www.iva.co.uk

well where do i start. i'm 27 and work full time. due to debt problems i began an iva process in april. it has twice been rejected and am now looking into dmp. i was originally going through varden nuttall with the iva and was told by them that what i thought was car finance was in fact a personal loan so i could include it in my iva. because of that i stopped all payments as advised yet today have had a letter from santander telling me they are reposseing my car as it is on car finance. am so annoyed as would have kept paying if i knew. varden nuttall are referring me to a dmp company after gladly taking my 4 payments of £360 to discover they could not help me. however have an appointment with CCCS next week as they're free. my main creditors are HSBC MBNA santander and mint.

HHHHHHHEEEEEEEEEEEELLLLLLLLPPPPPPPP.

p.s this is my first post after refering to these forums for reference many times. you all have inspired me

How much do you owe to your creditors??(individually plz,as if MBNA are a main creditor that may be where the problem lies).

mbna loan 8700/ credit card 3000
hsbc loan 2500/ credit card 4000 / overdraft 800
mint credit card 3000
catalogue 400
storecard 300
cap 1 cc 1500
barclay card 500
storecard 300

earn around £850 four weekly

Hi
Are you a homeowner with equity ?

With MBNA being a major player they may well want you to go for a debt management plan.

no live in private rented accommadation. the main problem is due to bad advice i'm now gonna lose my car. unfortunatly i work 30 miles away so am not gonna be able to work either

am quite haappy to go down dmp route but feel like i've wasted alot of time and money going for the iva. because i stopped creditor payments i'm back to square one but facing demands for the full balance

I feel pretty sure that MBNA is the reason the iva has been knocked back,but your IP should have expected this. It isnt impossible but they appear to be pushing for dmp's if you are able to pay your debts off inside 10 years.
You do appear to have been shafted somewhat by VN.

tell me about it. have spent the entire morning in tears and have taken up chain smoking which won't help the old finances

Hi Chefchic

it may not be too late to get things back on track with the car.

What I don't understand is how you can afford to pay 360 per month into an IVA if you are only earning £920 per month. it seems almost impossible unless someone else is supporting you as well.

CCCS have some good posts here but you could also do no better than speak to Andrew at Bright Oak. They are not as big as CCCS so will give a much more personal service and will give you good advice.

i live with my partner who pays the rent on our property. my income goes on things like council tax, utilities, grocerys, petrol, car tax and insurance etc. varden nuttal took his income into account. admitedly things were tight with me paying the £360

Hi

again I would suggest you speak to Andrew at Bright Oak.

You may have a couple of options.

1. Look at a long term debt management plan with andrew. If he can freeze the interest it will take a little over 6 years to complete the repayment plan at that rate.

2. set up your own DMP but with a lower monthly contribution and with any surplus saved then make lump payments or negotiate what is owed to clear it off sooner.

3. try a dmp and see if 360 is really manegable and perhaps review an IVA in a few months.

4. you can also explore Br but as you are already reviewing the repayment options I would suggest you speak to Andrew first.

hope this helps

thanks