Well it caught up with us

doelani

Useless_with_wonga wrote: »

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 :embarasse

Yes you will pay fees for IVA but should not pay for any debt advice and we see you have contacted CCCS. It was CCCS who recccommende us with either a DMP for 18 years or an IVA. We went for the IVA but remember the proposal will probally be looking some equity release if you have it in year 4 or 5. The IP will explain all this to you.

You seem to be doing all the right things, hope your get sorted out soon. Did CCCS not give you a reference number? I know they did with us and when we got calls I just gave them CCCS number for reference to show we were seeking advice and then once IP had drawn up IVA proposal just told anyone who called to contatc IP. The calls will stop eventually. Once proposal was starting to get drawn up I only paid token payments and saved the money as had to pay first months IVA before creditors meeting. My IP had in the proposal that he had already recieved first payment.

bank_of_slate

Hi wonga and welcome,
you are certainly by no means alone in consolidating with good intentions and then repeating the whole process all over again (4 times here!)
But see what Martin says (in my sig) You've come to a great place and it'll get sorted!
...Linda xx

MrsTinks

Why not post a SOA and we can have a look too and see if an IVA is really the best way forward or if a DMP or even just snowballing your debts will be the best way forward - well done for taking the bull by the horns!

Useless_with_wonga

Hi thanks everyone. Yep we got a referance number from our IP who is in the process of drawing up our proposal. we were advised to stop paying everyone immediatley and were informed we will soon have to make a payment into the IVA account although it has not yet been approved i assume so the IP can tel the creditors we are paying in as someone else already said.
Considered a DMP but it will take years to pay off and is not legally binding as an IVA is. Bankrupcy is an option but only as a last resort we want to keep our home because we like where we live and the kids are well settled in school etc etc.
After much thought i believe that an IVA will be the correct solution for us.
I appreciate the offers of looking over our SoA but if it's all the same i'd rather not post it. Suffice to say other than utility bills council tax and mortgage everything has been stopped think Sky TV and contract mobile phones etc. Shopping now done at Lidl and local farm shop for veggies etc. Need to stop smoking as we can't afford it and we have been trying for a while without success in any case so now we have the ultimate reason to stop short of falling ill through it.
aware of the equity thing in year 4 but there is nothing at all i can get out of the equity as we are at the houses current value 85% loan to value as i type so i can't release what there is in any case. I appreciate that may change in three or four years time but you can't expect to walk away without paying back what you can realistically afford i suppose it is an issue of being as fair as i can and still retaining a roof over our heads and food on the table whilst retaining our house.
I am not trying to avoid my debts and fully understand that i may end up paying them back in full over the course of the IVA then again they may also get written off after 5 years of payments either way it brings an end to our indebteness after a set period of time and we can carry on with our lives debt free having learnt our lesson and never return there again.
On a brighter note gutted the house today and have loaded the car with our unwanted items ready for an early start at the car booty:j

doelani

You seem to be really on top of things, any queries you have before your creditors meeting ask the IP, I was never off the phone with queries but before and after it was agreed.

things can only get better lol

Lula-Hula

Hello,

Just wanted to wish you luck for the car booty tomorrow & your debt busting in the future, you seem determined to deal with it & that's fantastic. You could try the no smoking thread, we're a friendly bunch & very supportive
Lula

Useless_with_wonga

Well just back from the booty. After a 5.30am start we had a very cold and wet morning. Most sellers didn't bother unpacking and those that did most unpacked repacked and uped sticks early on. We stuck it out until 11.30am and although business was very very slow we earned enough to fuel the car for the forthcoming week and buy £25 worth of groceries from Lidl.
Still not all that bad really we earned a bit well about £60 and got the house tidied into the bargain suppose it would have been £60 that i would previously have thrown into the skip without a second thought.:o
I'm now going to have a look on the other forum to get some idea of how to do some home baking. Rufty toughty me?..........No not really:rotfl: