No more false starts

ditty1234

Thank you for your advice, I have just opened a back up current account, but will attempt to soldier on into the summer, and then go for a DMP if things don't improve.
Thanks again.

ditty1234

Am now in the process of applying for an IVA with Stepchange. It will set me to be paying off £142 a month so is affordable for me. And a lot better than 700. So looking at the pros and con's it will be a 5 year run and I know I have to accept that anyways, what ever I do.

Suffolk_lass

Well done ditty1234 - it is a positive and brave decision and one I know you will not have taken lightly. I did feel rather pessimistic when you detailed your circumstances. I do hope this decision gives you the headroom and the head space to start moving forward. I hope you will record your progress on your diary so we can offer continued you support and advice x

fatbelly

In an IVA the 3k car should be safe but you will be making monthly payments for an extra 24 months compared to bankruptcy. So it's fairly neutral really.

Remember that IVAs fail whereas bankruptcies don't.

System

WhenIam64 wrote: »

One notable US citizen, Donald J Trump, has been bankrupt 4 times.

Rather misleading.

4 of Trumps BUSINESSES have been declared bankrupt. Not him, personally.

ditty1234

Hi Thanks, just wondering ... what makes iva's fail? Of curse now the selling value of my car is 1700 when checking on auto trader?
I have only just applied and it's not a guarantee that the IVA goes through. At the moment the IVA looks very reasonable, just scared for my dog or family abroad getting ill, or other larger emergencies happening before I have put a bit aside for emergencies.

PipneyJane

ditty1234 wrote: »

Am now in the process of applying for an IVA with Stepchange. It will set me to be paying off £142 a month so is affordable for me. And a lot better than 700. So looking at the pros and con's it will be a 5 year run and I know I have to accept that anyways, what ever I do.

Good luck, Ditty1234. I will keep my fingers crossed that for you that the IVA goes through.

I think Fatbelly's remark is driven by the fact that bankruptcies give a (so-called) clean break whereas an IVA requires you to keep up the payments for the agreed period of time. (He's wrong, by the way. Some people continue to make partial repayments throughout their bankruptcy supervision period.)

- Pip

Sanctioned_Parts_List

Some info on causes of IVAs failing: https://www.stepchange.org/debt-info/how-can-an-iva-fail.aspx

ditty1234

OK so one way or the other the !!!! will hit the fan this month, I have a IVA application in with credit fix, with the call scheduled for tomorrow afternoon. My current account has a overdraft attached, so I will move all direct debits as soon as possible.
In April, should I pay my credit cards, or should I write them and tell them what is going on, and what about my current account? I can't pay out the over draft so am thinking about just cashing out and paying all direct debits with other card and resetting manually?
This is making me very anxious as I have not been able to set up a cash emergency fund, any ways any advice on this would be greatly appreciated.
This is now quite real. I am very low (depressed), scared but also hoping to be able to look forwards at some point and not think about money every living minute. (Just not spend any).

Suffolk_lass

I can't offer you any advice on which route to go at this point, but I wanted to let you know I have read your post and I feel very sad that you are depressed.

When everything is getting on top of me I try to have a "Scarlet O'Hara" moment (it might be a technique you can try) - I try to put things into different compartments and write them down in sub-lists. Then I look at one at a time, concentrating only on that list.

Then reflect on these lists to be clear what you can do and what you cannot do.

Some things are beyond your control - For example, the reaction to the interview is not something you can have direct influence over, and maybe the steps with the parties you owe money to will be clearer after that tomorrow, so as Scarlet said, think about that tomorrow. If you fret about it today it will increase your anxiety, but you can do nothing about it today.

What you can do is be prepared for the interview so maybe concentrate on having it all laid out, ready.
.
1. Be clear what is your baseline level of income - and what changes from month to month.
2. Be clear about the other overheads you have and the variability of these (children's health and wellbeing) and the impact this has had and will continue to have.
3. Know what you have spent recently on just living (your utilities, food, clothing, commuting, rent and so on).
4. Have a record of what your debts are, itemised by accounts, amounts and dates they fall due.

Sometimes concentrating on the preparation is helpful in itself. You can do this, and you have support on here to help you, where we can.

My last suggestion is to help with head-space and your wellbeing. I recommend this little meditation technique - just to calm yourself and make room for other things than money - One Moment Meditation - it is less than five minutes and well spent, in my view.

Take care of you x