www.iva.co.uk

Im thinking of going into an IVA, should I stop paying my bills? Im borrowing off my credit cards to pay credit cards and its all just one huge cirlce.

Hi Nic
I would take some advice first before stopping paying if you are struggling try to make some form of payment. If you would like to post more details, the amount of debt if you own your own home,income and what you have left aftere paying the normal household bills dont include the debts then everyone can give better advice. If not I would ring a few companys at least three too see what they think. It would be best not to use anymore credit if you are considering an iva.
Hope this helps
Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

If you are using ongoing forms of credit to pay for older balances you have entered what we call the "debt spiral". Matters will only get worse, so you ought to take independent professional advice as to your options. It is entirely possible that with some restructuring and prioritisation of your finances you may be able to sort out your difficulties without professional assistance, but best to seek advice which will be free of charge in the first instance.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Welcome to the Forum Nic!

I would not advise that you stop paying your utility bills as this could lead to your phone or electricity etc being cut off.

In the IVA process you will be asked to stop making your minimum monthly payments to your creditors as no creditors can be treated with favour.

Best Regards. IVA Experts

Hi nic_23 and welcome,

I think you should take some professional advice before you stop paying your bills.
Can you post some details about your current situation? I'm sure you will have some free and accurate advice in this forum.

Regards,
Michelle P.

Whatever you do, do not stop paying your mortgage or other loans secured on your home.

FREE ADVICE IS THE BEST ADVICE

Mortgage Broker
Specialising in adverse credit.

See feedback and testimonials at: http://www.leybridge.com/testimonial.php

Seek the help of a professional company asap. If they feel that an IVA, bankruptcy or a debt management plan is the way forward for you they will advise you of when you can stop paying your unsecured debt.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

I reckon I have 50k worth of credit card/catalogue and loan debt, all unsecured. I live with my parent at the moment so dont own my own home. Im 23, and I have a good job, I come out with £1100 a month. I currently pay my parents board, money for car insurance/petrol etc.

I have an appoitment with the Citizens Advice Bureau on Sept 19th. I just dont think I can go another 3 weeks drawing on one card to pay another.

My sister thinks I should cancel all my direct debits and talk to the companies asking if I can make a reduced payment until I seek further advice.

Any advice is greatly appreciated.

Hi Nic,

If you are considering entering into an IVA you might find www.IVA.com useful. We maintain a list of IVA firms and IPs. We also display reviews that have been posted by their clients.

Kind regards,
Terry Balfour
IVA.com

IVA.com - Comparing IVA firms by using consumer feedback.

Please rate your IVA firm or Insolvency Practitioner by reviewing them here: http://www.iva.com/submit_iva_review.asp

Hi Nic I would contact somebody now rather than wait three weeks, companys do not charge for initial advice make a couple of enquires and find out your best solutions. you could start with a couple of the companys on here Melanie is great and thomas charles, I hope you get sorted soon try not to worry.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

Hi Nic

As your debts are quite high, and your income relatively low in comparison, it does suggest that you ought to take advice from an insolvency practitioner. But the first step is to work out what disposable income you have left to offer your creditors in the event that you are able to offer some form of repayment plan.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

i suspect you must have been a student with that level of debt at only 23! Creditors should take a sympathetic view to your debt.

If you are not student creditors might want to know how you have borrowed so much or have lenders been irresponsible with lending.

You should contact lenders and start a reduce payment plan while you look for an IVA company to take you on

Funnily enough Im havent been a student, but I am about to become a part time one! I started out with one credit card and just.... now I have 10. They just kept putting the limits up and I just kept spending. I know that I am at fault, but I just cant help it.

Nic

It sounds like you do need the discipline of a more formal payment arrangement - either an IVA or bankrutpcy proceedings, which will deny your ability to find more credit.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

same old story.... when are lenders going to take responsibility for (ir) responsible lending?

FREE ADVICE IS THE BEST ADVICE

Mortgage Broker
Specialising in adverse credit.

See feedback and testimonials at: http://www.leybridge.com/testimonial.php