Looked at IVA but a bit scared of going ahead

[Bex12]

Hello I have around £25000 debt I pay all my creditors but it's the minimum payment I've never
Missed a payment but finding it very difficult to find the money to pay it every month to the point of withdrawing cash from my credit cards I have looked at IVA just a bit scared about going ahead with one. My biggest loan I have is with Barclays I took out a loan in 2010 over 10 years i phoned them yesterday but they didn't want to help I said I have nearly pain £145000 off but they said I still have 67 payments of £275 a month total to pay is £33000 because of the interest I really don't know where to turn hope you can advise me thanks you. Becky

[Kelly O]

Hi Bex12 and welcome to the forum

When you first realise that you have debt problem, it can be very confusing and worrying when you do not know which way to turn.

When you speak to an advisor and have discussed all your options you will feel much better when you have a plan.

Realising you have a problem and seeking that 1st advice is one of the difficult steps, after you have sought advice you will feel better

Good luck Bex12 and there will be a solution suitable for you

[MelanieGiles]

Facing up to dealing with unmanageable debts can be a very brave thing to contemplate, however the relief that most of our clients tell us they feel once they have had the initial conversation is likely to be tremendous - and you should not focus on whether an IVA is scary or not, but simply that you are sharing your problems with professional who really do care.

The choice of solution may be wider than you think - an IVA being just one option. I would recommend that you have a chat with an insolvency practitioner who can carefully take you through all of the solutions available for you, and highlight the advantages, disadvantages and implications of each one - after all a problem shared really can be a problem solved.

[Robbieboy]

Do it now, so many on here (me included) wish we had sought advice sooner. You will not regret it and the relief, as Melanie says, is immense. Good luck x

[luluj]

You have taken the first step by asking on here. There is a debt solution for you and one that will see you debt free in a few years.

An IVA is not an easy option, but one that provides a way out and allows you to rebuild your life. Having done it myself I can honestly say it is life changing!

[Bex12]

Hi thank you for your advice and support it is really nice of you #128515;
I have spoken to a lady and decided to put in for a IVA I have sent bank statements wage slips copy of driving licence just need to find total amounts of all credit and account numbers. I have set up a basic bank account with Natwest and in process of changing over my direct debits. The lady from company I am doing IVA with said she will review all the statements and wage slips and get back to me bit scared that she will come back and say there's a problem and an IVA isn't possible I think I am over reacting as I'm sure it's just to prove everything I have said but as I am sure you all know that have done an IVA is a stressful and emotional time just need a bit of advice on what happens now whatnot is all this normal etc thanks in advance for any advice also how long did the process take before IVA was in place is it 6-8 weeks? Xx

[MelanieGiles]

Most IPs would be able to give you that advice without seeing documentation Bex21, although the documents will be needed by the time your case is ready to be proposed to creditors - so no harm in making an early start.

I am guessing that this is probably already the case, and the need to therefore send in the items requested means you are probably already at first base.

Best of luck with it all.

[steppingstones]

Hi Bex12, I'm so pleassed that you feel a bit more at ease now that you have started the process. If I remember correctly, I think the time frame between my very first phone call enquiring about an IVA and the phone call to say that my IVA had been accepted by my creditors was roughly 8-10 weeks. But included in that time was getting together all my documentation and sending it in, which is part of the process that it seems you have already started.

[Bex12]

Thank you ladies for your advice it really helps I'm very great flu one other thing that is concerning me is most of my debt is with Barclays I have a loan credit card and over draft with them so the success of IVA being approved lies with them so it's scaring me that they will
Say no has anyone had Barclays decline on there IVA xx

[Foggy]

They accepted mine

[Shining]

Your IP will put your best offer forward and trust it will be accepted. Did have Barclaycard as a creditor but cannot remember how they voted but my IVA was accepted so hang in there.

[Bex12]

Thank you foggy and Lesley I really appreciate your comments #128515;