Should I consider an IVA?

[kallis3]

Pick up the phone Susie and speak to one of the companies on www.iva.com or one of the experts who post on here.

You will get a sympathetic hearing and free and impartial advice.

[susieq73]

thank you - I will next week. I have everything listed, all debt to all the companies and lists of all my household bills so all the information is to hand.
Nice to get the support on here

[kallis3]

Let us know how you get on next week.

[Broke of London]

Keep posting Suzie.

I've found everyone here a great moral and practical support. IT's also a place to open up about problems people not going through the same thing could understand or if you chose not to tell people about your financial status.

Good luck for your call x

[Skippy]

Good luck Suzie, I'm sure that you'll feel better once you have spoken to someone x

[susieq]

Hi just want to say welcome and i am susieq too.

I haven't posted much on the forum but have read everything please take everyones advice on board they are all brilliant.

Our iva was approved 10th Dec 2010, and it has made such a difference to our lives - can't say its been easy - my car conked 18th Dec £206, hubbies car failed mot Jan @ £165, but we have control (hopefully).

You have nothing to losee by phoning and asking for advice

[susieq73]

Hi again - its been a couple of weeks and after all your wonderful advice above - I am still dithering, I guess part of me thinks it will all go away. Still have managed to pay my minimum payments this month but now I am hitting a snag. Gas bill £185 Electric Bill £140 - How to pay! ( Quarterly Bills as I cannot afford to pay monthly ) The only way I can possibly pay is to not make the minimum payments on some of my catalogues which again will set me back, but what else can I do...?
I cannot ask my partner for money to help as he earns a lot less than me and himself has bills to pay. I have always covered all the household / food bills as I was originally living on my own anyway. I also do not own my property - I rent from a housing association - Does this affect a possible IVA??
Sorry - I know I am being a complete wimp and should get all this sorted but I think I am just frightened to actually take the first step.
Whew - have vented my frustrations now!.. Thanks for Listening
Susie

[Michael Peoples]

You should really be prioritising paying the essential items and not the unsecured creditors. If you cannot make the payments on all the debts you should cancel all the payments and pay the utilities, rent etc. Anything left would form the basis of a repayment plan but do not run up more debt trying to pay the existing unsecured creditors.

An IVA may be a suitable option so take some free advice.

[ginger3232]

Difficult to face up to what happening - we have all been there.!!! As Michael says you need to eat/keep warm and keep a roof over your head - everything is secondly important. Main thing is you need to take control speak to a few companies about the best option for you.

Oh and you will get the phone calls/letters etc once you have stopped payments to your creditors - sad fact is the problem wont go away unless you take control of it

Best of Luck

[Tina Shortland]

Don't beat yourself up susieq73 - its a massive step to pick up the phone - everyone on here that has done it knows what you are going through and the readerso n here who haven't got the stage you have yet in facing up to it or posting for help know the same feelings too.

The first that would happen would be someone will help you work out what you can realistically afford, taking into account all the necessary living costs. Then you can go through your list of creditors so you can explain how much you owe to who - and don't worry all the experts are used to dealing with huge lists of creditors sometimes going into a total 6 figures. You can explain about your circumstances, living arrangements etc (an no renting from housing association wouldn't be a problem) and then you will be advised on the various options that there are and the implications of each. By the time you finish your call you will have shed a bit of the burden by talking about it and you will be much wiser on your options and what you can do.

You can then speak to as many of the companies as you like until you are comfortable you have enough information and have found a company that feels right to have represent you.

Hope this has helped calm the nerves a bit...and you are definitely not a wimp!

Regards,

[susieq73]

Thank you for the support - I have everything listed so I do know how much I owe and to whom - I haven't used any credit since Dec ( which was for xmas) but over the years it has just mounted up and up. I am going to speak to my partner as up to now I haven't mentioned the IVA route but he does know how much debt I have and how tight things are with money and hopefully he too will see this maybe the way forward. So nice to have people on here to talk and discuss things with - sometimes I feel sick thinking about it all.
thanks
x

[kallis3]

Just remember as well that nobody will judge you - the companies you speak to will be sympathetic and help you every step of the way.

[susieq73]

Well guys - I've decided that tomorrow will be the day that I do something and call a few of the company's - to see what they say. Known my luck they will say its not worth it for me - I never seem to have good luck. I have all my outgoings etc listed and printed out ready for tomorrow. It's normally a quiet day in work so I can sort a meeting room and do it in private

After the initial calls - I may even be able to enjoy a weekend with a little less worry!

Susie
x

[Shining]

Glad you've decided to go for it Susie, the first call will be the worst, I remember it well and never dreamed there would be anyone else in a similar situation to me. You seem well prepared and that's the main thing, remember we're all here for support and or advice too. Hope you get to enjoy your weekend. x

[kallis3]

Good luck Susie - you will be fine once you pick up the phone.