My first posting - help please

wotamess_2

hi everyone out there. This is my first posting. I have just sought help from CCCS and am considering an IVA. What does anyone out there really think? I am interested to know what people who are actually in the same place as me have experienced. I'm really scared n upset. Not like me!

Tixy

Hi and welcome

Did you go through your financial information with CCCS yet? did they suggest an IVA? did they give you any other options/suggestions as well?

Have you read the IVA guide here? Its a good starting point to understanding the implications of them http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf

wotamess_2

yeah, I've read through the booklet which was really helpfull. Still really worried though. I will be speaking to the CCCS later to discuss going ahead with something. But this is all so alien to me, not sleeping, panic attacks, the lot! I think its the idea of being a credit no-no thats worrying me. Not that I want to borrow anything ever again!!!!

Nargleblast

Hello, wotamess and welcome. Ok so your credit rating will be zero for the next 6 years or so, but it will still be zero if you don't take steps to sort out your debt problem - and will probably be zero for many more years to come. At least with an IVA it's off your record in 6 years. Having said that, you do need to look into all the implications of it and be prepared to be disciplined about your finances from now. There is also bankruptcy as an option, or maybe a debt management plan. All these options have their pros and cons, it's a question of sorting out the right one for you. Have a look on the Bankruptcy/IVA forum for more info and advice. Whichever option you choose, you at least know you will be debtfree one day and have the chance to start again.

wotamess_2

thank you. I really don't care that I won't be able to get credit and you're absolutely right! I guess I'm just feeling like a mess-up (aren't I polite!):o Ashamed of myself too. The thing is, my problem hasn't come from overspending or being frivolous. I put myself through college as a mature student which cost a bundle but still don't earn as much as I'd hoped. Then got into a mess when I bought a car on HP. 5 weeks later it was smashed into by a drunk and written off. Insurance company would fight my corner to get anywhere near the value of it back so I had to borrow to pay off the HP (owed more than I borrowed cos it was only a few weeks and one payment). Bought a cheaper car which has had problems from day one (credit card for repairs) AND been forced to move home 3 times in 18 months (I rent). All expensive. Gotta sort it soooooon!!

savingmummy

Hopefully everything will pull together soon.
It is a big rollercoaster BUT it will and does stop!

Have you done a SOA? You may beable to reduce some outgoings somewhere to help you too.
Doing this helped no end, i saved 300 a mth!x

http://forums.moneysavingexpert.com/showthread.html?t=107280

solventsoon

Hi wotamess
Can't offer you much advice, I'm afraid, but just wanted to say hello and welcome. You're definitely in the right place to get loads of advice, support and companionship - lots of people on here are in exactly the same boat. Have a read of some of the threads and diaries and you'll soon see you're not alone here.

Good luck
ss
x

wotamess_2

thanks for the messages guys. I was feeling very lonely I confess. I have checked that I am not overspending anywhere but have cut back so much over the past 12 months or so that I now find that I am underspending, believe it or not! in a lot of areas. Still really worried but there is hope thanks guys.
Would like to know if anyone has experienced problems with their IVA, not to put me off or anything, but just so I know what to expect. Forwarned is forarmed and all that!:)

Tixy

My advice would to be to make absolutely sure that you can afford to live on the budget that is set for you. Leave a cushion in your expenses for emergencies.

Consider getting advice from 2 to 3 different IVA providers before taking the plunge. Do plenty of research and don't rush into it.

From reading posts on the IVA section of the board the most common problems seem to be when someone loses their job or they get a salary cut, or if they have some sort of financial emergency they need to fund. Neither of these are necessarily insurmountable on an IVA but can be problem areas.

RAS

Hi

IVAs are considered suitable for a very few people and you need to know that your surplus income is going to be consistant or increasing for the next five years.

In the current job market are you sure you will not be made redundant at any time?

Why have you not considered a DMP?

wotamess_2

Thank Ras,

I have considered a DMP and have actually set the ball rolling with the CCCS. I am scared silly though that my creditors will refuse it and start chasing me for more money. I know the line is 'you cannot pay what you don't have' which is true. But I'm worried that they will try anyway. I especially worried about debt collectors coming to the door. My teenage child is often in the house on alone after school (not for long but all the same). It's a scary time :eek:.