Just had my first phone appointment will be getting another call next Friday to get things moving.
Basically I had to agree my partner would make my surplus income up to £100 as otherwise I didn't have enough to do an IVA step change have said it can take 2-3months to sort it out but I only have a 30 day hold on my accounts what's going to happen when this 30 day hold ends? Im worried I will have to go back to begging money from family to restart the payments!
£100 does seem a small amount for an IVA. What are your total debts and would something like a DRO be better for you if you have no assets?
As to payments, only your creditors can tell you if they will accept this.
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 have too much for a DRO and not enough for an IVA! He said looking at figures I would be able to have an IVA if my partner helped me put it up to £100. my debt currently is 18k (but will be higher once the next 2-3months of interest and non payment fees are put on)
I would have a chat with a couple more companies in the meantime. Depending upon a handout to make up the IVA payment is not a safe way to proceed --- with things being so tight you have no room for manoeuvre if things go pear shaped over the next 5 years or so.
How much are they saying has to be contributed to make you up to £100 ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It may be worth getting another opinion on the DRO from someone independent like the citizens advice bureau. It does seem very strange that your disposable income is more than £50 but less than £100 yet the adviser cannot get it down to DRO level.
If I were you I would be very careful about committing you and your partner's money to an IVA when it could turn out to be a waste of £6,000 over five years.
Finally if you do not qualify for DRO because your surplus exceeds £50 then bankruptcy may be an option. Was this discussed with you?
It was discussed briefly and he said he will go through other options in more detail next week. he couldn't really give me too much info as he said he would need to refer me back to step change for me to then be referred into the bankruptcy or DRO team
I can't handle the stress this is all causing much longer I just want something sorted and pt in place as soon as possible #128542;
Did Stepchange send you somewhere else for the IVA advice? Surely an operation such as theirs can give out simple advice on IVAs, DROs or bankruptcies.
If it was not Stepchange you spoke to who gave you the advice?
They gave me basic advice but the man I spoke to today was from their IVA team so said he can't give me any more advice regarding the other options apart from its not enough for a DRO so iv got DMP, IVA or bankruptcy.. don't want a DMP because it will be 15 years before I'm done and I don't have the funds for bankruptcy.
Your first point of contact should be with someone qualified to be able to present you with all options for you to decide which you would like to pursue. Definitely chat with other firms --- I know it is stressful, but it gets easier as your knowledge increases. You do not want to commit, in haste, to the wrong solution.
Do you own or rent your home ? What line of work are you in ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I rent my home and I work for the NHS.
To be honest I worked out I'd have more left over so was adamant that an IVA was best for me but i had forgotten things like my phone and stuff so it turned out there wasn't as much as I thought! I don't want to go all the way through with this IVA for it to be turned down because then I'm stuck in the situation im in now all over again
I believe that bankruptcy you can pay in instalments now so although it may take longer, could be the best way to go but do speak to someone who can advise further.
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
You should consider contacting the CAB and see if they agree with the assessment that a DRO is not possible. At least you can be confident that the CAB are independent and will act in your best interests so you can rely on their advice. By all means contact another insolvency firm and do an income and expenditure account to see if this matches yours and the one prepared by Stepchange.
