Well it caught up with us

Useless_with_wonga

What a pair of fools we are. My wife and i like many others i suspect have constantly lived beyond our means for a number of years. The old borrow on the CCs consolidate start again despite promising to stop after each consolidation we didn't.
We were not extravagant by any means spent most of the money on doing up our first house which we had bought cheap and as such it needed loads doing to it. False economy really but it was all we could afford at the time. We spent most on repairs/modernisation but also if truth be known spent money on things we did not need and could not afford nothing OTT just little things you know branded clothes,IPOD etc. It soon got out of control and we scrapped by month to month meeting our repayments.
Anyhow it all came to a head and we decided that enough was enough. We are very embarassed by our situation but we have to overcome that and take control to this end we took advice and are in the process of attempting to enter an IVA.
It is far from a quick fix or an easy option and we have prepared ourselves for the consequences of our past borrowing and are starting out on the road to recovery of our self respect and more importantly being debt free. It will be a long hard road but we are ready for the sufferance in order to be free from the burden that has blighted us all of our married life(15 Years)
If there is anything positive from the whole situation it is that it has reinforced our commitment to one another and made me determined to sort this problem out once and for all.
My wife like many others kept the extent of our debt from me for several months. Sure i was upset when i found out but we are strong together and together we will overcome.
So i suppose what i am trying to say is you can run but you can't hide eventually you will have to face up to your debt problems and address them head on it is the only way forward for the sake of your sanity and future happiness.
My thoughts to all those in a similar position you can only maintain the belief that it will get better but only if you do something about it........NOW.:beer:

hypno06

Fools you are not.......just got caught up in the trap of overspending like many many others.

What is important is that you are not only tackling the problem, but you are able to tackle it together, so you WILL succeed in getting through it....good days and not so good days alike.

I wish you all the very best on your debt free journey.

Merlot

hynpo06 said it all really.


Is the IVA through one of the debt charities, please do not think of using a company you have to pay when you get one for free.

In the meantime, would you like to post an soa and we can advise you on reducing your spending further.

This will make you stronger as a couple, I am sure of that, its not going to be easy, but we are here for you and your wife, day or night if you need to talk.

Merlot.x.

Miia

You sound like a lovely bloke and I know your wife will know this.

You are not fools.

doelani

I agree with merlot make sure you speak to one of the FREE debt agencies.

It is good that you are tackling this together, it will be hard and at times you will think is it work it but believe me it is. Do not think you are fools either, it is so easy to get caught up in it all, we owed £110k and coudl not tell you whenre most of it went and that was spent in 5 years, Before 2000 I never even had a credit card and we realised in february 2005 we had problems.

IVA worked for us but make sure you get advice and I have read so many storys on here and another forum about people who have entered IVA and they did not work so like already said get advice.

good luck

Useless_with_wonga

Thanks for your kind comments Guys i know you are absolutley right. I suppose the fact that i am supposedly an intelligent man in a professional occupation makes it harder to accept that I/we ever let this situation develop in the first place. As i said embarrasement is the major factor here but !!!!!! it we need to take control.
Due to my Occupation and having done my research on here and other web sites i believe that an IVA is more likely than not the correct route for us to take. Bankrupcy although not impossible for me is not desirable if it can be possibly avoided. I considered a DMP but this really does not sort it out for us it just prolongs indebteness. we have insufficent equity to remortgage and clear the debt that way.
We have really taken the bull by the horns as it were. Shopped at Lidl and was honestly surprised at the quality of the food and a lot cheaper than the main stream supermarkets. Stopped spending money on impulse buys actually said No to the kids which they didn't like but after a family discussion they came to understand our position.
Cleared the house out and am going to the car booty on Sunday (first time ever would usually have thrown it in the skip) hopefully we will have some fun as a family as well as earning a bob or two.
We took loads of advice from different sources and yes we are paying fees re the IVA but these are not up front and are deducted from our monthly contribution. I got the impression that this was the case with all IVA's the CCCS said as much even their IP's work this way.
It's all new to us and has caused me some sleepless nights however i filled my time researching the facts on the internet and managed to quell my panic sufficently to crack on today and get it all sorted out. We are at the initial stages of the IVA process so a few weeks of angst ahead and i suspect some angry phone calls from creditors this week as we have on advice stopped paying them and abandoned our O/D bank account from which the same bank will try to claim payments for a loan and a CC.
Deep breath and breathe............. :embarasse

Merlot

Please please do not use a fee paying company, take the advice of CCCS or Payplan, IVA are not suitable for everyone and the fee paying companies get you to do a IVA and then it doesn't work out, we have seen it on these boards.

The CCCS are a debt charity and are funded by the credit card companies, are you sure you look up the correct CCCS, there are similar sounding companies out there. Off to get the link for you.

Merlot

http://www.cccs.co.uk/

Merlot

If the creditors phone calls get too much for you, send a letter by recorded delivery and ask them to communicate in writing only. Alternatively, change your phone number, its usually free, or get an answering machine and do not pick it up.

Another tip is, do not answer any of the security questions the credit card companies ask you, they then cannot speak to you without confirming these.

Useless_with_wonga

Thanks Merlot. Yes that's the correct CCCS the very same one i spoke to earlier today. The adviser stated that they would/could refer us to an IP but there are still fees involved ballpark quoted was £5000 but as i said these are added into the IVA so basically if my IVA payment is agreed at £350 as suggested(as oppossed to the £910 we pay out now) then a percentage of that will be skimmed off to service the IP's fees. There are no up front fees with the IP we are currently engaged with works the same way as an IP recommended by the CCCS would.
Thanks for the tips re the phone calls but they have not asked one security question yet just ring up pressuring us for money despite being paid £200 this month and being told that we are seeking advice. Even threatened to ring me at work in order to have me answer the phone at home. They knew this would cause me embarrasement as i had previously asked them not to do it
for that reason. Scumbags:mad: Anyway e mailed them asking them to stop trying to threaten me with threats that they are not allowed tomake as per S40 of the Administration of Justice Act hopefully that will shut em up or at least stop them calling me at work which would be more than embarassing considering my position and they know it.

So_Sad_Angel

Hi UWW,

Welcome & hope that posting made you feel like you are finally dealing with your situation..funny that we carry on for years just trying to make ends meet...really we are compounding the problems...I did this for years!! (as a fellow professional I understand the importance of outward appearances & making sure that no-one knows about the inner workings of our finances!!!) ...what a fool I`ve been as well!!!

As an alternative to CCCS (who need appointment) call Nat Debtline ( see toolbar at top of page) you do not need appointment & I found them very helpful. I think that your phrase `road to recovery` says it all...very well done !!

Good luck,

Angiex