I currently have approximately £37,000 debt (bank loan and 5 credit cards). I was/am struggling to keep up with the minimum payments so contacted an IVA company who suggested the IVA route. I contacted all debtors to advise that I was entering an IVA and requested that I make token payments on all my accounts. This was agreed but now my 3 months of reduced payments is due to end and I'm back to square one. I sent all of the relevant details, payslips, bank statements, credit card statements etc including my husbands current financal details (advising debt of approx £16000 - credit card and overdraft) only to be told that the creditors wouldn't see my case favourably as I pay more than my husband??? Of course I pay more, it's my debt not his and all in my name! He cannot afford to pay my debt as he is only just managing to pay his. The conversation wasn't very clear and I was then offered the DMP that was discussed back in September at the start of the process which seems to work more in the company's favour. I'm hoping an expert can advise if this is normal or can I contact another IVA provider who may be able to help my situation.
What a strange thing to say if there is only you entering into the IVA. It is exactly what it says - individual. Your husband obviously needs to service his own debts, and this should be taken into account.
I would certainly give one or two more companies a ring. You're not in an IVA and can do so. Either click on the expert link on the left hand side of the page and contact one of the professionals who post on here, or visit www.iva.com for a list of companies and reviews.
Which company is it?
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'm no expert - but what exactly was this company doing for 3 months while you were making your token payments? It sounds like they should have been arranging your IVA proposal.
Do as Kallis says and contact a few companies, but if you want a personal recommendation, give Melanie Giles a call - I can guarantee you won't be left hanging for 3 months wondering what is going on!
Hi,
I agree with the above post, you should ring round a few more IVA companies, but I would recommend that Melanie Giles is one of them. Her team are superb!
Please do take the advice of getting some specific advice for your circumstances from 2 if not 3 companies, the link Kallis provides is an excellent starting point as is the expert link to the left as the professional posters who post on forum do come highly recommended.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Let us know how you get on. We're always here for any advice and support you may need.
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
