Hi there
My partner and I are struggling with finances since we moved home and with our son's childcare payments etc. We spoke to ocean finance before about a debt consolidation loan which would reduce our outgoings alot but they wouldn't help and told us an option would be an iva. Its not a choice we want to make lightly so any advice would be very much appreciated.
Thanks
The best thing would be to speak to a few insolvency practionners. We do have some that regularly post on here, who can give you information,but to get a general idea of what options that you have available, you will need to call and speak to them directly.
To prepare for this, get all the details of the creditors, how much you owe, as well as your income and expenditure for each month, as this will help find out what your disposible income is.
Most people look at consolidation, but it rarely helps, as many people on here will testify.
Do not hesitate to ask questions on here to make sure it is the best thing for you both.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
Hi I am sure there will be some experts along soon to offer you some great advice I am just starting the IVA process myself - this forum is a fantastic start for you as I have found out so much info on here in the last few weeks and the support is great whatever route you decide to take.. also I would speak to a few IP firms and get some free advice have a look on IVA.COM where you can read reviews. Good Luck. Louise.
Inter-locking IVA approved 25th Feb 2013 - F&F offer Accepted 06th July 2017 - Completion Certificate received 20th July 2017
Hi Jeff. Best thing to do is look around the forum to find out a bit more about the issues we are having. You will also see which IP firms are helpful and which less so.
Also pop over to www.iva.com which will give the details of reputable firms. It is always best to chat toi a few ( it's free at this stage) to compare advice and see who you gel with.
Fianlly ask any specific questions here and we will try to help
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
we tried consolidated loans prior to an IVA. it just got us deeper into debt.
That was our personal experience and may not be the same in your case though
AS Mrsr says earlier speak to a few insolvency companies who will be able to advise you.
Whether you decide on consolidation or some form of debt management, you need to budget realistically.
After several consolidation loans over a 10 year period and a 25% reduction in house price, I decided to go down the IVA route and now feel in control of my finances. It's not easy, but with good budgeting it can be done and free of debt in a fraction of the time.
The start of a New Year is always a good time to look at consolidating finances - and if you are struggling to pay all of your household debts and regular creditor payments it may be sensible to seek some professional advice from an insolvency practitioner.
Initial advice is always provided completely free of charge, and the practitioner you choose will be able to run through all of the available options for you. Consolidation loans are not always the right answer, as they can provide an immediate quick fix, but the temptation to then use credit cards again can end up leaving you in a worse position overall.
Good luck in your search for advice - remembering that the sooner you start the process the sooner it will complete for you.
this forum is great, i remember when i first started my iva only a few months ago and we were so scared, anxious, had so many questions, and everyone on the forum helped loads, looking through all the posts makes you realise your not alone, and that in itself can be a weight lifter when struggling with debt. i hope you find the answers you require and make positive steps for your future
Hi Jeff
We also went down the consolidation route over the years, and I suppose it is a logical step, but in the end it didn`t work - only putting off the inevitable. There came a point when we realised the game was up and we were "snookered" so to speak.
Have a word with some of the IVA providers - without going through your income and outgoings in a detailed way will the picture emerge whether consolidation is the best route. And remember Ocean Finance are not doing anything out of the goodness of their heart at this point[;)]
Hi Jeff
Welcome to the forum. I can only repeat the advice you've already been given, but congratulations on finding this site, it will help and support you. I only wish I had found it before I started on our iva journey. Iva for us was the right choice and although it's hard it is worth it.
