What's the best option?

Tigger1983

Just read the scary article on IVA's, have an interview (at my house!!) on Thursday but am not sure this is the way for us to go anymore!! Even the impartial places seem to be suggesting it. We have unseccured debts to lots of different sources (listed below) and are struggling to meet the minimum payments and keep food on the table. Has anyone been in a similar situation and gone debt free?!!

HSBC loan 15,000
HSBC cc 600
HSBC overdraft 600
MBNA (virgin) cc 4500
Tesco cc 4500
Smile overdraft 500
Littlewoods catalogue 250

Also, as bankruptcy is one of the options, does that affect my job (teacher)?!!

Any suggestions gratefully received!

Tig

Hopeful1

Hi Tigger.

Last year i had a similiar amount of debt to you. I have reclaimed charges on a loan, credit cards and 1 bank acc. (before the test case) and have managed to reduce my debts greatly. I have then set up affordable repayment plans but focused on paying off smaller debts with any extra income.

Each payday i write down what i've paid off. Seeing the amount owed figure reducing is great motivation.

One bank account refused to cease adding charges and interest, so i complained to the financial ombudsman and they soon stopped!

I have also written to catalogue companies to ask for copies of my credit agreements as they refused to refund charges. They did not have one. This meant they or their debt collectors could no longer chase me. I am now in the process of negotiating full and final settlements - on my terms!

It's hard work, but it is possible to do it. 12 months on, i'm in a completely different place.

RedDino308

Hi Tigger,

Well done on posting. I'm sure that many wonderful people will be along to give you good advice. This message is to bump you up a bit and to suggest that you post an SOA so that more informed advice can be offered about how to tackle your debts.

RD308

scooterwife

Hello! Welcome:j

A lot of us have been where you are now & got through it ok (well, getting through it anyway!) You are never on your own on here:D

before you settle on an IVA go onto National Debtline website for advice and I would recommend CCCS for advice. we are currently on a DMP with them and while it's not easy it is definitely easier than struggling through every month. (see the 'sticky' posts on page 1 - I don't know how to post links:o )

definitely try to post an SOA if you can bear to, there are usually some good ideas from those.

Good Luck:j

PS Don't do IVA/DMP with anyone who will charge you for their services CCCS & Payplan are free (for DMP anyway, not sure about IVA - someone will know though)

10past6

Hi Tigger

Who's visiting you on Thursday, is it a fee charging debt management company?

Tigger1983

Yes it is but after speaking to the national debt helpline and cccs this morning I'm not going through with it! They are offering to pay creditors under half of what we owe yet only knocking 4000 off the 26000 that we owe!

LilacPixie

tigger why don't you post a full SOA including all your income and outgoing and let us see where you can make saving to enable you to avoid an IVA and attack that 26k debt.

I joined this site earlier this year with almost 24k of debt and I am sitting at a little over 18k leaftt at the moment just by watching my spending and switching some things like insurances and utilities.

Tigger1983

Thanks for all the replies so far! Where do I post a statement of account?

ikkle87

You can just post it here hun and then the clever people who know what they are talking about will be along to help.

GeorgeUK

Easiest way to do a SOA is to use this calculator
http://www.makesenseofcards.com/soacalc.html

Fill in the details, click MSE format, do select all and paste it into your thread here.

I think you'd be able to do a DMP if that was required. Really glad you've not done the IVA.

immoral_angeluk

Do not let those scumbags into your house! They won't leave until you've signed on the dotted line!