Posted: Mon Nov 05, 2007 5:45 pm
we finally realised after years of stuggle that we couldn,t go on with our debt problem and we needed help.we went to each of the banks after collecting the info on how much we were in debt(we should have done this years ago)The total shocked us. we owed 3 creditors £80,000.With the help of our accountant we got together 3 different plans, but all were rejected and each creditor offered us more money over a longer period of time. we didnt want to do this.All gave us the number of their collections department. we contacted them all but no solutions we found so they told us to contact the cccs.The cccs arranged a telephone meeting and advised us to go on a debt management plan(now i am much more knowledgable, but at the time didnt really understand about debt solutions I was just so relieved we were getting help.
this was when I found your site and started to under stand this would not solve our problems.we paid 6 months to cccs and then informed them it was not the right solution . the cccs recommended an iva firm. we had a telephone interview with the company and they said we had a good chance to get an iva accepted.We were never given options.We sent all information required.several months later we received a call that they could not go any further as we had a unsecured debt with nr (we thought it was a secured loan)
We talked to a relation who gave us the money to clear the loan. Several weeks later we received the proposal. The proposal came and stated £400 for 72months without the equity release clause.It included the taxman as a creditor and didnt include our two taxis on the secured creditor list.We talked to the iva company who advised us to send it back.When it came back it still didnt include the cars and had increased to £557/mth.We contacted them again they said it had increased because of the tax.We are expected to pay close to pay£1300 for the first 9mth and then £557 for the next 60months.
My husband is an executive taxi driver who takes people all round the country and airports, He works 6/7 days a week and works very long hours, He needs a executive car and usually part exchanges the car every 3 years (he does 100,000 miles a year) so repair expences dont get high and also can get abetter deal with the finance company. I work as a carer 4 evenings a week. we have 3 children, 7,15 & 16.
We have again asked relations for help in the first year as we dont have the cash flow to cover this. We also tried to get a new car before the iva was accepted as in two years time our credit score would be bad, but the finance company said no already.We had our creditors meeting a couple of days ago. It was accepted but with modifications, they want the 4/5 year equity release to be included[Our house is mortgaged 260,000 and iva company has valued it at 245,000.
We feel so confused.Our debtwas £80,000 but now is £114,000 (Taxman and fees and most probaly interest}We feel that before we sign we need to think of other options.We have tried to stay away from bankrupcy as we need the cars for our income and believe the finance company can take them back if were declared bankrupt,so we would lose our income. We dont want to lose the house. What do you think of all this? Our iva company says they dont do face to face meetings and its very diffecult to explain the whole picture on the phone.
this was when I found your site and started to under stand this would not solve our problems.we paid 6 months to cccs and then informed them it was not the right solution . the cccs recommended an iva firm. we had a telephone interview with the company and they said we had a good chance to get an iva accepted.We were never given options.We sent all information required.several months later we received a call that they could not go any further as we had a unsecured debt with nr (we thought it was a secured loan)
We talked to a relation who gave us the money to clear the loan. Several weeks later we received the proposal. The proposal came and stated £400 for 72months without the equity release clause.It included the taxman as a creditor and didnt include our two taxis on the secured creditor list.We talked to the iva company who advised us to send it back.When it came back it still didnt include the cars and had increased to £557/mth.We contacted them again they said it had increased because of the tax.We are expected to pay close to pay£1300 for the first 9mth and then £557 for the next 60months.
My husband is an executive taxi driver who takes people all round the country and airports, He works 6/7 days a week and works very long hours, He needs a executive car and usually part exchanges the car every 3 years (he does 100,000 miles a year) so repair expences dont get high and also can get abetter deal with the finance company. I work as a carer 4 evenings a week. we have 3 children, 7,15 & 16.
We have again asked relations for help in the first year as we dont have the cash flow to cover this. We also tried to get a new car before the iva was accepted as in two years time our credit score would be bad, but the finance company said no already.We had our creditors meeting a couple of days ago. It was accepted but with modifications, they want the 4/5 year equity release to be included[Our house is mortgaged 260,000 and iva company has valued it at 245,000.
We feel so confused.Our debtwas £80,000 but now is £114,000 (Taxman and fees and most probaly interest}We feel that before we sign we need to think of other options.We have tried to stay away from bankrupcy as we need the cars for our income and believe the finance company can take them back if were declared bankrupt,so we would lose our income. We dont want to lose the house. What do you think of all this? Our iva company says they dont do face to face meetings and its very diffecult to explain the whole picture on the phone.
