IVA / Debt Advice Please

SteadyEddy22

Yeah I really want to reduce the tv amount but the trouble is I’m stuck with the contract until January 2027. Definitely will not be renewing as barely make use of it. Im not sure if there is a way of getting out of a Sky contract early?

Food we have started to really watch what we spend, so I’m hoping this reduces significantly over the next month.

Sorry those figures are household so £30 each for our phones which is inclusive of what we pay on insurance on them.

As with haircuts it’s £20 for me and £20 for
my child which where I live is the going rate. That could be slightly inflated for my partners as she has hers done on average 3 times a year which I have noted is £200 each time. I’m sure that could be reduced though.

Our water bill should drop a fair bit in a few months too, as they messed up the billing last year so raised our dd for 6 months to make up what was owed.

SteadyEddy22

Hi all,

So just an update on where I am at.

I have only been able to speak to Business Debtline via online chat (phonelines are constantly busy and cant take my call). But they confirmed that regarding the business credit card that will just go under my name like a standard credit card once it defaults.

I spoke with Payplan who went through my budget and said nothing really jumps out that would be questioned. Although they then were quite pushy for me to agree to an IVA and wanted me to speak with one of their advisors. I have told them I need to have a think and will get back to them.

But, I think I am going to go down the self-managed dmp route. A lot of my anxiety was around the security of my house which is the reason i was looking at an IVA. But from the research I have done and from reading a lot of the advice you guys have given to other people, that anxiety has somewhat lessened. So currently just going to sit tight and build a little emergency pot for me and my family and wait for the defaults to come through. And then look to set up some payment plans as and when. Still fairly apprehensive about it all but I'm hoping it plays out the way a lot of people have suggested in similar circumstances.

I have also opened a new bank account for which my payments will be coming out of and that is not related to any of my debtors.

Just to note I emailed Admiral and Lendable to advise them I was unable to make payments and was looking at my options. I’m not sure if that was the right thing to do or not but I will not be contacting them any further.

Many thanks for people who have given their advice. I will continue to update if its of any interest/help to anyone now or in the future.

RhiBi

Definitely keep us updated.  I’m at much the same stage as you, I stopped payments in November/december.  I’ve had phone calls and emails which I ignore and the odd letter stating that I am behind with payments, but nothing that has worried me thanks to the advice from the people on here.