lot's of us have taken loans to pay debt's,you're not alone.
you'd probably be better with your own account. it must be a basic one- no overdraft etc. if you've got joint debts you can do a interlocking IVA's,if not just you but but all household income/outgoings are taken into account. is the loan secured on property?
check the link on kalls post.
Nothing stays the same...everything changes..hang on in there!
If the loan is in joint names then your wife will become liable for the whole of the debt if you enter into an IVA and will have to make the full contractual payments.
I recommend that you open a new account for yourself if your current bank is one of your creditors. Co-op come highly recommended.
Do seek some further advice about your situation before making a final decision though.
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
no i dont think i have anything secured against the property, but need to check everything as i was only enquiring tonight and didn,t expect a call fron the GW advisor the be honest, so i wasn't ready with all the details of amounts etc
Best to do a bit of info gathering then Steve. List your household income, then your debts (this is a bit frightening as I think we all tend to underestimate but don't worry - any unsecured debt in your name can be included) then start to list your outgoings (other than your debts) ie mortgage, food etc. Take a look at the living expenses guide on www.beatmydebt.com - that will give you an idea on the things you can claim for as expenditure.
If you have as much as possible available when you make your initial calls, you will get a better picture on how they can help you.
Did you approach this company yourself, or did they approach you? Do you have to pay any upfront fees?
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
Just take your time Steve. There are a few recommended firms on this site. Take a look on www.iva.com at some of these- Melanie Giles, DFD, McCambridge Duffy, Payplan and look at some of the ratings.
Believe me, as soon as you speak to someone, you will know who you feel confident with.
I agree with everyone else's comments regarding the firm you choose. If the call has planted the seed then don't rush in; choose a reputable firm from this site.
As someone else has said... Melanie Giles has been great with me so far. I'm just about to make my third payment and from the moment I discussed my position with them, they've been brilliant!
Good luck and make sure you post questions if you need to.
Is this firm the actual insolvency practitioners who will actually be handling your case, or are they merely a firm who gathers up the information and then refers you on to an insolvency practitioner?
I think you do need to speak to some other companies. Bigger companies aren't necessarily better as is sometimes posted on here. If you visit www.iva.com you can read reviews about all of the companies on there.
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 certainly do as the others have said and approach a few more companies and just chat through your situation with them. I would certainly be more than nervous about a company that approached me, there are a lot of sharks out there sadly.
As has been said there are some great companies out there. Good luck!
"It is never too late to be what you might have been"
Fiona
Hi All, I took youre advice and spoke to another company (payplan) as GW solutions wanted £980 upfront. Payplan were very helpfull but i cannot go for an iva unless its a joint one with my wife as she got 2 loans to help me out but i pay them back. They suggested a debt management plan for now. So its sounds like a temporary help, my wife is reluctant to do the joint iva at the moment as she may have some inheritance to come, subject to probate, and is worried about osing it all to my creditors. What a mess i have got myself and my family in
