newbee and need advice

debtfree11_2

Hi I am just doing lots of research before I settle on whats best for us.My name is Hayley I live with my partner we are both 28 and have 3 young children. My partner works fulltime and I stay at home to look after the children.
We have 8 creditors with a grand total of £24,000 worth of debt ranging back from when we were younger we want to sort out our debt for when are children are older so we can be there financially for them.
Okay so we have a car on hp £170 this will be paid of november of this year we currently rent our house through a private landlord. I have rang the cccs who advised us of a debt managment plan as at the moment we have £180 left spare at the end of each month to pay back our debts. Just after i had spoke to them i got a call from the money group (harrington brooks) saying they can help with a iva i like the idea of a iva I think it sounds like a good thing for us but alram bells are ringing about this company there so pushy !! if any one can offer us a little advice I would be so grateful thankyou if you have got this far !!
Hayley
ps sorry for spelling the checker wont work

judojub

Hi debtfree
Welcome to the board. Make sure you speak to a couple of different companies before you commit to anything. Try this site https://www.iva.com. An IVA is a big commitment and a good company will go through all of your options with you and help you decide which path you should take. Also, do not choose a company that will require fees upfront. I am quite a newbie only having my IVA accepted last week. Any questions you have though, don't hesitate to post and somebody will come along and help out as best they can! Even me, though I am still learning too [FONT=Verdana, Arial, Helvetica] [/FONT]

debtfree2016

Hi debtfree..

Welcome to the site and your path to freedom, i'm in the early stages of applying for an IVA. There are plenty of users on this site who have been there and got the t-shirt. Advice is key before you commit to anything, just make sure you can afford to live.
Best wishes

dancingfairy

You would need to commit to making the payments for 5 years - pretty much without exception. It is a form of insolvency and can affect certain careers. If you fail the IVA then your creditors can make you bankrupt.
Have you chatted to CCCS about an IVA?
Have you sought a second opinion from National Debtline, your local CAB, CAP or one of the other recommended debt charities?
You are right to be concerned as it is a big undertaking and I would also be wary of companies randomly phoning out of the blue. Don't forget there are big fees in it for whoever organises your IVA so they could be out just to make money out of you rather than act in your best interests.
df

dancingfairy

You might also want to read this thread from this morning about 1 persons eperience with Harrington Brooks - now whether it is true and typical I wouldn't like to say but it certainly rang alarm bells with me.
See here:
https://forums.moneysavingexpert.com/discussion/3165014
df

FoggyBrain_2

As Judo says, have a look on https://www.iva.com and speak to a couple of the companies there ( there are reviews too, to help you make your choice). An IVA company hawking their wares is not a good sign!!

MrsB2100

We're also in the early stages of applying for an IVA (forms posted this morning). We went to the CAB and explored all options before deciding this was probably going to be our best option. I would suggest as well as checking out the IVA.com website to also go see the CAB and maybe speak to CCCS or National Debt Line for some impartial advice.

Good luck!