Should we get a iva????? please help

summer19

Hello,

If anyone can give me any advice it would be very much appreciated!!!!

Me and my husband have got into bad debt of approx £50k, We only have one income of around £2200 a month, I contacted the cccs and they gave me a councullor interview, they then advised me to send a letter to all our creditors with a £1 postal order which I did to them all.
I was then the next day contacted by a company called churchwood financial who to start with started by saying we can help u with a goverment scheme to wipe all your debts, and as I am at my witsend I listened to them, allthough I have not actually agreed to use them yet.

Therefore I really need advice, should I go ahead and use churchwood and go ahead with the iva or should I stick with the cccs, I dont really know what cccs are planning on doing for us as yet cause they say we have to wait to hear about our ccj report cause I have sent a n245 form to try to come to a arrangment.
I am sceptical about a iva especially after reading some of the horror stories on here!!!! I really am in a bad way im not sleeping and this is making my illness even worse than it was before I spoke to anyone.

PLEASE HELP ANYONE!!!!!!!!!!!!!!!!!!!!!!

Many thanks.xxxx

Nargleblast

There is nothing wrong with an IVA as a means of debt repayment, for many people it is the best solution and has advantages over other methods. However, you need to go through your financial circumstances with CCCS to see if it is the right method for you, then decide once you have all the info you need. What I will say is do not, I repeat DO NOT get in touch with this company that are touting for business quoting that old chestnut about governement schemes to wipe out your debt. They will most likely charge hefty fees, some even before they have done a stroke of work for you. Organisations like CCCS or Payplan will run a DMP for you for free. IVAs involve charges regardless of who you go through, but you have to shop around for the best deal. Wait till you have spoken further with CCCS to see what they are offering. In the meantime do some research into companies that do IVAs and see what is out there. Do not be pressurised by anyone into agreeing to anything before you are fully informed.

Nargleblast

And don't panic. There is no rush - it took time to build up your debt so a few more days finding out about all the options will not hurt.

summer19

Thanks for your responses, I appreciate them. The company that have contacted me said that cccs and payplan r sponsered by the creditors, I am sure they r just trying to get us to go with them. can anyone reccomend a good company????? and has anyone heard about this company????Churchwood Finance.

Many thanks.xxxxx:A:A:A

Charco_2

Yes Churchwood are a legit company but i wouldn't recommend them. One i would question why they seem to have called you up out of the blue!?

I think they refer their work on to a sister company called Kings___ something or other. Before this they will have charged you a fee however... probably something like two months contributions and also earn a referral fee for their trouble when they transfer you.

There are enough companies out there that will be happy to talk to you for free and give you all the advice you need. You can take it away and think about the options that are available to you... it may feel like you're painted into a corner now but trust me there are one or two options (maybe more!)

mjm3346

Money paid to cccs and payplan goes to your creditors, the company you mention take their fee from your payments first.
The companies you owe money to do not have to accept an IVA whoever proposes it. Would it be correct to assume you have no assets (property).

summer19

hi thanks so much for all your advice it has helped so much, We do have a house ( morgage ) but it has no equity in it so thats not really a assett!!!

Many thanks again.xx:T:T