About to start IVA process

[Neil]

Hello to all forum members and experts alike.
I'm new to the forum and am in the process of gathering all my details for an IVA with 'debt free direct' after speaking to citizens advice.
Married with two children living as a council tenant.
I had been juggling my debt from one creditor to another, paying the minimum and had to consolidate some cards with a bank loan which I now regret. My biggest mistake was hiding it all from my wife for the last 18 months. The guilt and worry ended up with me on a course of medication from the doctor. My families life has suffered during this time and I finally plucked up the courage to tell my wife on 23rd Feb. She was shocked to say the least and it will be some time till she has any trust in me I know. Now things are out in the open I can look forward to dealing with my debt, health and family.
I feel better since seeking help and look forward to keeping in touch with the forum and reading/seeking advice from the many before me.
Here's to a brighter future.
Neil.

[Lisa2009]

Hi Neil and welcome to the forum.

Well done for dragging your head, kicking and screaming out of the sand. Hardest part is over now you have admitted you are in trouble.

DFD are the largest IVA provider. Don't get me wrong, they do their stuff but communication is very poor, especially if there is a problem.
Hubby was with them and it all went really smoothly for 3 years and problems only arose when he tried to make contact to offer to settle early.

Out of curiosity.......have you spoke to any other companies?
It may be worth looking at www.iva.com
There you will find a list of IVA companies and reviews on each.
Smaller companies seem to give you the more personal touch.....better communication.

There are also a couple of very highly recommended IP's who regularly post on this forum. Their details can be found on the experts page.
May be worth giving them a call?

The best bit of advice i can offer is.DONT agree to pay an unreasonable ammount each month.
Remember you have to keep this up for 5 years and as relieved as you may be if your IVA is accepted, you dont want to live in complete poverty or set yourself up to fail.

Please keep posting. We are all here to support each other with anything and everything.

[flumpy dog]

hey neil-the relief must be immense.
well done for having the strength to tell your wife and face up to everything
welcome to here and if youre ever down,worried or need words of encouragement or support jump on here [:)]

[size5]

Just out of curiousity, did the CAB directly recommend DFD or was it a case of them advising you that an IVA was a good solution for you and you found your own provider?

Regards.

[Neil]

Hi again and thanks for the welcome.
To answer everyone, I currently have only spoken to CAB debt advice staff who recommended DFD as an IVA provider. I have not as yet been in contact with any other IP's or companies. I was relieved an IVA was a solution for me in CAB's eyes and maybe I should slow down a bit and not do anything hasty.
I only have a case number with CAB at the moment with only some information from DFD and some personal sheets for me to fill in and send back. I am currently getting statements from LLoydsTSB and looking to move banks as they are one of my four creditors. I am still a bit unsure of the amounts needed to fill in such as 'food and household goods' for a family of four, is there an acceptable average?
I will wait for some replies before moving any further as I wouldnt want to start off on the wrong foot.
Neil.

[kallis3]

First thing is to change banks as soon as possible. Co-op and Yorkshire Bank are usually pretty good ones to go to.

I would definitely speak to more companies. Apart from one or two posters who have had a positive experience with DFD, most people's experiences have been negative ones.

There are good companies on www.iva.com and you can read what people say about them.

They will also advise as to how much you should be putting down as expenditure.

[Michael Peoples]

Hi Neil. There are guidelines for food and household goods but there are also other allowances for after school activities, house & car maintenance, medical, dental, optical etc which are expenses not incurred every month. Many people forget about these expenses so it is worth speaking to the advisor who should be able to assist with the amounts. Thsi will mean that the figure you can agree to repay to creditors is actually affordable and you can maintain that payment for five years.

[Neil]

I have just spoken to an advisor at IVA.com and it appears an IVA may not be the best solution but a DMP. I welcome all the advice as I am no money expert yet (I should be very soon).
I will keep you all posted.
Neil.

[luluj]

Neil - welcome.

We are with DFD and have been for 18 months now - we have not had any issues with them at all, and communication has been excellent both by email, post and telephone.

Yes there are lots of other IP's to choose from, it is important you are happy with your chosen company and you will be working with them for the next five years potentially to aid your debt free life !

Good luck and stay posting on the forum -even 18 months on it is a life line that I cannot do with out - everyone is so friendly and offers impartial advice

[kallis3]

Speak to one or two of the companies on iva.com. They all come recommended.

As lulu says, you need to make sure you are comfortable with the company you choose.

[Skippy]

I would recommend taking advice from a couple more companies before making a decision.

Good luck, and let us know how you get on.

[Neil]

Hi ppl....just got back from my nightshift job making parts for Landrover/mini/vauxhall and have just been given a weeks notice to come off nights ! Cant say I'm surprised as the car industry is on its knees at the moment. But seeing as Im about to enter into a DMP with Vincent Bond makes things harder seeing as I will lose my 20% nightshift premium !!!!!which equates to £200 a month. Feeling a little deflated at the moment as I had crunched all the figures all week to make the DMP work.
This is making an IVA even further out of reach. I dont know if BR is an option.

[kallis3]

Sorry to hear that Neil. That's not good just when you thought you had sorted yourself out.

BR is an option for you as you have no assets (unless you have an expensive car!).

It does not have the stigma it used to have, you are normally discharged in 12 months or sometimes sooner, and if you have disposable income over £100 per month after your normal bills have been paid, you will have to pay a proportion of that over for 3 years.

It would give you a fresh start and you can do it yourself.

Check out this site, which will tell you all about it, and you can even fill the forms out online.

http://www.insolvency.gov.uk/

BR will cost you £495 court fees.

Any questions about it, feel free to ask.

[Neil]

I will have to call someone at Vincent Bond on Monday as the DMP I am about to enter into looks tight as it is. The only things I have of value are my sofa, TV and my car which is on HP itself.
Would I have to give up my sofa and TV if BR ?
And I know my car would be sold and be made to get another. Unless I can get a family member to pay off my car, buy it from me and let me drive it as a named driver. Is this allowed? I just dont know. Im all over the place today and need to speak to someone ASAP.

[Andymav]

neil

well done!! i hope your iva is very successfull like urself i have kept it a secret still havent told nobody i am on the verge of my iva my creditors meeting is on the 17th of this month iva is the right step mate.