Hi Stephanie. I am new here too but I am fairly sure that it does not matter if you are in the red or not. I have not defaulted on any payments either but repaying my debt becomes more and more of a struggle. I believe you need to have at least £15000 worth of debt and at least 3 creditors and face some kind of hardship to keep up your payments to qualify for an IVA. In my case, I use my credit card to pay for everyday stuff, although I keep up with the bills and minimum payments, but I clearly do have a debt problem. I have found some good 30 seconds test links on this Forum, which can show you the best debt solution for you or at least point you in the right direction. And there are always real people on the other end of the phone who can assist you with finding the best option. I am exploring Debt Management for the moment. Good luck!!!
Last edited by ChrisB on Mon Oct 05, 2009 11:39 pm, edited 1 time in total.
Have a look at www.iva.com for a list of IVA providers and reviews on each.
Its worth giving 2 or 3 a call to make sure you are comfortable with all advice given.
5-6 years is a long time to be stuck with a company you arent comfortable with.
There will be more than one option open to you, whether it be IVA, Debt Management or Bankruptcy and ALL should be explained fully along with the pro's and con's of each.
asking for help with debts at the earliest signs of difficulties is a sensible thing to do.a iva is a solution if your debts arnt managable whether your in the red or not.it depends on the size of your debts and your disposable income.
Last edited by MRBLUESKY on Mon Oct 05, 2009 11:59 pm, edited 1 time in total.
You need to work out an income and expenditure budget to see what money is left to pay your creditors. If there is enough to continue making minimum monthly contractual repayments, then you are not insolvent - but if you can only do this by relying on further borrowings then it may be time to seek some help with a repayment programme.
Hi Stephanie, a warm welcome to the forum from myself and hope that the excellent advice given above is useful to you and you're soon on the road to debt freedom.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
