because you think it might be accepted. If you cannot afford the repayments then the IVA is bound to fail at some point.
It is all down to disposable income after your priority bills have been paid.
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.
Make sure that you are happy with the company that you choose as you are stuck with them for a long time.
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
Personally, I've not had anything to do with Clearstart, have a look on the site I mentioned - they may be on there.
I would still give one or two others a ring - it won't cost you and the other professionals who post on this site come very highly recommended.
Their details can be found by clicking on the expert link on the left hand side of the page.
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
I would agree with Jan though, its so easy at this stage to just jump in and agree to anything to take the nightmare away. 5 Years is a long time and you need to know now that you can make the payments for that long. I dont honestly understand why some companies seem to say one payment is acceptable and another agrees to propose something so much over.
Believe me I do understand that you want this sorted like the day before yesterday, I felt exactly the same but time taken now to find the right company is well worth it and can make the difference between success and failure.
If youre moving in 5 weeks mention this to the company you choose. You will need to recalculate your figures on the I and E from the new place.
I wouldnt go with the first compamy you spoke to, you need to feel comfortable with your company, its a long time, things are unknowns are boung to turn up. Ring around a couple of companies and then decide.
I owed £75k with MBNA (Virgin) and HSBC as major creditors. Melanie Giles did my IVA, it went through with no problems.
My reasons for getting into Debt were just general, no divorce, failed business etc. Just be honest with your statement, the IP's have heard it all before, and they aren't there to judge you!
Give Melanie or David Mond a ring asap, and they will be able to help for sure.
Your overdraft would go into your IVA. Once you start the IVA process you will be told to either stop paying your DD's or make token payments to your creditors. That should help you build up a bit of contingency and help with the move.
If you have any loans with HSBC they will continue to take payments even if you cancel their direct debit.
You should make arrangements to change your bank as soon as possible as well. Co-op and Yorkshire Bank come recommended by posters on here.
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
I would be pleased to help you assess your suitability for an IVA Adam.
But you should not be led by someone who tells you that you have to pay contributions at a certain level. Your contributions should be based upon actual affordability in line with what you actually spend, and not how much someone tells you that you can spend. Of course there are guidelines that we can discuss with you, but the starting point has to come from your own records.
Thanks Melanie no-one seems to know about clear start so i have just completed your online application at least your company seems to be held in high regard here, and hopefully you will accept me.
Only I do move in five weeks into a new flat- is it possible to start the process now and then adjust the new bits in 5 weeks or should I wait till I have moved.
If I wait more than 2 months I will go into my HSBC current account overdraft which I know you cant have in an IVA- or is it reasonable for me to cancel all my creditirs direct debits to avoid that? Or would that worsen my record at the hearing.
