Help with an upcoming IVA

TheRedCRayon69

Hi, I’m new and after a rough week my head is spinning.
Basically my circumstances at home have changed and I’m now currently unable to support myself due to credit cards, overdrafts and a massive loan. My total debts come to around £24,000 and roughly forking out £525 on debt apparently and because of this I looked into IVA with Baines and Ernst, Trapped.co.uk reccommended. The Debt Remedy site also confirmed that an IVA was my best option.

Having spoken to B&E a lot I thought they were the company for me, very open and honest willing to help. I agreed because of my state to go ahead. However I came here after (stupid I know) and read that CCCS were worth looking into. It does sound good, however when I tried cancelling my appointment with B&E they were realing off reasons why not to go away. Obviously I know why but it has put some doubts in my mind. Which is a shame since I’ve already opened a new account and arranged fund to go into it instead of my creditors. As I was told by both places to delete none priority direct debits and to almost ignore the bank loan/card/overdraft. Which B&E would be in touch with.

Having now looked up B&E and CCCS reviews its obvious that they can’t be trusted. Both have equal reasons to go with them, and to not. So does it really matter who you use? Both say that should the IVA be accepted it’ll take 5 years of budgeting to? Both say that it needs Lloyds TSB to agree (most of my problems are with Lloyds). Both say they have my best interests at heart.

It’s a massive step and one that I want to get right. B&E are going to call tomorrow to see what I want to do, as well as that I have to speak to CCCS as well. I am 90% sure this is the right thing to do as everywhere I look is a reason to run far far away.

I also don't understand how it can collapse, if I stick to paying the much smaller £224 a month which a quick budget check with both companies then what can go wrong?

Thanks
Lewis

RAS

Hi

have you read this http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf

You really do need to understand the implications if the IVA fails. There are a lot of people on the bankruptcy forum who have been there and got both T-shirts.

CCCS have only recently started doign IVA because they were appalled by the standard of service offered by the companies (Payplan excluded). CAB and NDl can also refer you to IVA providers.

I suggest you ask both suppliers to list their charges and assuming you pay £224 per month how much would end up with your creditors and how much they and the IP would make in fees.

newlywed

Have you done the CCCS online debt remedy to see if they even suggest an IVA for your circumstances?

TheRedCRayon69

Yes I did, and yeah they reccommended it.
Today I contacted my bank with whome I owed over 75% of my debts. They have agreed to give me a loan with a slightly less outgoing but takes all my debts into one place. They also have offered me 3 months to 'sort myself out' before they start collecting money. Which to me seems like a god-send as I need a new flat/deposit to raise. Oh and it's less risky than doing the IVA, although I'd still be on a budget.

Many thanks for your thoughts though.