Debt Narrative advice
mother_hen_2
Posts: 461 Forumite
in IVA & DRO
Can anyone offer any advice for the IVA proposal - we have to compete a 'debt narrative' explaining why/how the debts occured. It doesn't sound right to say I came out of work following a bereavement in which I began (and still continue) to experience panic attacks due to my anxiety levels that requires ongoing medication. Rightly or wrongly I ran up the credit cards on things I didn't need including lots of alcohol.. This feels too personal and detailed - not sure what to put instead help?
0
Comments
-
Hi there, I don't know if this helps, but my husband and I completed a joint IVA January 2008, which we also did through the CCCS. We too were asked to complete a 'debt narrative' which at first seemed so difficult to do. There were many personal (and a few business) problems that led to where we ended up (£90k in debt, not including the mortgage) including losing several babies which is incredibly personal, but we decided they should realise that among all this we are human beings and we make mistakes so we wrote our debt narrative from the heart.
Needless to say it wasn't accepted exactly as we wrote it but the CCCS provided us with a sample narrative, so do please ask to see that. They wanted it factual and not emotional, chronological, and of course to see that we took our debts seriously and had tried what we could to rectify things.
It is completely appropriate to mention the bereavement and subsequent leaving of work as well as the continuing panic attacks etc. Just keep it factual.
I really hope that helps and please do feel free to contact again if I can help. Having gone through it with CCCS I have some idea what it's like.
All the best1 -
Just tell the truth and be honest with them. Tell them the personal stuff if you feel happy about sharing it, if not then tone it down to a level you feel happy with. When I went into my IVA I had had problems with mental health issues and stress, I was honest about it and came out the other end OK.
All the best.
Rob H0 -
Just be honest , mine read like........
met hubby...both divorced.....set up new home..........got first car on credit.........got first credit card...........new house needed a lot of work..........refinaced car, again and again...........had to use credit for day to day living..............£110k later applied for IVA
They will have heard it all before,TOTAL 44 weeks lose. 6st 9.5lb :T0 -
mother_hen wrote: »Can anyone offer any advice for the IVA proposal - we have to compete a 'debt narrative' explaining why/how the debts occured. It doesn't sound right to say I came out of work following a bereavement in which I began (and still continue) to experience panic attacks due to my anxiety levels that requires ongoing medication. Rightly or wrongly I ran up the credit cards on things I didn't need including lots of alcohol.. This feels too personal and detailed - not sure what to put instead help?
all the advice so far is great - just don't mention the alcohol, they may ask you to prove you are no longer using alcohol, ie by registering with your doctor or AA !0 -
Thankyou all for your kind words.. insider you made me laugh, I'm not an alcoholic (well not yet) but I am certainly working on it!
I've sat all morning trying to do this its so hard, why cant I just put a few words in rather than what feels like an essay...its so humiliating...0 -
mother_hen wrote: »its so humiliating...
do not worry about it being humiliating.............you will not meet these people reading it. Just do it the best you can and get your IP to check it over.TOTAL 44 weeks lose. 6st 9.5lb :T0 -
I have to agree with the others, we were completely honest, we talked about the death of my first son & how when I was pregnant with our darling boy I went mad & we bought far too much stuff. DFD said that the more honest we were the better, we also admitted that I used to spend to hide my problems like an ostrich. We also told them we had used credit to pay for holidays etc & it all went through ok. I do say though that we are paying back 61% plus:grinheart I'm getting there...... slowly but surely0
-
Its not working, after 5 hours.... is there any other links that people are aware of that I can look at? I'm starting of by saying that living off credit became a way of life, our salaries were able to service the minimum payments for a long time until I needed to go into hospital for surgery, we then used other credit to pay off the instalments on the cards. When I returned to work things settled down until we had to move house to be closer to my husbands job again using credit to facilitate the move. Shortly afterwards I had a bereavement that brought.. what??? see what I mean.. was going to link into my depression, panic attacks leaving me unable to drive... I have no dates for these though but I guess the picture is there? Hows it looking... you know those horrible panic attacks, they seem to be returning with agusto right now...0
-
sorry you lot must think I'm crazy- well, I guess I am.. although no certifiable yet!
sense of humour begining to return then!0 -
mother hen,
The main advice I can give regarding narrative statement is not to stress out about it (easier said than done I know) and to keep it factual. My statement read along the lines of failed relationship leading to depression and I used shopping as a release from it..... Before I know it I'm in trouble. If you just keep things factual as stated above, you shouldn't go far wrong.
If its not realistic then the company dealing with you should tell you and give advice on what they want.
Hope this helps.
Janinibean x0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards