Starting the process

hunt85

So i went through the online budget info on CCCS and it came back with the option of bankruptcy. I don't want to do this as I work for a building society and the thought of bankruptcy after never missing a payment scares me! i've built up £38k of debt and today called up a couple of big credit cards and my two big loans (one with tesco - £15k and one with sainsburys, also £15k) and tesco said straight away they'd send me out a budget planner and they'd enter into a 6 month arrangement with me etc, sainsburys said they wouldnt help me until i missed a payment.
And out of the two barclaycards i have, they reduced the interest to 14.9% on one and also the minimum payment to 1.5% of the balance ongoing with no time limit, but they could not do anything with the other one as its a "flexi-rate" card.

I was surprised how friendly they were at these collections departments but also how little they could do to help? so i'm not sure whether to continue trying to get each company to reduce interest etc or just go straight into an IVA (hopefully!) before they start sending threatening letters/i miss any payments. Should i just bite the bullet? IVA or bankruptcy seems inevitable but i'm only wary as i want to make sure my partner won't be affected (we only share one joint account which i will remove him from when i get a chance) does this sound like the right thing to do? or should i put off the IVA/bankruptcy as long as i can beforehand? Thanks for your help

althas

Hi Hunt

To enter into an IVA is a decission you and your partner will be best to make together, as it will affect them in some ways. For example, the TOTAL household income will be asked for, along with the total household expenditure (not just yours). If you do go ahead with one, sever ALL joint ties before you do anything. I learned that the hard way

Ok so now to the main point, which way to go

There are a LOT of things to consider, and unfortunatly a lot of them will be down to you. WIll your job be ok, will YOU be ok, is something in the pipeline to help in the next five years, house and mortgage etc etc etc

The best advice I can give, is have a visit over to www.iva.com That website has a LOT of Insolvancy Practitioners on (companies and individuals), and they are all reviewed by their clients. Have a look and find 2 or 3 of the good ones (this is where I found mine). Then ring them and talk everything over with them. They will be in a better position to assess your situation and offer some advice, explain all the implications of each option, all the pros and cons as they will relate to you

If ANY mention of an upfront fee is made then say bye bye to them

You will get a feel of them from this call, if they try and push you into it, helpfulness, knowledge and advice. The IP I ended with was superb in all aspects, answered everything I asked, offered all the options and explained them in detail, BEFORE I made the decision and signed the agreement. COuld not have asked for better. But JUST as important, the afterhelp has been of the same quality. Some companies will be good at the start, but after they have you signed, become a shambles. This is why I say to look at all the reviews and talk to a few

But whatever you decide, you have taken the hardest step in acknowledging the situation, and looking to deal with it. Kudos to you for that. I was terrified at first, so I know what it is like. But also now you have taken that first step, keep on the journey until the end. It may seem bad now, but that first little glimmer of light at the end of the tunnel is a lovely thing to see

Let us know what you decide and how it goes

hunt85

thanks for your help can i ask you which IP you went with then if the service has been so great? i didn't know i had to find one myself, i thought this was done through CCCS etc? i will have a look on that website now thanks.

beckett110

I cant offer you much advice but I just want to say that Im in a similar position where I am trying to set up an IVA, Im scared about it but I cant carry on the way Im going so I need help.

Ive just entered my details into the IVA website and someone phoned me back pretty quick and they are passing my details onto an IVA company.

Im interested in finding out who the best companies are and how to tell the difference between the good and bad ones.

althas

OF course you can ask. I do not like to say anything incase people mistake it for advertising and remove YOUR thread

I went with Melanie Giles (IVA Advice Bureau). She is a VERY active poster on the iva.com's sister site www.iva.co.uk as well, so always easy to get hold of. True, I only spoke to her once (usually a member of her team), but she called before I signed anything to ensuer her team had done their job correctly, explained everything to me and that I understood it all. I was only available on a night after 19:30, and at 19:31 she rang. Could not say better than that

I would say just look through the ratings on the iva.com site and choose a couple from the top. Ring them all for a chat and get a feel of them. You need to be comfortable with whoever you go with, and you WILL be dealing with them for anything upto 6 years

Beckett, it is difficult to choose the good ones, but people on here and iva.co.uk will usually tell you the truth about the good and the bad. But a general point is an upfront fee. If anyone mentions them (a fee to do your proposal, an introduction fee for passing your name to an IP etc) then say bye bye to them as fast as you can and go to someone else. Then just research some on the interweb on the names, you will find plenty of info out there. At the end of the day, it is your decision. What feels good to you about an IP may not to me. But always ask on a new thread if you have any questions, people here are friendly and helpful

hunt85

thanks i've found her details on the IVA.com website too as i joined up to that site first... She has good reviews. Do i literally just call her up? i filled in my income and outgoings on there and someone is going to call me from IVA.com after 6pm this evening, i assume they could then put me in touch with her or another IP after that?

althas

They will put you in touch with Vincent Bond (at least they did with me). I googled Melanie Giles and went direct through her website. There is an enquiry form on there or a telephone number to call

Good luck with your call tonight, hope it goes well for you

hunt85

well the IVA woman suggested bankruptcy due to my small amount of disposable income and the woman from vincent bond just rang regarding this and said bankruptcy seems to be the answer, the fee is £600 and vincent bond's fee for doing it all for me is £350. I am going to do more research and see whats what before i decide what to do. I'd rather do an IVA but if i can't then i will have to live with that, just need to find out more about my job first and whether it will affect it as i am a building society cashier.