terrified of losing my home

[rockstarloz]

Hi, I am currently in the process of applying for an IVA and am waiting to get new bank account details before I sent the signed forms back. I have been told not to make any payments to creditors. I am really worried that if it is rejected I will have missed payments and have to pay bigger payments to my creditors. What would my options be? Do DMP work or is it likely creditors could refuse this too? Will they then take me to court? I am a home owner and am terrified of losing my home.

[Soulgrowth]

Hi rockstarloz ... and welcome to the Forum.

Great to see that you have taken some really positive steps to address your debt situation. An IVA is a really brilliant way of gaining control of your finacial situation and one of the greatest advantages is that it protects your home. I know from experience just what a worrying time it can be ... but have faith at the moment that your IVA WILL be successful [:)]

You might like to post some details of your total debt and income here on the Forum so that one of the experts could cast an eye over it for you.

Wishing you all the best ... and keep in touch with the Forum as we are all here to help you along the way.

Debbie

[angela18]

I was much the same as you.. we had about 63500 between us and all I could think of was losing my home and my job..

we went through Melanie and her team were fantastic. they would not take a case on if they weren't confident in it. we pay 41p/£ in our IVA.

speak to an IP, they will give you all the advise you will need

[Adam Davies]

Hi
How much are you proposing to pay per month,how much are your total unsecured debts and how much equity do you have in your property ?
Regards

[rockstarloz]

I owe about 19,000 in unsecured debt, ufortunatley mostly to HSBC, who I know can be very awkward and unhelpful. My IP has proposed I pay 58p in the £ as HSBC are more likely to accept this. I only moved 2 months ago so don't think I will have that much equity at the moment. I have cancelled all payments to my creditors but can't cancel my HSBC loan without talking to them and I can't do that as they will then know I am applying for an IVA and could do the whole right of offset thing.They are also charging me £160 at the beginning of the month for charges - going over my limit.

[size5]

I am surprised that you don't seem to have, as yet, changed your bank account. If you haven't done it yet then arrange one as soon as you can with a bank to whom you don't owe money so that you can make a fresh start.

If you have already done it and are simply worrying about the charges then I wouldn't worry too much at this stage as in theory they can add what they like but if your IVA is approved it won't make any difference whatsoever.

Regards.

[rockstarloz]

Thanks for the replies, it is nice to know your not on your own!! I have applied to natwest and just waiting for them to send me the bank details. Hoping it will all go through smoothly!! Then I can send the papers away and my creditors will know that I am going for the IVA.

[MelanieGiles]

The sourcing of a new bank account is absolutely essential if you have debt with your current bank and are planning on entering into an IVA.

[rockstarloz]

Have just got my new bank account details today. So its now a case of sending back all the forms and then creditors being contacted. My main concern is HSBC alhough in these forums they seem to have said yes more than no. I owe 9,000 in a loan, 3,800 cc and 1,500 overdraft. They are key to the IVA going through. Fingers crossed.

[MelanieGiles]

HSBC are pretty supportive of IVAs, they just have a high hurdle rate of 40p in the £ which is far in excess of the other creditors.

[Soulgrowth]

You seem to be doing all the right things and are well informed ... you'll do ok [:)]

Debbie