Hi iguignet and welcome to a great forum, no-one will judge you we are all in the same boat or have been.
My advice is speak with an Insolvency Practitioner, there are many on this forum who have performed brilliantly for there clients.
But be totally honest with whichever IP you choose after all they can only work with the information that you give them, and they really do work hard for who ever they represent.
Good luck for the future and act now, I waited for months and wish I had got the ball rolling earlier.
a dmp is better than an IVA in some circumstances but I feel from what you have said that an IVA would be the better option but I am not an IP. the choice really does come down to whats best for your individual circumstances and that is why contacting an IP is important. Like other poster have mentioned www.iva.com has reviews of companies that can provide a solution for you and is well worth a look. I used ClearDebt and actually started with a dmp as I knew my circumstances were going to change and when this happened I then went into the IVA and the advice I got and the solutions provided were the best available at for my circumstances.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
ian if you go on the national debtline website they have thorough info on, dmp iva and bankruptcy,you can download or ring for info packs.this forum as good iva guides and sample letters as well, and has really good insolvency practitioners posting as well.
Last edited by MRBLUESKY on Thu Jul 23, 2009 7:47 pm, edited 1 time in total.
sorry for being thick but do i close my old account when i open the new one? i have direct debits for my two loans (with the same bank) coming out every month. do i just set up new direct debits for the loans until i start the iva process?
if you are going down either the dmp or iva route thier is no need to close the account as this is virtually impossible whilst overdrawn. There is also no need to make any further payments on the loans. You can save tjhe money as a contingency until your dmp or iva is set up.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
you guys are great!!
so i think first i have to draw up exactly how much i owe and too who.how much i spend...to the penny! and then open a new account to get my wages paid in and then speak to an IP.
im calling it a night.alot to take in and i REALLY appreciate all of your advice.
i will be posting throughout the week if any of your kind selves can offer me any more tips...
there is laways somebody available to answer any questions and please ask as much as you need to know. It is a lot to take in but after you make the first phone call it is like having a huge weight lifted off your shoulders.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
Hi and welcome to the forum.
Don't beat yourself up, it is very easy to get into debt, as the others say you have already taken the biggest step, which is admitting you have a problem and want to do something about it. I know exactly how you feel at the moment, sick with worry, sleepless nights, waking up thinking how the hell did I get into this, and those horrible feelings of complete dispair when you think there is no way out are truly awful, but you are not alone. There will be a solution for you but you need to take advice before you do anything else. Everyones debt problems are different and solutions to them depend on many things, so you need to take professional advice. I cannot recommend Melanie Giles highly enough, Melanie and her team will give you sound honest advice and will help you every step of the way. The initial call is always the hardest, well it was for me put it off loads of times before I plucked up the courage, but you will be treated with respect and not judged. You should not feel ashamed, easy to say I know, but once you have made the initial call you will start to feel much better, a human once again, and the weight will start to lift. It's gonna be a bit of an emotional rollercoaster but you will get through this, I promise you there is light at the end of the tunnel. Keep posting, eveyone on this forum has been in the same boat and is here to offer help and support whenever you need it. Best of luck.
Mike
You will genuinely feel a lot better once you have shared your problems with an insolvency practitioner, and learned more about the range of solutions which may be available to you - suited to your specific circumstances.
You will get great support from all of the posters on this forum, and will be glad that you have now taken the first steps to finding a solution.
What I will add is that if you have direct debits set up for loans on your account and you stop paying, the bank will more than likely continue to take the money out regardless. Doesn't matter if it makes you more overdrawn - HSBC did this to me.
Don't worry, as this will all be captured under the IVA anyway.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
thanks guys. i am drawing up my inventory and i am going to speak to an Ip this week.I am going to be ringing Melanies company as most of you have pointed she is excellent. i will let you all know how i get on
