Which way to turn?

Stuffed_2

Hi shrimp76

Why, If you don't mind me asking did you opt for an IVA?
I suppose the fact that your credit file wouldn't be affected as much as bankruptcy is one reason. Do you have any more?

Could you let me know your experiences. Thanks!

PS : I picked up the bankruptcy p/work from the county court this morning and am still trying to decide what to do.

Word of advice peeps... You get the Bankruptcy p/work from the County Court not the Magistrates court..... Made that mistake this morning!... What a plonker.

shrimp76

Well, I went through CCCS and they recommended Shaws to me (who I think are PayPlan now). I really didn't fancy Bankruptcy because of the stigma (god - everyone knowing my business - I'd hate that!), and the way it would haunt me forever. Shaws were great - I didn't have any of these up-front fees for the IVA that I hear people talking about, and it went through really quickly. I got to keep my car, on the basis that I needed it for work. Other than that I didn't have any other real assets so that didn't matter.
Overall the good things were: I had a life again - no one chasing me for money I didn't have. I drew up a budget for them, so I had enough money to live on a month, not just exist. Obviously things weren't easy, but I could go out for a drink with my friends once in a while. I kept a current account with another bank whom I didn't owe any money, so still kept my Switch card etc, which was good.
Bad things: Any overtime/bonuses or payrises I got, the creditors took 50%. 2 years on, I'm trying to repair my credit report which is slow. I'm also looking to get a mortgage in the foreseeable future, and apparently you have to declare the IVA, which means I may have to go to a subprime lender.

Whatever way you go, good luck - it can only get better now!

Alanb

About 3 years ago my wife and I were swamped with overrun credit/store cards and loans amounting to over 40K. We contacted the Consumer credit counselling service who were excellent (and free). They helped us contact all our creditors and arranged for us to pay back about 1% of our debts each month. Our combined income was about 18k pa and we had to pay about £330 per month once we'd paid our mortgage etc. It didn't seem much but as one debt went the payments to the others got bigger. They told us it's last approx 8 years then we'd be debt free. The good thing is that any extra overtime etc was ours to keep and the monthly payment stayed the same. We now have less than half left and it should be over in 3 years (2 years earlier than anticipated). The CCCS are based in Leeds and the number is 0845 272 0100.
We're also so glad we didn't opt for bankrupcy - creditors are happy with some sort of payment no matter how small - as long as it's done officially.

Very good luck to you
Alan

Saveit

I am pleased that this has worked well for you Alanb, 2008 will be a good year for you and a new start.....Good luck