Debts Need Help

fbb

Hello everybody,

I have been reading the site for sometime now as I hope to move over to North America soon. Problem is that I have severe debts and I am going to enter into an IVA soon to deal with the problem. If that is the right approach?

Looking forward to starting again in having learnt a lot of lessons, and looking ahead for a new life, once I sort out my commitments.

Wanted to understand if anybody else had been through this (or know of other people) and if it would be better for me to start the IVA before I have moved or do it after the move from overseas (which I understand I can do as long as I keep a UK bank account to send me repayments to)? Or have any other bits of general advice? Intrested to know how a possible CCJ given in the UK could effect me in overseas? which is a concern I belive if the negotations with my debtors do not goto plan?

I am not looking to use credit ever again apart from maybe a mortage once I save up a depost to buy a place in a few years. But will the IVA back in the UK effect my chances to get a Mortgage in overseas in a few years time?

Or should I look at another route like negotating with the people I owe money to?

I roughly owe £80,000 in credit cards and unsecured loans....I am making all the repayments and my credit file looks ok at the moment ( people keep trying to lend me money! but I only use debit card or cash now). But I need to repay this debt and not the intrest but need to live as well.

The stress of it all is taking its toll and I feel constantly down and physically ill with the worry of this problem, that I have stupidly let get out of hand over the years. Trying to get my life back and some sort of future...

Many thanks for your advice.

FBB

too_much_too_late

Morning everyone ! Recently woken up to the fact that I had moved from waving not drowning, to drowning not waving in the space of 3 months.....spoke to my bank ( First Direct), extremely patient and understanding opertor (John) advised me to speak to CCCS - have done so, am today starting the long road to recovery.... £63000 ish in unsecured debt - scary when it's all written down in front of me.Wish me luck , have yet to break the news to my husband. Co-op Bank were fantastic, my new account ( card, no overdraft or cheque book !!) will be opened this week. Any words of encouragement welcome, I am still very scared of what I face for the next 7yrs 9 m0nths !!!!

louietudor

too_much_too_late wrote: »

Morning everyone ! Recently woken up to the fact that I had moved from waving not drowning, to drowning not waving in the space of 3 months.....spoke to my bank ( First Direct), extremely patient and understanding opertor (John) advised me to speak to CCCS - have done so, am today starting the long road to recovery.... £63000 ish in unsecured debt - scary when it's all written down in front of me.Wish me luck , have yet to break the news to my husband. Co-op Bank were fantastic, my new account ( card, no overdraft or cheque book !!) will be opened this week. Any words of encouragement welcome, I am still very scared of what I face for the next 7yrs 9 m0nths !!!!

hi

im in exactly the same situation ie just starting with cccs with the same debts as you (except my debt with take about 3 year longer)!!

i agree its scary but nowhere near as scary as all the bills coming in and paying them and then having to live of more credit just to eat and run a car!! - if we are honest thats how the debts got so high in the first place

so keep your chin up and be proud that you facing up to your responsibilities and paying them ina responsible manner - if your creditors want to throw the dummy from the pram let them - you cannot pay what you have not got - simple as!!

there a great support thread for all us DMP peeps - pop along as there is always someone there to offer help support and a shoulder to cry on

heres a link

http://forums.moneysavingexpert.com/showthread.html?t=729285&page=140

louietudor

fbb wrote: »

Hello everybody,

I have been reading the site for sometime now as I hope to move over to North America soon. Problem is that I have severe debts and I am going to enter into an IVA soon to deal with the problem. If that is the right approach?

Looking forward to starting again in having learnt a lot of lessons, and looking ahead for a new life, once I sort out my commitments.

Wanted to understand if anybody else had been through this (or know of other people) and if it would be better for me to start the IVA before I have moved or do it after the move from overseas (which I understand I can do as long as I keep a UK bank account to send me repayments to)? Or have any other bits of general advice? Intrested to know how a possible CCJ given in the UK could effect me in overseas? which is a concern I belive if the negotations with my debtors do not goto plan?

I am not looking to use credit ever again apart from maybe a mortage once I save up a depost to buy a place in a few years. But will the IVA back in the UK effect my chances to get a Mortgage in overseas in a few years time?

Or should I look at another route like negotating with the people I owe money to?

I roughly owe £80,000 in credit cards and unsecured loans....I am making all the repayments and my credit file looks ok at the moment ( people keep trying to lend me money! but I only use debit card or cash now). But I need to repay this debt and not the intrest but need to live as well.

The stress of it all is taking its toll and I feel constantly down and physically ill with the worry of this problem, that I have stupidly let get out of hand over the years. Trying to get my life back and some sort of future...

Many thanks for your advice.

FBB

hi

who are your you starting your IVA with and have you considered a Debt Management Plan?

fbb

So still comparing a couple of companies but payplan looks like the best bet. DMP seems to be out of the question due to the amount I owe.

Going to speak to the CCCS tomororow. Have they recommend you go on a DMP?

Thanks for the support its good to hear from others in a similar (sinking) boat!