Please, desperate for advice re: Gregory Pennington

Mike_St_Helens

Snaggles wrote:

Thanks Mike, hope you didn't mind me using you as an example of someone who is coming out the other side of a nightmare situation!

No problemo sweet.... Im more than happy to give any advice, or what may seem as advice with the path I have followed.. Im a much happier and now debt free person.. Still have my home, job car etc etc....

Anytime...

Mike x

( off to work now so if you do want anything I may be able to help with PM or ill try chase when uim home. ... Mike )

moonlightpjs

GP have advised an IVA, what does this involve?

rog2

weller711 wrote:

I am utterly petrified at dealing with credtiors myself - am sat here in tears and can see no way forward, I just feel like ending it all but I have a six month old baby as well as my son and I just think they would be better off without me. Suicide seems easy

Have you told anyone else of your situation - your mum, for example, or a very close friend? It seems, to me, that you would benefit by having a 'real' shoulder to cry on, and to give you some mutual support.
Just because PAYPLAN will not help you (although I am surprised) you can talk to CAB or CCCS for some independent advice. CAB will, normally, talk to your creditors on your behalf.

rog2

weller711 wrote:

GP have advised an IVA, what does this involve?

An IVA is an Individual Voluntary Agreement, lasting 5 years, whereby you pay, through an Insolvency Practitioner, an agreed monthly payment, which is distributed amongst your creditors. Did GP suggest an Insolvency Practitioner?
Before entering into an IVA, you MUST take advice from CCCS or PAYPLAN. Do NOT enter into an IVA with a company suggested by GP as IVA's do incur fees, which can be in the thousands, and some IP's take their fees before paying creditors.
If you default on an IVA, your creditors will petition for your bankruptcy.

3LITTLEPIGS_2

i have to ask do cccs cancel your plan if you leave out a couple of debts- i have left 2 out as 1 is with same lender as mortgage and another already on a pymt plan?????
i am worried now as i thought had everything sorted!

Broken_hearted

3LITTLEPIGS wrote:

i have to ask do cccs cancel your plan if you leave out a couple of debts- i have left 2 out as 1 is with same lender as mortgage and another already on a pymt plan?????
i am worried now as i thought had everything sorted!

I think they want to know everything to stop you running up more debt and hiding it. As I've said numerous times they refused outright to help us, so we went it alone.

CLAPTON

really the best thing is to post a full SoA so we can offer better advise
and see whether a IVA is good for you... can you also say how much the house is worth and how much the mortgage

moonlightpjs

Sorry, got really confused for a bit there but have spoken to Payplan regarding an IVA but they said not to do one as we don't have enough surplus income - they are going to send out letters and SOA's for all our creditors so we can post them all ourselves and pay them ourselves, they also explained more than GP did, as GP really frightened me trying to push us into an IVA and telling the creditors could take our house from us and wanting a monthly payment of more than we can afford. What do they get out of it? The woman at GP said she was giving me the best advice - Payplan have said this is not the case, as long as we make payments we can afford the worst the creditors can do is get a CCJ and then the court will only allow us to pay what we can afford.
Must admit though, its all a little scary - contacting all of our credititors and I am sure I am going to get mixed up making payments on time, to which company etc. Any advice would be much appreciated, also does anybody know of a website etc where i can enter all our debts and it will work out a pro rata payment.

Thanks to everyone though, I felt so alone and even though hubby is supportive he doesn't understand how scared I feel, he just goes to work and I have to deal with it - not his fault though. It feels like its going to take forever to pay all our debts off, hopefully things will get better. Will contact CAB for more advice now I know something needs to be done. D

moonlightpjs

CLAPTON wrote:

really the best thing is to post a full SoA so we can offer better advise
and see whether a IVA is good for you... can you also say how much the house is worth and how much the mortgage

Sorry, don't know how to do a SOA and the mortgage is £106,000 and the house is worth approx £145,000. The lady at Payplan said we couldn't do an IVA as most of the debt is mine and we don't have enought surplus income and we could end up having to sell the house anyway,

moonlightpjs

3LITTLEPIGS wrote:

i have to ask do cccs cancel your plan if you leave out a couple of debts- i have left 2 out as 1 is with same lender as mortgage and another already on a pymt plan?????
i am worried now as i thought had everything sorted!

They cancelled ours because I called them 4 months after starting the plan and asked them to include the debts we hadn't orginally told them about. If I hadn't called they probably wouldn't have known anything so I was a bit stupid really. They did say we signed a form that agreed we'd told them everything and we agreed not to incur any more debt.