www.iva.co.uk

From the Daily Mail Today
http://www.dailymail.co.uk/news/article ... -debt.html

Regards

"It found 30 per cent have considered suicide or self-harm 'in response to the stress caused by being in debt' and one in four have turned to 'excessive use of alcohol or drugs' to try to cope with the problem."

So sad.

Hi
The above was part of the survey that IVA.co.uk conducted
Regards

Sad news but very good that iva.co.uk was mentioned specifically - hopefully more people in trouble will find out about the real help and support there is out there with forums such as this one.

Annoys me though when they print things about people spending more in a day than they earn in a month. I don't know anyone that does that and hope that these are a minority.

We could of cleared our debt had it only been the loans but it was the whacking great big loan that came with the mortgage that was crippling us. Certainly not living the high life like the people we are hearing about in the papers this week.

A spokesman for the British Bankers' Association said: 'In a recession, it is inevitable there will be write-offs as a result of people's financial circumstances changing. But, throughout the reporting season, the main banking groups have held the view that the worst of these impairments should be behind us.'


The BBA once again showing they are enveloped in a world unrecognised by most.

The worst is behind us - really. They have never heard of lagging indicators.

We shall see if the worst is behind us.

Have to agree with sinking fast, much worse will come, it is just a question of when. Not only does the inevitable rise in interest rates mean that mortgage payments will shoot up, but also secured loan repayments will rocket.

Credit card rates, and also unsecured loan rates, are already unreasonably high due to the banking crisis and show no sign of falling as it is, so therefore are also likely to rise when interest rates rise.

Plenty more pain to come in my opinion.

Regards.

Not anything to look forward to there.

More doom and gloom.

I could not agree more. This is my third recession in my working career and insolvency practitioners are always far busier when we are coming out of recession than when we are at the worst point. I really fear for the majority of home owners when interest rates begin to rise which is inevitable - as so many people have overextended by borrowing huge amounts against the value of their properties.

I am dreading interest rates rising.

Likewise Jan, I dread it and fear I'll be contacting Melanie, if they rise very slowly with a bit of luck I'll come out the IVA ok x

No problem Lesley - you certainly won't be alone and creditors will have to be sensible in allowing variations where possible.

Thank you Melanie for the reassurance.

I'm hoping they rise slowly as well. Almost halfway there so fingers crossed we can make it to the other side without any variations.

Before the Credit crunch an average 7% variable mortgage[possible even for ex IVA] on a 150k property will mean £1,200 of monthly payment. Now it's about £750!

So everyone is happy..but then inflation rises, job cuts,pay freeze,hours reduced, O/T cut,virtual 0 % savings rate and so on.

Henceforth, the savings gained in reduced mortgage service cost has been offset!No real gain. So I see the cut in mortgage rates as a blessing in disguise.I wish it never happened.

When interest rate rises again, those income cuts will still be in place[five year I says],leading to more of your income to service your home and then will lead to an inevitablity of Default - pushing people towards IVA or DMPs.

It is a no win situation - odds are stacked against debtors -the recesion will last longer than people can buckle under and survive through. Living on low interest rate is a last straw for many businesses and individuals. The turning point is coming.

It's best you don't own a home with a longer than 5 year mortgage on it whilst in an IVA.

Even the Labour party is nearly Bankrupt.