Sound advice from all, thank you. I've made my mind up, now is the time to get the car in the dealership and get all those little jobs doing that I've been putting off, poor thing has always come last when spending money was concerned. (subject to a telecon with debt advisor this morning at 11)
Melanie - must not hijack this post but since you have taken a great interest in our son - he obtained top marks 4 straight As in A level. The Oboe diploma next and then the RA. J
That is brilliant news J - I must admit I was thinking of you last night. Tell him very well done from me!
To Simon - now is the time to get all of those jobs done that you have been putting off, before the IVA is entered into. Do think about whether your car is likely to last for the full five years of the IVA - or whether it is best to maybe look at replacing it now - hire purchase may still be an option for you if your credit rating is not too bad!
All change!! Just had a very informative telcon with a lovely lady called Tina at Melanie Giles offices as secondary advice to that received by DFD. She was very knowledgeable and gave me so much advanced detail that I'm not sure whether I will be persuing the IVA route now. It all hinges on whether my partners income is taken into account when calculating my disposable income. I have lived with her for 12 months and it is looking like if I go with an iva ALL of her income will be taken into account against payment of my lifelong built debts of £83k. I've got a further chat with Tina scheduled for Monday to clarify as she needs to consult with Melanie, until then the car stays where it is and no further thoughts of major repairs or leasing/hp on a new one.
So so so glad I spoke to Tina, if I hadn't I could've ended up in an IVA that ran for 6 years not 5 because Northern Rock are one of my creditors, and paid back more than my total debt.Might be that a DMP is a better route to take. I will of course update next week when I know which way I'm going.
Lovely positive post Simon. You've picked a good company and I hope it works out for you.
Let us know how you are getting on.
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 Melanie, I do feel I have chosen my IP well. I've had an email from Tina asking for info which I will reply to asap.
Everyone else, I am proceeding with Melanie on the IVA route. I think it is the right course of action for me, although I must admit the thought of not paying my creditors every penny I owe them is making me feel quite sick because I have never failed to repay a debt in full in my life. The fact of the metter is, and I have to realise this, is that if I don't take action they won't get paid in full anyway and things could and probably would get worse.
Had my first phone call from AA Financial on Sunday morning at 9.30am chasing, I guess it's started.
All the paperwork is off in the post to Melanie's team now. Phone calls, automated texts/emails from creditors who I banked with online, calls at work, it's all happening now, thick and fast.
One good thing, I've explained to my partner (girl friend) what I am doing, what an IVA is, what it could mean to me/us short and long term, although I've not told her the amount I owe, she doesn't want to know either. She says she loves me and trusts me to do the right thing and that is all that matters, the fact I never seem to have any money does not bother her. What a relief to not be keeping secrets from someone so special!
Let's see what Melanie's team come back with as a proposal. Will update
I quite agree Simon - what a lovely supportive girlfriend you have.
Good luck with your proposal and you have picked an excellent company.
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
I applied to Natwest to set up a new account a couple of weeks ago and it's taken til now for them to ask me to send in copies of my latest bank statement to prove my salary is paid directly into the bank. My worry is that I wanted to get a new account set up before this months salary (paid 14th)so I can get it sent to the new account as opposed to the current Lloyds account, whom I owe £4k on a loan. I have written to Lloyds to tell them I am applying for an IVA, if my salary goes into this account can they now grab all of it to offset against the outstanding balance?
