debt mangement or iva

drivebetter

Hi ,
I have debts that are £42000,
they all go back to 2006
they are as follows c l finnance £6000.00
c l finnance £463.00
link financhal £5482.00
cabot finnanchal £22,498
ahtiv kapital £625.00
egg £3289.00
barclycard £2150.00
tehy were all defaulted in 2006 i have just checked my credit report.
I have been in a debt mangement programme since 2006 with money managers .
I thought i was in a iva this was what I was led to belive I was in .
I am paying £150.00 pcm I guess with a squeeze I could pay £250.00 pcm.
I am self employed as a driving school instructor so going bankrupt is out of the question as the dsa will not allow you to go bankrupt why?? .
What I think I should do is an iva if I had been in a IVA i would nearly be out of the woods by now.
can anyone help me I havn't a clue what to do I'm 48 this year I don't even have a pension put a side.
I would really appreciate some real help with this.
in anticipation
thankyou
this looks really bad dosn't it?

lou756

Don't worry about it looking bad: no one on here will think it does, or judge you, people will just try to help. Many of us have been in similar situations.

I know you said you are in a DMP, but the important thing now is probably for you to work out your monthly income and expenditure, and see realistically what surplus amount you have after living expenses to pay into a possible IVA; and to get some professional advice. It needs to be a realistic amount that you have left to live on, not "a squeeze" that will leave you in more difficulties.

The non proft making debt organisations are a good starting point: there is an online debt remedy tool on the CCCS website that might help you start working out your income/ expenditure. There are other templates available too.

The golden rule of looking into IVA is not to pay any company or individual for any advice as there are plently of good quality providers from both non profit and for profit sectors that do not charge fees before they are providing an IVA solution for you. My experience was that it is a good idea to talk to several possible IVA providers and compare.

Sorry if this is all stuff you know: there are people posting on here with much more experience and advcie than me whom I am sure will also reply for you.

drivebetter

thankyou it's a big help i feel like how did i get into all this debt ???

lou756

I know (and I really do know) it's easier said than done but try not to worry about "how did it happen". It's pointless really as it is only going to make you feel more stressed and worse.

You've done the hardest bit just by realising you need to do something positive about dealing with your finances. And I am of the opinion that IVA is a realistic debt solution for many people ( including myself): you just need to make sure that it IS the right one for you before you go ahead.

It will be OK, you just need to live through the sorting it out stage and get good advice so you can make sensible choices, not panic driven ones.

Just one more thought, f you thought you were in an IVA with Money Managers is this something you need to explore with them especially if you feel you were "led to believe" this?

Good luck