Which Way To Turn????

shaws insolvency sent a bloke round my place and he told me to stick an iva up my tunnel as if i failed id pay a fortune!!

Hi rossie,

I don't think you should consider an IVA if you are including the money you owe to your parents, this is because all your creditors will get between 30 - 80p in the pound (rough guess) and that doesn't seem fair on your parents.

Or have I missed something and you are only going to do an IVA for 47k - if this is the case how will you be able to put on your SOA your rent and then the mortgage you pay your parents. Remember your SOA has to be agreed by the creditors that come to the meeting but your Insolvency Practitioner will tighten things up any way - they know what creditors will accept.

Depending on the above I think you should approach Payplan and if they suggest an IVA then explain about the money to your parents and explain that you would like to set up a debt management plan.

I've just quickly read another of your posts earlier in this thread and it said that you had tried ringing your creditors and they weren't helpful. I think this is because they probably get loads of calls each day from people saying they can't pay - some genuine some not, they won't agree to reduced payments just at the click of a button.

You need to write to all your creditors with your SOA which should clearly show your dire straits and then your surplus income should be divided pro rata between all your creditors.

This can take some time, they might write back and say we won't accept £10.00 give us £50.00 but you must persevere, they are just trying it on because they know the genuine cases will not give up but the blaggers will becasue they don't want the hassle.

I think you should have a read of this website, it was created by a licensed debt counsellor who helps on another debt forum I use:
http://www.kronos.moonfruit.com/

No connection just an excellent bloke and very helpful.

Hope some of this helps.

Eager Elephant