Waking up at stupid o clock in morning worrying

[xoxmelanie.x]

Hi, I was hoping you could advice me. We have had some paperwork through (after requesting) they are called Money Solve, they have set up an agreement for us to sign and get the balls rolling on £340 per month and they will settle all of our debts. This sounds too good to be true when we are in quite a lot of debt. What i am confused about is - is this really true? and how does it work if my bank doesnt like it? Im so confused but an IVA seems the only way out. Waking up at stupid o clock in the morning worrying about money is starting to wear me out
Our debts are as follows:
HSBC - Loan 13,000
HSBC - Credit Card 2,500
HSBC - Overdraught 500
Partners Barclays Overdraught 1,350
Partners Cahoot Loan - 7,000
Littlewoods Catalouge - 55.00
Barclay Credit Card - 150.00

I do hope you can help.
Many Thanks
Melanie

[scaredkez]

hi melanie welcome to the forum, an iva is away of paying back some of your debts to an agreed amount in the pound by way of your disposable income, can i ask is money solve asking for upfront fees before your creditors meeting and have you approached any other companies to get 2-3 different opinions on the best way forward for yourself.

if your bank is one of your creditors then you will have to open a basic account elsewhere, some banks also do not like you being in an iva and are shutting accounts down.

are you comfortable with the £340 per month and prepared to stick to this and possibly other modifications for the next 5 yrs, are you happy enough to understand what you will be entering,

sorry for all the questions it is just that so many people jump in feet first and not really understand what an iva is and the time scale involved,as you will not live in luxury for the next 5-6 yrs but be on a tight budget, i am not trying to put you off, as an iva is an excellent repayment vehicle if accepted by your creditors and a great way for you to start a debt free future.

we can all sympathise with you about the waking up as all of us here are/ were in the same boat, we just want to make sure you understand fully what you are about to do and what could happen if your creditors reject your proposal.

best of luck
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[Lisa2009]

I can certainly relate to the sleepless nights.
All the best

[MelanieGiles]

Hi Melanie

It seems that you are a little unsure of the procedure which is being suggested to you by this firm. Are you sure that it is an IVA which is being proposed? Have they formally interviewed you and advised you of all of the options available, and are you sure that you understand the implications and commitment required to an IVA? Are you proposing a "joint" IVA with your partner - if so I question whether this is appropriate given their low level of debts?

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

Appoint me as your IP:
http://www.melaniegiles.com/ivaEnquiry.asp

[xoxmelanie.x]

Hi, Thanks for everyone who has commented. Living with paying only £340 a month would be luxury to us, it would mean we would actually have some spending money.

Money Solve have offered this to us over the phone and have sent out a letter to us. They said that as soon as the first payment of £340 is made that is when they will call all of our creditors in to a meeting and discuss how they will use this £340 to clear our debts. They said that we do not have to meet face to face and that this can be done via telephone.

My bank is the main person we are in debt with. And yes we are doing this IVA as a joint and we are having to open up a new bank account with Natwest,

I did want to ask more companies but we really do need this all set up and ready to start is October.
Money solve have said to us that it is 99% certain that the IVA will go through ok and we will be accepted.

I'm worried that if we are not accepted, what is the next step?!

[MelanieGiles]

Do Money Serve have their own internal IP's or are they just going to refer you on to someone else?

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

Appoint me as your IP:
http://www.melaniegiles.com/ivaEnquiry.asp

[scaredkez]

melanie be careful about paying anything up front when you have no real structure on how this money will be going to your creditors, you do not need to pay up front fees to get help in sorting your debt problem, please get a few more opinions, i know at the moment money solve are probably telling you everything you want to hear and it feels like someone is giving you a very huge hug at a time you really need it and you are desperate, but don't agree to anything or pay anything until everything is explained fully and all your options discussed, please don't make the mistake i did, i lost £1.5k by jumping in and not getting other opinions.
take care
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[xoxmelanie.x]

Hi Melanie, As far as i know they are going to do this , they have not said other wise and they have advised that they will call our creditors in for meetings once they have received the first payment.

Thanks

Melanie

[Skippy]

Have you had any problems opening an account with Natwest? The reason I ask is that someone on here was refused as they don't differentiate between IVAs and BR. Also, someone on here had their account closed by Natwest when they found they were in an IVA.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[xoxmelanie.x]

Hi kerri, Thanks for that.

I really just dont know what to do now for the best - I am getting too many bad vibes about money solve now. But am so desperate for this to work as feel it is the only option to take, Also we need something set up ASAP.

It's all so confusing and i dont know what to do.

Mel

[xoxmelanie.x]

Hi Skippy,

No we have not had any problems as of yet, I dont think they know that an iva is going to be taking place, We were advised my Money Solve that if we opened an account with Nat west, Abbey or royal bank of scotland then we should be ok, Would it be wise to explain to Natwest that we are doing an IVA? How would they find out?
Our account is not set up yet as we have to send off our past statements for them to open.

Mel

[scaredkez]

mel i know you are desperate but don't jump in too fast, try melanie on here for a 2nd opinion, but i know her broadband is down in the offices at the mo, it is so easy to make mistakes when you are desperate, i did, and they took nearly 6 months to get to a creditors meeting which was rejected and would never have been accepted from the onset, please get more opinions, i don't know money solve so can't really comment on them, but so many say they can help take fees and then propose unrealistic iva's, it is a huge commitment taken over 5 yrs and you really need to know that you can manage this on the budget that will be allowed, and don't forget at the end of the day it is down to the creditors to accept the offer, there have been so many posters that have been desperate to then be let down, and be back at square one, read through some of the bloggs on here, an iva should take around 6 weeks to be put forward i am sure a couple more days looking at other companies won't be too bad, take care and all the best, let us know how you get on.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[xoxmelanie.x]

Thanks Kerri, I have emailed Melanie direct and asked if she can contact me to discuss, I do hope she can help, Thanks again,

[scaredkez]

your welcome melanie, thats what the forum is here for, don't get upset if melanie doesn't answer your e-mail straight away as i know she is having broadband difficulties, i am sure if she can't get back via her work she will at least answer you on the forum sometime today when she gets home.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[xoxmelanie.x]

So... I have just found out an IVA is not for me, Tina from Melanie Giles was so nice this afternoon via the phone and has made me feel better , although an IVA is not for me she has suggested a debt management plan which sounds good and managable. So now i await Andrews call and hope he can help. Thanks Tina.