IVA Refused twice- :( Im at witts end now

fatbelly

Mummy2211 wrote: »

The IVA company have just said that One of the credit card company refused point blank to accept the offer from the IVA all together, Dose this mean they will be a night mare with myself to agree a payment plan with then personally?

Not necessarily

Mummy2211

Fingers crossed. this is what im up against
£49,831.53 two loans, two credit cards and one over draft
£ 3643.26 - household bills ie water and gas.

National_Debtline

Hello again,

There has been some great advice on here so far about making sure the mortgage is under control (which you have said it is, and the lender is happy, so that should be one thing you can tick off your list). You could post a full SOA for more help about what to pay your credit debts. Earlier in the thread you asked.....

Mummy2211 wrote: »

would the creditors give us a second chance at paying them direct? and agreeing a doable payment plan without really making us struggle?

Is there somthing that could possibly help us budget affordable amount to offer each creditor?

You will need to pay whichever company is dealing with the debt now - if that is a debt collector then you need to deal with them as opposed to the bank. But don't worry, you can approach them in the same way as the bank. Try to deal with your creditors in writing (rather than on the phone), send them a copy of your SOA and make them an offer to repay. Your SOA will list all of your income, and then minus your living costs and your priority debts (from what you have described this would be your mortgage arrears, CCJs and the family debt - which you wish to prioritise). Using the money that is left over, make each debt a proportional offer based on what you owe them and how much money you have spare (it's a percentage). If you find dealing with the creditors stressful you may be able to do a DMP (where a third party company negotiates with your credit debts on your behalf for free).

Mummy2211 wrote: »

I think there maybe 1 or 2 that have a CCJ im not sure i would need to double check again.

It is important to have a payment plan set up with CCJs in the county court to prevent further enforcement action and to protect yourself from further action if there is already a Charging Order. You can check www.trustonline.org.uk to find out if there are any CCJs (there is a small charge on this website). I hope that helps,

Laura
@natdebtline

Mummy2211

Thank you very one for your replies. I have today sat and done SOA on the nation debt site, and its given me a budget and its given me a supply for £53 to pay to debts? given me £1 to some creditors and £15 to another.. Of course this would only be for a year until mortgage is paid off and then we can increase the payments. I have worked out that if i can afford £830 a month that would clear it all off in 5years, I just need this year to clear the mortgage out.

I dont think they will go for this though as it does seem a rather low amount for the amount of debt owed.

Im trying to go back to work myself, But i have a 11 year old who has separation anxiety, and no after schoolchild care for her, and i cant leave her home for longer than 30min-1hr before she would start to freak out. So trying to find part time work that wouldn't involve childcare for my other child who's only 4.

what a mess. Just hope after all ive worked out today that some of the creditors will at least settle for a little amount for the year.

fatbelly

You show them the calculations and then pay them anyway - like it or lump it.

Some of the smaller creditors will just be getting a token offer.

Not a problem.

Mummy2211

So we had a letter today From Link who have taken over the debt from MBNA card (Virgin credit card) Saying that they were disappointed in us for not contacting them to arrange an affordable amount to repay this debt. Yet these are the same company who have refused point black to the IVA right from the start. Yet in this letter they have said they are here to help us and make sure we pay only what we can afford.

Im now starting to wonder how much they were offered via the IVA?! Because on this SOA taht i have filled out thats given me £6 a month to pay towards this debt....