Any help on IVA's appreciated :-)

debtfree2016

Hi Dogies
The replies you are receiving are from those who have had to make the same decision that you are trying to make, trying to hide the IVA from a family member will not really work. I would suggest talking to the family member and letting them know everything you have done so far to reduce your debt and the positive step you are trying to make to be debt free for a better life for you and daughter. Could you possibly go through your income and expenditure with the family member to show them what you have?. I'm sure this is very hard for you but don't feel shame, the reason you are on this forum is because you have admitted to the fact that you are struggling and want to be free of debt which is a very positive step. This forum is always hear for you, me and all the others who have registered. Take care and i'm sure you will make the correct decision that allows you to breath. Don't forget the www.iva.com website.

Doggies

Thanks again everyone for your replies. When I say I am struggling, I am paying my bills and the reduced amounts on the loan etc, just not getting anywhere reducing the overdraft etc. I'm thinking now I may not be advised to go for an IVA just at the moment as I have actually agreed reduced payments with my creditors. So maybe I should just sit tight until the 11 months is up and my case is looked at again. To be very honest, I have been pathetic and budgeting my money and like other people spending beyond my means and more than I have. Finally I am budgeting literally every penny and getting by with the bare essentials.

I can see what your saying about the family member, but honestly I really cannot let them in on this. They have been more than good to me and my mum has health probs at the minute and this might just send her over the edge. You have no idea how she feels about debt, may as well be an alcoholic or druggie in her eyes. I have reduced the payment to £200 explaining my outgoings etc. If I was to become bankrupt in the long run then obviously I may have to come clean, but for now I cannot. The stress would be inconceivable and worse than the debt!

Anyway, have concert tickets and lots of stuff on ebay today, boot sale on Sat. I am going to try to get by the next few months on what I can flog and not touch my salary. Well thats the plan!

judojub

Doggies wrote: »

Thanks again everyone for your replies. When I say I am struggling, I am paying my bills and the reduced amounts on the loan etc, just not getting anywhere reducing the overdraft etc. I'm thinking now I may not be advised to go for an IVA just at the moment as I have actually agreed reduced payments with my creditors. So maybe I should just sit tight until the 11 months is up and my case is looked at again. To be very honest, I have been pathetic and budgeting my money and like other people spending beyond my means and more than I have. Finally I am budgeting literally every penny and getting by with the bare essentials.

I can see what your saying about the family member, but honestly I really cannot let them in on this. They have been more than good to me and my mum has health probs at the minute and this might just send her over the edge. You have no idea how she feels about debt, may as well be an alcoholic or druggie in her eyes. I have reduced the payment to £200 explaining my outgoings etc. If I was to become bankrupt in the long run then obviously I may have to come clean, but for now I cannot. The stress would be inconceivable and worse than the debt!

Anyway, have concert tickets and lots of stuff on ebay today, boot sale on Sat. I am going to try to get by the next few months on what I can flog and not touch my salary. Well thats the plan!

Hi Doggies.
Did you make a few phone calls today?? Did you speak to CCCS?
I don't believe there is anything stopping you from going for the IVA even if you are doing a DMP. A lot of people do this. If we had informal arrangements with our creditors, it would have taken 14 years to pay it off and that is under the assumption that they all would freeze interest:eek:

Nobody can tell you what to do. That is ultimately down to you. I just worry for you that you are scrimping here, there and everywhere purely so as not to upset your mum? I do fully understand that you wouldn't want to burden her if she already has health problems but you must think of yourself and your own future.

Please think about it some more. Your mum might well surprise you, you never know!! x

Doggies

HI Judojub again, I didn't realise I could still maybe go for an IVA if I had reduced payments. I assumed as my creditors have reduced everything I would have to wait until I was unable to meet the payments again. Unfortunately I havn't got ringing anyone today. Was in work, picked Dd up and have been up to my eyes. I will ring tomorrow and at least make an appointment to have CCCS call me back to go through income and expenditure. I'm a busy single mum and its so difficult to even grab 10 mins. If the were open at night it'd be easier!

I know you are probably right in what you say about telling my mum, but honestly I can't at the mo. If it comes to the bit and I really have no choice then so be it, but that is a very last resort. I just couldn't do that to her at the mo. She has worries about my younger brothers and I don't want to add to her woes.

Over the last year I have been in the mindset that I can pay all this back, but I am beginning to realise the impossibility of this. It would take me years and years, and for what in the end. I am the most disorganised person in the world, but I am going to have to get my act together here, take the plunge and get this sorted. Its just all so very scary.

judojub

Doggies wrote: »

HI Judojub again, I didn't realise I could still maybe go for an IVA if I had reduced payments. I assumed as my creditors have reduced everything I would have to wait until I was unable to meet the payments again. Unfortunately I havn't got ringing anyone today. Was in work, picked Dd up and have been up to my eyes. I will ring tomorrow and at least make an appointment to have CCCS call me back to go through income and expenditure. I'm a busy single mum and its so difficult to even grab 10 mins. If the were open at night it'd be easier!

I know you are probably right in what you say about telling my mum, but honestly I can't at the mo. If it comes to the bit and I really have no choice then so be it, but that is a very last resort. I just couldn't do that to her at the mo. She has worries about my younger brothers and I don't want to add to her woes.

Over the last year I have been in the mindset that I can pay all this back, but I am beginning to realise the impossibility of this. It would take me years and years, and for what in the end. I am the most disorganised person in the world, but I am going to have to get my act together here, take the plunge and get this sorted. Its just all so very scary.

Hi Doggies.
I do understand how you are feeling and I appreciate how difficult it is. I have been there myself. Please ring around and get some advice. You know yourself that you can't carry on the way you are. You have your little girl to think of.
I was much the same. Took extra credit and on paper it all looked affordable but then real life steps in and takes you for everything you have!. I owe money to family members but they will just have to take whatever I can give them at a time I feel able to! That does sound harsh but I also have a family to think about.
All I ask is that you think about what would be best for you and your daughter. Owing debt will never make life easy, but knowing there is a way out will give you hope for a brighter future for you and your daughter.
Please consider all your options and do what is right for you and your little family. Please keep posting. People will help you out. You're certainly not on your own. x

Doggies

Judo, have sent you a pm. Thanks so much for all your help and advice. Its so nice to know that there are kind people out there that take the time to help others getting into the same situation. You really have lifted my spirits tonight.

I will definitely be on the phone tomorrow at some stage to make an appointment with CCCS.

Thanks again :-)

station296

Hi - just wanted to say i was in a similar situation 4 years ago, i was advised to go into an IVA but had just started a new job and they were running credit checks on us annually - I was too ashamed to let them know, so I opted to set up agreements with each creditor. This has worked fine for the last few years, but keeping the secret has been really difficult at times, (i didn't tell a single person), people know the kind of salary I'm on and can't work out why i never have money! I have managed to almost clear it now (partly due to PPI reclaim cheques) but the payments were far higher than if i was on the IVA i almost signed up to, as i wanted to clear it quickly and thought i could survive on very little or nothing.

What I am trying to say is that the sacrifices you will make to keep up the DMP can be really tough. I know I would be a far more relaxed and healthier person if I hadn't spent the first 2/3 years coming to terms with the extreme penny pinching, and keeping the secret to myself. I am probably better for it now - the lack of money was the catalyst for me starting my own freelance business in addition to my full-time work but the irony is hearing people openly discussing their IVA plans at work, and realising I probably didn't have anything to worry about - though I have no idea how i would've managed to break it to my parents!

Sorry for the essay, but please just make sure you seek advice on all the options before assuming you are on the right track, and try to find at least one friend or relative you can confide in as this is a long journey.

I hope you get on the right path soon