I got over £15000 of debt and at least 9 creditors

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A.77

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Post by A.77 » Wed Jan 29, 2014 12:27 pm
I got over £15000 of debt and at least 9 creditors I own money to. Had to go job share last year, and start getting payday loans as well.Not coping anymore as my debts start being higher than my monthly income. I am single mum with 2 kids and I don't have any monies to live on anymore.Do I qualify for an IVA and if so..how quickly I could start sorting things out?
 
 

Hair_bobbles

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Post by Hair_bobbles » Wed Jan 29, 2014 1:03 pm
Contact Melanie giles on this forum: she is an ip & comes highly recommended on this forum.

She is listed under "ask the experts" a question.

Just to prepare yourself a little bit, try & gather together all your current debt paperwork/statements, list your outgoings & your income.

Try not to worry ( easily said) but if you have any creditors chasing you for money, as soon as you start the iva route they have to leave you alone & deal with the iva company.
IVA COMPLETED & CLEAN CREDIT FILE.

An old bible proverb says this: the rich one rules the poor, and the borrower is a slave to the lender.

How true are those words of wisdom.
 
 

ClareSilver

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Post by ClareSilver » Wed Jan 29, 2014 2:09 pm
There may be other options available to you as well as an IVA. You need to shop around and speak to different companies before deciding on what to do.

Be wary of anyone trying to charge you for advice. Insolvency and debt advice is free.
 
 

Pennyless

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Post by Pennyless » Wed Jan 29, 2014 2:21 pm
Welcome to the forum A.77.

I too would echo what Hair_Bobbles & ClareSilver have said....you need to speak to a few IVA Companies and Melanie Giles should be included in those you speak to.

You have made a good step forward discovering this forum and can whilst, if an IVA is the correct route for you, it can take a couple of months to get things arranged....the quicker you pick up the phone to an expert the quicker you will see the benefits.

Good luck.
I came into this world with nothing and still have most of it left!
 
 

kazzafunk

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Post by kazzafunk » Wed Jan 29, 2014 7:14 pm
We've been there and it's a scary feeling but there will be a solution for you. If you have no assets bankruptcy might be a better option for you.

I spent a long time speaking to Mike Peoples at McCambridge Duffy mpeoples@mccambridgeduffy.com and found his advice invaluable without being pushy (and of course free!).

I chose McCambridge Duffy after speaking with him and found them friendly and professional.
Kazza

Please visit my blog:
http://kazzafunk.blogs.iva.co.uk/

IVA completed 21/03/2012
 
 

MelanieGiles

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Post by MelanieGiles » Wed Jan 29, 2014 10:51 pm
An IVA may well be a sensible solution for you to consider, and a chat with a reputable insolvency practitioner will enable you to find out more about this and the other solutions available to you.

Although your debt level is relatively small, if you cannot afford to meet the contractual monthly repayments without resorting to further short-term and expensive borrowing, it seems the right time to be sharing the burden with a professional who can help you resolve your financial difficulties, letting you concentrate on the important things like your children.
Regards, Melanie Giles, Insolvency Practitioner
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