Struggling

[freelili]

Hi

Firstly I appologise if you were scared by HSBC My biggest debt is with them also. They Phoned my mobile constantly all hours especially when I was at work and unable to talk. I simply changed my number. I cannot go for IVA so I simply told them that I am unable to pay at the moment and am trying to sort out my finances. They had access to my money and it worried me, now Ive changed bank I am not so worried. They have call centres who try and probably get paid more to get you to agree to a payment but I dont give in, that is all they can do at the moment and since I am going bankrupt and have no assests they cant really do anymore yet, eventually they would take me to court or petition for my bankruptcy. Now they write, OK so it doesnt make me feel good but I am doing all I can, if I could pay I would.

You are doing all you can to sort out your debts and you could pass on your IP name and mumber or write to them and explain your situation, I know its stressful but your are already on the path to a better life.

Finally you may not realise it but what you are doing now is the best thing for your children, they will have a less stressed mom and although its tough living on a budget at least its honest and you will enjoy your kids and your life so much more.

i know that I was living on credit and although I knew it was there I couldnt face it, when I did I felt hopeless. Now although this period is hard, I know that there is a new life on the other side of this mess and as scary as it is I am so glad that I faced it when I did. Hopefully as time goes on you will feel better too.

Good luck

LILY

[illihor]

cazmumto4,

My wife and I have recently sent back our draft proposal and things are moving on quickly. We sat down and worked out exactly what our expenses were, takes a while but you have to get it right. Remember, nappies, cloths, nursery fees, child care, Birthdays/xmas and things like that. We have 3 children, they all regularly attend swimming classes and we were permitted to allow for this in the expenditure as it was providing a valuable childhood education. Even the smallest little things need to be put down, then the IP can go through things with you in detail.

Try not to underbudget as 5 years of JUST about managing is a long time and providing for our children is paramount. Be as thorough as you can be and your IP will help you arrive at a realistic figure which wont make things a struggle for 5 years.

Try and take some time to trawl through some of the older posts on this forum as much of the information found here is pure Gold. Hope this helps.

On the way to a brighter future....

[neverending]

Cazmumto4
Your quote "i am also scared that like others i wont manage after iva is set up(assuming its excepted)but i dont want to overstate amounts in case they refuse." really does hit the nail on the head and we all have felt like this at the start of the IVA process.However I cannot stress enough that you must ensure that you have enough each month to live on.Yes you will not have money to eat out,upgrade your car,go on holiday but you must have enough to "live" on i;e the odd takeaway,keep the car on the road and be able to go away and visit family,attend weddings etc.
Five years IS a long time.

[cazmumto4]

hi all, firstly can i apologise to churchmouse for posting a question on the bit you were using! i am also new to the forum and my seven year old is better with computers than i am so please bare with me.isn't it great to be able to winge with people who really understand?!reading the messages has reminded me of things i nearly forgot,like 2 x weekly toddler group for my 2 toddlers.(thanks illihor the bit about swim lessons jolted my memory!)when every penny counts for 5 years, £6 a week is a lot!can i ask if any knows what a fair amount would be for xmas/bdays per month?we have 4 children.(in fairness i know i should ask ip,and i will do on fri) any guestimates?! thanks to all for the swift responses and i hope you are all well. we're in it together! caz[xo]

[batawi3]

Hi
Try not to worry too much about the extra debt,most IVAs have a clause that allows for bankruptcy only if the new debt will affect the return by more than 10%[they receive 30p in the £ instead of 33p]
Talk with your IP prior to the annual review and explain the situation regarding your income.The first year or two IS the hardest but try to hang in there.Your creditors will probably receive far less if they bankrupt you so I feel that this is unlikely to happen.
Regards

Neverending, thank you so much for your words of wisdom as usual, I can sleep better tonight.

Kind regards

[neverending]

Your more than welcome
regards