www.iva.co.uk

Hi all

I'm new to the forum and am really glad to have found it. SO much usefull information on the site.

I like many many others on the site have managed to run up around 40K unsecured debt and up until the last 2 months have managed to keep up the monthly minimum payments by robbing peter to pay paul, unfortunately the last 2 months there just wasn't any credit left and i couldn't pay anyone and I have now recieved my first default notice from a creditor. Halifax advised me to contact a debt advisory centre to discuss a debt management plan with them but after speaking to them they reffered me to Freeman Jones who recommended that an IVA would be the best option for me.

I had never heard of an IVA before, hence searched the web to find out more and came across your site. I have since checked on www.iva.com and freeman jones appears as a legitamate iva firm with 5 good reviews, but 1 very poor one that states the IVA meant the individuals parents could no longer get credit after she got an IVA is this true?

I am very very nervous about starting this process, I feel like I have really let myself down to get in such a mess finacially. I have already given up my home and moved back with my parents to try and reduce my outgoings to keep up with payments - however I am now worried this was a bad move as I am unlikely to be able to stay here for 5 years and so my outgings will definately increase before an IVA would complete.

I have had initial discussions with Freeman Jones and sent off payslips , evidence of outgoings and debts at the moment. I am now waiting to here back from them ( hope it doesn't take too long not coping too well with the sleepless nights).

Does anyone have experience with Freeman Jones - would they recommend them?

Sorry to ramble on - Just feel I'm in a very scary place right now.

Lots of negative things in life at the moment and this was my last straw.

Thanks in advance for any advice

Kind Regards

Hi, and welcome to the forum.

Freeman Jones do have a reasonable reputation on here.

What I will say is that as long as you have no joint debts with any relatives then their credit rating will remain fine

Even though you have sent things off to FJ, it is not too late to speak to other companies. I would advise doing that so you can make sure you are happy with the company you use.

Hi Tully and welcome from me too.
If you are not going to stay longterm with your parents it may be better to consider bankruptcy. However, given that you have not set up the IVA yet you could factor in moving out of the family home and estimate how much this would be. If you could still afford an IVA it would be an option to do so. As Jan says, you can take other opinions from other IP firms as the advice is free.

Hi Tully and welcome to the forum, why not give another couple of IP's a call, it's always best to have several opinions and hopefully find yourself an IP to work with for the 60 month duration of the IVA.