just made the first call

tricklesthegreek

I just made an appointment to see an IVA practitioner who set up my dad's IVA this Thursday. Am scared but know that I can't carry on the way I am any more. Any advice?

tricklesthegreek

Also, is it normal to feel completely ashamed of myself? I have been struggling for so long and feel like I'm failing by coming to this. How is it that I could have gotten so far in debt at a relatively young age? I'm so cross because before I went to university I was tight as a ducks behind. Yet it still went all wrong. I can only blame myself but I can't help but feel resentment for the credit card companies that offered me £10000 limits when I was a STUDENT!!

Useless_with_wonga

Hi,
Look don't be too hard on yourself. As many will testify here it is so easy to get yourself into financial difficulty. There are those that recognise the fact and strive to resolve it and you are now one of those people:T
I agree that the Credit Card companies et al have a degree of responsibility for the state of a lot of peoples financial affairs. Quick to lend in the good times and not quite so helpful when the poop hits the fan:rolleyes:
Still we have to take responsibility for our own actions and thatis what you are now doing.
Regarding an IVA they can be the solution but it depends on your circumstances. Just be sure that you have explored the other options so that you make an informed decision. All of the solutions have their pro's and con's and it's all about choosing the right one for your circumstance.
All IVA providers charge for setting up the IVA but fee's and service vary. You should not have to pay anything upfront their fees are aquired from your monthly payments which they do NOT pay directly to your creditors.
They hold the money for the full term of the IVA and on conclusion give your creditors their share after they have taken their fee anywhere between 5 and 8 K.
The downside here is that if your IVA should fail for any reason then the IVA provider (IP) will keep all the money you have paid in as their fee and you will still owe your creditors the same amount as you started out owing.
I am not against IVA's they can and do work for lot's of folks but you need to ensure that it is viable and affordable considering that you will be locked into it for 5 years.
I assume that you do not have any assets to protect? but if you do own a house be aware that you will be expected to remortgage in year 4 in order to release equity to pay to your creditors thus turning some of your unsecured debt into secured debt by adding it to your mortgage.
Do lots of research before you decide. There is no rush to make a decision. Remember that the IVA provider(IP) will be keen to sign you up as it is their business and they are not necessarily acting in YOUR best interests.
Seek some free independant advice from either CCCS or Payplan or both. You can call either and get advice over the phone it's free and you have nothing to loose.
Whatever you decide i wish you all the best and hope you aquire the best resolution.

Mr_Softy_Top

I felt a sence of shame before I entered my trust deed. This soon disappeared when my councillor worked out how much interest I had paid over the last 10 years, I had pretty much paid the cards off 1 1/2 times each, yet I still had the full amont to go. None of my creditors objected to my Trust deed so I take that as an indication they are happy with the dividend offered,

Ever since my Trust deed became protected 6 weeks ago I feel like a great big weight has been lifted.

Chin up :hello: