update

angelstar25

Thanks for all your replies, I had my interview with payplan this evening, was so nervous before hand but they were cool. Went through everything with them even my student loan ahhhhh, around 27k of debt how scary, I only had £170 a month to pay my creditors, they said for me to be eligible for an IVA, I had to have £200 a month to pay, as it happens I do have guaranteed overtime at work which equates to about £100 a month, I didn't want to tell them but I guess it was for the best. The options available to me were :-
1. IVA - where the creditors meet on a set day and decide whether to give me one, she says it is important now to only pay £200 a month to my creditors so that it goes in my favour, she says that they can send letters to me to send to them, if I was accepted I would get no hassle off my creditors that would be it £200 a month maybe a couple of pounds more, for 5 years and i would be debt free, she reckons that they would write off £16'000 of it, she says I can't get credit for six years though, then after that everything returns to normal. Very scary option, nobody except for your creditors and some financial register would know, your employer won't find out, the only thing that they ask is that the day of the meeting you must be able to take a phone call at a certain time. Also you have to get a basic bank account, you can get one with any bank except for one with your creditor.
Anyone got any experience, anything ele I need to know, anything I ain't covered?
2. Payment plan, it would be £170 a month over 12 years, but damages your credit rating for 18, plus no guarantee of creditors bothering you and no guarantee that they will freeze the interest
3. Battle on the way i am
What would you say was the best option for me?
Also got a new boyfriend, its getting quite serious been with him 2 months and its looking like it could be a long term thing, how do i tell him about this? I'm so worried, anyone any experience in that?
regards
angelstar

skintchick

Just replied on your other thread -

I don;t think I'd tell him after only two months.

I was with a guy for three months, though it was serious and going somewhere, told him something different but of similar eek! value, and got dumped by text message about a week later.

Save it till at least six months have gone by, if not longer.

angelstar25

thanks for that has no one else got any experience of ivas they can share with me, are they as scary as they sound?

bank_of_slate

It sounds like a sensible arrangement to me. I think that 5 years is relatively quick to pay off the debt and in effect you are 'saving' yourself £16,000 by the sound of things.

Take it one step at a time, don't over commit yourself, you can't always rely on overtime so treat that as bonus earnings.
I wish you luck in tackling your situation, keep posting for lots of support!
...Linda x

angelstar25

Hi guys,
Just to let you know my IVA proposal is being finalised now all going well should be sorted soon, and the big big thing that I'm proud of myself for is the fact I have told my boyfriend, I was terrified and worried he wouldn't want to know as he is so careful with money and you knoiw what he is pleased I told him and he says everyone makes mistakes and all he wants to do is be there to support me and give me advice. I realise I'm very lucky and feel as if a whole weight has been liftted off my shoulders.
just thought I'd let you all know their is light at the end of the tunnel
angelstar

lou_lou_skinty_poos

hi angelstar25 i think this site would be of use to you: https://www.debtquestions.co.uk its another forum but it has a section devoted to iva's and theres loads of helful advice there good luck with everything

moozie_2

Hello there

Glad everything is working out for you.

Best of luck :beer: