www.iva.co.uk

Hi,

I have been 'hiding' from my bills for about 2 yrs now. Ive lost my home, my son and basically my life through worring and avoiding my situation. But not anymore! Reading some of the stories on this forum has motivated me to put my head above the parapit and sort this mess out. So I've done it. Im out of my closet and back in the real world(erm!). Thank you to all you motivating posters - well done!!!

I owe approx 35k on CC/loan/catalogue/SC (not sure what interest has been added) & I was looking at BR or suicide until yesterday (No suicide due to my head being firmly stuck in a very large bag of sand!!!). The little I do earn from my temping job barely covers my day to day needs let alone paying off my debt - Ive finally opened up at home and explained my situation to my dad who is amazingly gonna lend me 20k toward my debts...I totally apprieciate that not everyone has this miracle waiting for them!!

So with this in mind and armed with information from this site, Ive reconsidered that I might be able to go into a F & F IVA.

So questions are....What d'ya think??? Im worried that because I've 'run' from it all that I really am in trouble? And if I am - How much ??
Im also worried that if my offer was refused that Id be instantly inline for BR and they would still expect my dads money??? But then again I cant be shot can I???

.....Can I???? lol

Hope u can Help!

Ju

Hi
You have a very good chance with your full and final offer as your disposible income is virtually zero according to your post.
Your IP will state to your creditors that your father will only make the loan if your F+F is agreed so no IVA no loan,his money will be safe.
Your next step is to speak with a couple of IPs and see what they have to say.
In the unlikely event that it is refused you will just be back to square one and it is very unlikely that your creditors will bankrupt you as you have no assets
Good luck

I would agree Andy

It costs your creditors money to Bankrupt you so if you have no assets then unlikely.

would recommend you speak to a couple of Insolvency Practitioners ( Melanie & Ian would be a good start) before things get out of hand and your Bailiffs start making your life a pain.

Just wanted say welcome to the Forum ... and well done on starting to address your situation ... this is always the first step.

Good luck and keep posting to let us know how you get on [:)]

Debbie

I just concur with the other posters and do a lot of these types of proposal. They are popular with creditors because they give back something that would not be available under bankruptcy proceedings, and return an immediate dividend rather than having it drip-fed for five years.

Gook luck with your application.

Hi there and welcome.
Well done. I wish you all the best. You will feel so much better for dealing with it. Keep posting and let us know how things are going.

Ang

One step futher forward - and what a dad you have! These parents are good in times of trouble however silly they think you have been - blood is thicker than water and they won't let you drown!

Keep positive - all will come right

We were in a similar situation except owing 90k

We were able to borrow 40k from my father in law and our f+F was accepted with only MBNA saying no

Return to the creditors just about made it over the 40% required by HSBC.