IVA or not to IVA

Skint_Kel

Hi folks!
Just registered.....so welcome the newbie.
I've been reading through different posts for a while, thanks to everyone.

Ok in a nutshell i am nearly £40k in debt with unsecured debts...most of which have been passed to debt collectors.
(Already handed back the house and they still want £14k off me. I have no valuable assets. I am also single.
I went onto CCCS and they have advised an IVA.
I am also scared that i've missed a debt or two that i dont have paperwork for.

I guess i am just looking for some help. Should i go ahead do it through CCCS? How long does it take? Will i need to take time off work?
Thanks in advance for your help guys.....

The scared skint one aka Kel

Aidanb_2

Hi,

welcome to the forum, i started an IVA back in 2006 and have 6 more payments left to make and then thats it done. if you have no other way of getting your debts then i would do it, make sure all your debts are covered in the agrement so hunt the paper work dow if not then go to the banks that you know you borrowed money from get your credit report and go through that and that will tell you what you have got with who.

you dont need to take any time off work as they can sort it all out for you i went through PayPlan they were very helpful and now there is a free phone number you can get through to not exspensive to call you can always get in touch through email to your case officer, as for the time mine took a few weeks to sort out but that was to set up the creditors meeting.

i wouldnt take getting an IVA lightly it is hard to stick to some times, but if you budget correctly then you will be fine, dont take any credit out while in the iva and make sure you have a bank not linked to your creditors and that it is a basic account no credit will be hard but you at least know what you have and not getting charged for anything.

stick with it and you will be fine just make sure you have some emergency money put aside incase you have problems i have had to extend my term alot to pay for car repairs and other emergencies.

hope you get through it.

all the best

aidan

FoggyBrain_2

Hi. Before you commit to any one firm (and the "free" ones get the same sort of money from the deal as the paying ones) pop over to https://www.iva.com and have a word with a couple of the firms there. There are reviews to help you chose and the advice is free and without obligation. This will give you a chance to compoare advice as well as find the company you feel most comfortable working with.

Both CCCS and Payplan have many happy clients, although CCCS can be a bit slow and Payplan are going through some worrying changes at the moment. There is a very good chance that CCCS will put you onto Grant Thornton anyway, dependimg upon your circumstances.

To give yourself an idea of the sort of allowances you are allowed, go to the beatmydebt websiite, where you will find a living expenses guide. But use your actual figures.

debtinfo

also make sure that you look at all the options including bankruptcy

FoggyBrain_2

Good advice there, looking at your circumstances, that might be a good oprion, depending upon your employment (some employers don't like BR). A good firm should run through all the options with you.

Skint_Kel

Thank you so much for your reply's. A lot for me to think about.
I will keep you up to date on what happens.

Thanks again!

Kel