I am looking at taking out an IVA but I am so scared and at times suicidal about my position.

[Rich]

Hi Denise,
Im so glad that you have found this forum and are asking these questions. Most of us are in IVAs or have completed and also there are several IPs on here that post as well and will always answer your questions the best they can. I know how you feel as I have been through all the same emotions. I knew that I had to do something about it, but just was afraid to put things in motion. But Im glad I did. I had equity in my house, but after the first year of being in the IVA I offered a full and final settlement which was accepted and now I am debt free. I know it tough Denise, but we are all here and you only need to ask something and someone will respond very quickly. Thinking of you and wishing you the best, keep posting. Rich xx

[Shining]

Denise never feel bad for asking questions or wanting some reassurance/guidance it's what we're here for. We've all felt the same or similar and can relate to your feelings in some way. What a relief you must feel telling your sister and I hope your meet with her is beneficial to you. If you have a reasonable incoem and expenditure and stick to this and pay your monthly payment, declare any bonuses, windfalls or the like your IVA should run smoothly. A good honest relationship with your IP will ensure the smooth running of your IVA. All the best and keep asking whatever you want to.

[Denise.gn]

Thank you Rich, I am overwhelmed by the support and kind words I have received already on this forum. Can I ask you a question and please say if its not appropriate to answer here. You say you made a full settlement in the second year, did you re-mortgage your house or sell it to do this? I am just so worried about my house and if there is equity in my mortgage - only that even if I do have some equity, I cant see me getting a re-mortgage offer from my current provider, and more so if I am in an IVA or debt recovery programme which means I wont be able to appease the creditors with this

[Shining]

Very often Denise if there is equity and it can't be released which is nigh on impossible at the moment 12 extra monthly payments in lieu of equity will be accepted.

[Denise.gn]

Thank you Rich xx

[Denise.gn]

I am so sorry but another question which I am getting conflicting advice about. My mum pays some of the utility bills direct from her bank account and are in her name, plus she pays the building and contents insurance for the house, again this is in her name. Will this have an impact on my IVA application? I spoke online to a charity earlier this week who told me it might, that an IVA might be too risky for my house and to go down the DMP route, however I have spoken to an IVA agent who tells me this is nonsense and it will not make a difference. Sorry, so many questions which I know my IVA contact should be able to answer but its going round in my mind

[recovering]

A good IP will make sure you understand everything I felt the same as you I contacted cccs then from reading this forum I contacted Mel Giles That one call made me feel so much calmer May I suggest you do the same or one of the other firms who post on here what do you have to lose? I am so glad I chose Mel, just made my 13th payment

[Denise.gn]

Thank you Mel. Have you encountered any issues so far with your IVA? Also, did you find it easy to find a basic bank account and how quickly were you able to transfer your salary, direct debits and standing orders over? When did you do this? I want to ensure if an IVA goes ahead and approved that I am fully prepared, and that my mortgage gets paid as usual, plus my other secured debits

[MelanieGiles]

It is just great to see the level of support that Denise is getting from forum posters, so I am going to concentrate on the facts for you:-

1 An IVA is designed to protect your property, not put it at risk
2 If you took over your Mum's mortgage, she clearly has a financial interest in the property and could be deemed to be the ultimate or substantial owner in any case
3 There is a high percentage success rates of IVAs being accepted - in my firm around 98% are
4 IVA failure rates in my firm are less than 5%

If you get the IVA proposal right in the first place, there is every reason why you will not only protect your house, but get your debts repaid at the same time.

Good luck with your application.

[Shining]

Why not have a chat with Melanie or one of her team over the next week before you make any decision. Always best to get several opinions.

A basic bank account can be set up fairly swiftly, just make sure its not connected to any of your creditors.

[Denise.gn]

Thanks Melanie. I will contact you next week for definite.
Sorry but my brain is so scrambled at present, can you explain further the second point you raise re my mum/the mortgage? Is this a good thing - this doesn't involve or make my mum liable for in in any way does it?
Sorry for stupid question, as I said my brain is just so scrambled at present. Can I contact you via your website for a discussion next week?

[MelanieGiles]

I am very happy for you to contact us for a second opinion Denise. And you ask as many questions as you need to on the forum - I'll be around for most of the weekend.

Probably best we talk about the property and your Mum directly - but trust me for now, there is nothing to worry about on that front. If you want to e-mail me, I can have a chat with you tomorrow or Sunday if you would prefer.

[slushysnow]

Listen up girlie

Ring one of the IVA Companies in this forum there is a good choice and get the ball rolling You can call 1 or 2 people on Monday once you do that then you know the actual options open for you ok

Each IVA Is tailored to your needs and what you can pay regardless of what another person does its made to suit you
Think of it as going to a Bank for a loan and the IVA Company is the Bank its that simple You pay them and they deal with your creditors
As soon as you make the call you will feel a lot better as you are getting professional advice let them guide you and no matter what there will be options open even things you havent thought about and you will get accepted
Dont cross bridges until you get to them and take it day by day ok

I did my IVA on my own and no help pretty scary when you have never been on the legal side of things or when they start saying about courts etc but thats coz its legal All you are doing is filling out a few forms and thats it really thats what it boils down to at the end of the day You just work out a figure that you can comfortably pay per month and when you have your first chat with your IVA company they will ask you a few questions and then send you the forms to fill out I had a really good guy go through my ins and outs and he was saying what about this and that and telling me things I hadnt thought if but yes I was paying so my monthly payments were less than my 1 bank loan so I was well happy !!!
and so will you once you get started trust me ok : )
and at the end of the day ...... its only money

[Til]

Hi Denise

Glad you are getting the support and advice you need - that's what this forum is all about and its been a godsend to me over the years.

Have a chat with Mel and her team, as others have suggested, to get a second opinion from someone highly regarded in the industry for both standards and compassion... and also for that expert advice to put your mind at rest and explain your options so that they are easy to understand.

Its daunting at the stage you are at now (and very scary I remember well) but choosing a good IVA firm that you feel comfortable with is important. And speaking from personal experience, its scary now but the relief you will feel when you have chosen the path to sorting out your debts is a huge weight lifted and you will only wish you had done it sooner.

IVA's are hard and sometimes there are other better ways (which Mel's team can explain to you) but I can honestly say our IVA was the best choice we could have made and now with just 19 payments to go (unless we have to pay an extra year in lieu of equity) the light at the end of the tunnel is getting much brighter xx

[Denise.gn]

Thank you Til. Its been so helpful to hear the comments from all of you on this site, and has stopped me from being in an even darker place than I am at present. I know I have to stop beating myself up for what has happened but its hard isn't it. I am in the position at present of only seeing the worse case scenario, that the IVA application will fail. I haven't got any evidence to back that up, but I am frightened of having a bit of hope out of this situation only for it to fail, and then I am back to square one. Various representatives I have been communicating with have told me I have nothing to worry about, either with an IVA or DMP, but I keep going on line and seeing the pitfalls and potential problems and focusing on the posts of people who have undertaken both and they have failed. I know that i have full responsibility to make sure I don't allow this to happen and ironically, I always pay my bills on time, despite racking up such a huge debt. know I cant keep doing this otherwise I am going to make myself ill and that will be no good to me, or to my mum and family. Are you all ok if I continue to keep posting - I know that other people are going through the same or far worse than me, and don't want to be clogging this forum up, but, I have found the personal and professional advice on here, a life saver x