www.iva.co.uk

Hi this is the first time I've plucked up the courage to make a post.
Just in process of applying for an IVA - I feel so sick and ashamed of getting into this much debt (approx 56k).
These are my creditors:

Lloyds TSB - approx £35,000
Abbey National - £6,500
Cahoot - £2,500
MBNA - £11,000

What have been your experiences with these creditors?

Have contacted an IP?

Is it all unsecured?

You can not include any secured debts.

you need to give more details.

Then one of the experts shll comment.

hara.

Hi Welcome!
Don't worry about feeling sick and ashamed as you are bound to feel like that - all of us do and you are only human - the best thing about talking to this forum is most people feel the same so don't feel bad about that. I think from what you said you are fairly lucky as you don't have Northern Rock amongst them - they are one of the worst ones. I think you should talk to a IP asap and get your options - do you have any mortgage etc as this will be taken into account.
Best Fudge

Yes, I have contacted Accuma who I have sent my paperwork too. All of the debts are unsecured.

I deal with those creditors every single day, and they are commercial and generally supportive of well presented proposals.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi Sickly Feeling and welcome
The majority of posters on this forum have all been where you are, Keep posting and hopefully you will benefit from everything this forum has to offer
Z
xx


Zoe
x
Keep your chin up - everything happens for a reason!
View my blog http://zoes.blogs.iva.co.uk/

We have a mortgage but what we owe is the same as the value of the property at the moment.

Thanks everyone - I'm amazed at how quickly people are responding to my post.

So you have no equity - although creditors will expect you to have your property revalued during the final year and raise any equity based upon an 85% loan to value based re-mortgage. This will only be possible in your case if the property market continues to rise, so your creditors are taking a gamble on this really.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hello sickly feeling and welcome

Well done for managing to post its quite difficult isnt it???

Well first of all you need to stop feeling guilty,you are one of many thousand if not millions of people who realise they need some help with their debt. Its such a horrible feeling I know but the thing is, you have realised and are begining to take steps to do something about it. Pat yourself on the back its far easier to bury your head in the sand.

You must make sure that you contact around 3 companies before making a commitment, there are good and a few bad companies out there. Make sure also tht you have all of your options explained and that you are able to manage on the proposed budget as five years is a long time.

I realise that you want everything sorted as soon as possible but please take your time and make sure you are completely happy with the way your proposal is going. You can post here any questions, fears, worries etc, we are a supportive bunch with many experts who will help you.

Good luck

lily

there was only the one post when I started.

lily

Hi sickly feeling
We are all in the same boat,or have been,on this forum,apart from the professional experts,so you are amongst friends that fully understand the situation that you are in and how you feel.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp