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

[Shell.76]

hi denise.gn like you i had never missed a payment and didn't want to miss any but was advised to do so on entering an iva, so glad i did as it helped me put some money away for a rainy day!!! i also opened an account with think money, for the last 5 years i have known exactly how much i had to last me the month as ur bill moneyis in a seperate account and cant be touched it kinda gives you peace of mind. my iva journey is now over and i still have this account. although i have just opened a coop cashminder account you should have a look at the coop account aswell!!![:D]

[Denise.gn]

Thanks Shell. They do sound very good and it is brilliant to have your bill money and what's left over in separate accounts. They aren't affiliated with any banks either are they?? Because I have approx. eight creditors including 2 banks and the rest on credit cards, I was worrying about opening up a basic account only to find out they are linked to one of my creditors.

[Denise.gn]

I am sorry, and I know talking to an IP next week will answer this question, but just wanted to put it on here and see what you think. If you have more equity in my house than the total of your current debt - (I am positive that I don't but I just want to ask the question), will the IVA still be approved or will they insist instead that the house is sold instead at the creditors meeting? The only reason I ask is I have seen an message from someone saying that the company they approached for an IVA told them they didn't qualify as they had too much equity in the house, and to go for a DMP. But surely if they went for a DMP, the creditors could force them to sell the house anyway?

[Hyperdrive]

You need to speak to a provider. I was so stressed out at the beginning but talking to someone who is looking for an answer to the problem, rather than a credit card rep looking for the shirt off your back, is in itself a relief. [;)]

[recovering]

I think you will drive yourself tizzy if you keep reading other posts/forums! Very hard but Just try and keep calm, when you talk to Mel i'm sure it will all become a lot clearer, I think I was poss in a worse state than you[;)] but you will get it sorted[:)]

[Til]

Hi Denise

An IVA is tailr made to suit your needs, so even a house with equity can be protected by a good IP who estalblishes the rules around the home right from the start.

There may be circumstances where someones home was deemed so valuable that they weren't actually "insolvent" as it were but as you say that is unlikely to be you and also reading back to Mel's post it may be that your Mother is technically in owndership of some of any equity that might exist and as such her share would not be able to be touched.

The devil really is in the detail and a good IP will ensure that all eventualities are covered in your IVA to ensure that a home that needs to be protected can be.

As we've said an IVA is just that - "individual" - so they can be tailoured to your individual situation. I would not worry about the house too much at this stage. That can be tackled when you speak to your chosen IP and then before you make your choices you will know exactly where you stand.

If your situation is complicated you may well be best to go to a firm like Mel's as she is well regarded for her personal treatment of her clients. We are with Debt Free Direct and whilst they have been great our situation was very simple and because they are a big firm you don't get the one to one care you would elsewhere. This suits me as I am a bit OCD when it comes to our IVA but I sometimes wish I wasn't such a small fish in a huge pond.

Either way please don't worry about the house until you have spoken to someone. It really can be protected and whilst one person may have had to sell their home I haven't heard of many cases where that has come up and it was probably due to the home not being protected in the IVA from the outset x

[Denise.gn]

Thank you Til, so much. I do think I am going to benefit from an on-going very close relationship with my IP, and your advice is just so supportive and useful, and most importantly, reassuring in a very stressful time, as has everyone else's. I am going to make a pact with myself not to google when I go to bed as only had two hours sleep last night, but try to read a good book instead. And to contact Mel to have a chat and see what options I have open to me. I felt very upset today as it was mothers day and I would have usually gone out and bought her something but I bought her a lovely card from the supermarket for £1 and a bunch of £2 flowers, and apologised for not getting her something more but I have been so busy lately. Her answer was, you look after me every day of the year and you are always there for me, and your card and flowers mean more to me than anything - I nearly broke down and told her everything but managed to stop myself in time. Crying as I type this, but it does go to show that mums sometimes just need their daughters there for them in person, not bright, sparkly things. Lost my dad when I was quite young, so she is all I have left. Sorry for the personal stuff, just needed to get it down now, am going to go have a strong cup of coffee xx

[Shining]

Enjoy your coffee and stay away from google, get some sleep and things will seem much clearer tomorrow. Once you've contacted Melanie or one of her team, I'll almost guarantee you'll feel relieved.

Take it easy, you've recognised you've a problem and now you are trying to remedy this, who could ask for more?

My daughter made my sunday lunch today, to me that was priceless, it's all about the little things. x

[Jeano99]

Keep your chin up denise
Wishing you the best of luck on your journey.
I went through exactly what your going through. At times I felt worthless ( still do occasionally )
My parents still dont know our situation, theyd be devestated.
We've only told the children & our 2 closest friends
This forum is a god send, a life line.
We're almost 1 year in, so still early days but so far so good & our yearly review is coming up soon.
There are some great people on here, so your not alone. There,s always someone here with advice.
Remember while in an iva & being on this forum, your NEVER alone.
Good luck x

[Denise.gn]

Thank you all so much. Just wanted to add that my sister has just been an absolute rock and I honestly don't know what I would do without her. Big sis's are just the best tonic. I have also been reading some of the blogs on here and they are just fascinating, uplifting and some even made me smile, something I haven't done for a while. Am sure I will be back on tomorrow with a zillion more questions xxxx Goodnight everyone and thank you once again from the bottom of my heart xx

[Hyperdrive]

It`s funny how adversity brings families together and how it brings into perspective the important things in life. That happened for me. There is a future for you Denise and it`s brighter!!
One word of advice, speak to more than one provider before you decide on who to manage your IVA.
Good luck [:)]

[Til]

Goodnight Denise and I hope you sleep well. Google cannot bring you any real answers and often puts more questions before us instead. Its an amazing tool but can also cause far too much worry in this situation. In your case I recommend putting Google to bed lol Instead of that speak to a good supportive IP and get your options all explained and all your questions answered for your personal and individual circumstances. Also having your sister as support will be invaluable.

Speaking as a Mum in an IVA I can honestly say that the handwritten cards and letters my daughter makes me are so much more valuable than any gift. The IVA has changed the way I look at things materially and whilst I would still love a lottery win I have come to realise that as long as I have my daughter & family anything else is just gravy as they say

Your Mum sounds wonderful and I am sure that with a loving family such as yours you will soon be through this scary patch and on the path to being debt free. You may even find that after you have chosen your path and the dust has settled, along with all the questions being answered, you might even be able to tell your Mum about how you faced a problem and fought it head on. Take pride in that - it takes guts to bring our heads out of the sand and say enough is enough I'm facing this monster - and often that's all it takes to beat it. Sleep well Denise and we are all here for you xx

[Shell.76]

you should be fine with thinkmoney denise, i would give them a quick call to put your mind at rest. hope you give melanie a call today so you can get some answers and then maybe a better nights sleep!!!! good luck[8D]

[Denise.gn]

Hi, another day and another zillion questions. I appreciate I will prob need to speak to an IP about this but I panicked and thought I would also post on line incase anyone can advise me too if they have been in a similar situation. When I took the property over from my mother in 2009, (we have previously paid for a joint mortgage), a conveyance drew up a document to protect my mum, seeing as she had already paid quite a sum into the mortgage and I was now taking it over and would as they saw it, reap all the benefits. The document was drawn up to protect my mums interests and security and one sentence states that no disposition of the property by myself may be registered at the land registry unless my mum or her conveyance consent to this. What does this mean in reality? I am now worrying about this and if it will affect my IVA request, and/or if I have to tell my mum about it. I have made the decision that if an IVA is approved, I will then tell my mum, but I don't want to do anything to worry her beforehand. I want to be able to tell her that I had a huge problem but this is what I have now done about it, rather than now telling her, without a solution. I just couldn't do that to her. Help please, from feeling okish yesterday, I am not panicking and going back to square one

[Hyperdrive]

Denise, why don`t you call an expert, I can see how worried you are, and you`ll get an answer off them pretty quickly I`d imagine. I wouldn`t like to voice an opinion on the question you raise - it sounds fairly technical, sorry I can`t help more !