Welcome to the new Debt Questions forum. Feel free to say Hi and tell us a little about yourself.

Moderators: TalbotWoods, JaneClack

By Steven E
#62414 Sorry, but I'm trying to keep my mood high.
I've been blind to my finances lately, mainly because I was frightened as to what I really owe.
I took the bull by the horns today and it scared me to death. I have virtually no disposable income once the bills are paid.
I've done the sensible thing and filled out the forms online to get advice as to whether to go IVA or bankrupt,
Now all I have to do is tell my partner of 8 years.

Well, I've told someone (all you people) so....wish me luck?

....and good luck to you all too.

User avatar
By Less
#62416 Steve, well done for facing up to your problems, and taking the first steps towards a Debt Free life.

You'll find lots of helpful and knowledgable people here, so if you have any questios, please feel free to ask.
By Steven E
#62418 Thankyou for your kind words.

I have one important question: My partner and I are not married and the house is in my partners name. I was rather hoping that I can be viewed as an individual and that my partner, their accounts and the house will not, or rather cannot, be touched by this?

Thanks in advance

User avatar
By TalbotWoods
#62462 Hi Steven E

Hi there and welcome to the Forum,

You have said you have filled out forms on ne to seek advice, May we ask who whis is with as there are a lot of fee paying DMC's out there, that care more about their profit margin than you!!

There are several sources of free, confidential information available, and I would suggest (if you havent already one so) contacting them for information.

The main ones are:

http://www.nationaldebtline.co.uk - A very good free and impartial service which can advise you with you particular situation. Plus free Phone

http://www.payplan.com - A free and impartial service which can offer advise and liase with your creditors, they run a range of schemes.

http://www.cccs.co.uk - A national Charity again offering free and impartial advice, plus a range of schemes

CAB - If yo book an appointment with them please make sure you book it with the specialist money advisor, and not a regualar volunteer. The specialist is exactly as the name suggests a specialist in the field!

With regards the House question, it will all depend on what the finaincial relationship is between you both!

If in the meantime you have any other questions, please feel free to ask, and we'll so our best to answer them.

By Iphigenia
#62466 Hi Steve,

Congratulations on facing up to the bull.

I know how awful it is having to tell people ~ I've had to tell so much detail to so many people because of work etc, that for the first few weeks I woke up in the night trying to remember where the hidden cameras in my bedroom were. It was traumatic.

However, when it comes to real people, the people who really matter, yes it's a big gulp telling them but I have been so taken aback by the warmth of people's responses, I've not met one word of criticism or blame yet (outside the work context).

Go on, we'll be rooting for you, we've all (nearly all) been there!
By Steven E
#62752 Thankyou all for your kind words and support, it means so much, you'll never know.

I told my partner just a few minutes ago and the result was nothing less than wholehearted support and hugs to boot!

I feel like th eworst is over in a way, the rest is just money. (Is it right to feel that way?)

My choice of Debt Advisory Specialist is Thomas Charles & Co. Yes, they want paying but it's not outlandish amounts. I'm just glad to have the ball rolling and if it costs a little extra then so be it. I past caring now. They've suggested an IVA, I've agreed in principle, the IVA is for 5 years (I believe that to be normal) but instead of 60 months payments, there are 62 (this covers their costs). I don't expect people to work for nothing, I don't) and I'll actually be so much better off than I am now. How can I not show appreciation for their time.

I know you'll all tell me off now.

Anyway, as I said, thankyou all for your support. I'll be back to update you as things progress....promise.

User avatar
By TalbotWoods
#62754 Hi Steven E

No Doubt Shamelss will commne to this but IVA's cost about £7.5 - £8K to urn and adminsiter, which is taken from your monthly payments, so why the hell are they asking for even more on top!!

A 60 month IVA is all that you should be paying into not a 62 month one as they dont exist!

Also have they asked for any fees up front?

User avatar
By TalbotWoods
#62758 Found what I was looking for Thomas Clark are facilitaros they are not Ip's so dont handle the IVA themselves, hence not only do you have to pay the IVA fees, and the IP's fees you have to pay there 'administration' fees.

This can result in your crediotrs refusing the IVA as they will not get as higher return as if you used a direct IP company, especially if the p in the £ is on the lower side

http://www.debtquestions.co.uk/debt_for ... php?t=6929

User avatar
By TalbotWoods
#62764 Wot as a QC - Naw

By Mel_Odious
#62816 A Debt Advisory Specialist?????
We do that for nothing!
Of course we will tell you off.
You are insolvent yet agree to line the pockets of someone who makes a living from unfortunates such as yourself.
I'll introduce you to an IP for a tenner!

On second thoughts I'll do it for nothing. Ring Payplan or visit them at:

User avatar
By Sammy
#62822 Steven, I would urge you to visit the other links Tim posted - CCCS and Payplan, before proceeding further
I don't know your circumstances so it's possible that a DMP - debt management plan - might also be worth consideration
Creditors might not be too happy if you're paying fees like that upfront - they work well with PP and CCCS because they know that in a DMP for instance all the money you pay in will all go to the creditors. If you go for an IVA, Payplan aka Payplan Partnership can introduce you I think to an IP
The advice Payplan provide is free of course once the ball has started to roll with IVAs you have to include the fees of the IP. I'm no expert on IVAs - you'll find plenty of posts in that section though - but I think the way you're doing it might not be the best to curry favour with your creditors
Do give Payplan or CCCS a ring - you've absolutely got nothing to lose
Best of luck anyway :)
By Steven E
#63021 You are all such nice people. If the world was run by you, there would be no war or famine.

I took your advice, cancelled the "meeting" with Thomas Charles and contacted Payplan.

I couldn't call them today as I work in an open plan office and I'm not talking about my finances in earshot of that lot!
I took my mobile to the car but just got a message saying I couldn't call this 0800 number from a mobile. I went back in the office and called them, I asked if they had a non 0800 number but they hadn't.

Anyway, I've just got home and I've filled out their online analysis thingy. I'll wait for their call.

I do feel happier.

What can I say...thankyou, thankyou, thankyou.