Feb
15
Ive got into debt again after taking out an iva with a debt consolidation company?
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I need some advice despretley. About a year ago my husband and i had bad money troubles and had to go down the route of debt consolidation, on which we still pay every month. The trouble is, since then i have had a baby and suffered bad post natal depression where my husband has temperally gave up work to help me. although we did declare all debt at the time we did have some active clear credit cards on which unfortunatly we have now got into 7000 more debt with and cant afford the minimum payments anymore. Has anyone got any advice of what we should do?
do we contact the existing debt consolidation company and explain? please help…..
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3 Comments
September 14th, 2009 at 6:27 am
Are you serious? You consolidated your debts and then went out and charged up $7,000 more?
If you didn’t learn from your mistakes the first time around, I don’t think anything anyone says this time around is going to make you figure out that you just can’t keep running up your credit cards.
September 16th, 2009 at 4:01 pm
Contact CCCS (look online…just put CCCS into the Yahoo search field). They will not just bundle your bills and give you a consolidation loan. They will contact your creditors, try to get your interest AND payments lowered and help you to get rid of the debt forever if you follow their plan. They will help you with the harassing phone calls (YES, they were harassing AND illegal) too. Best of luck.
September 18th, 2009 at 8:43 am
Hi Claire
I am sorry to hear that you are sick and have financial problems again. Don’t let others on here judge you I am sure that you would prefer not to be where you are right now.
The advice I am giving relates to UK debt only.
This is not the right place to be discussing your debt problem as indicated by the first answer you got. You need to speak to a specialist adviser like your second answer indicated and there are many out there to choose from.
Choosing the right company is crucial. The CCCS as mentioned in answer 2 are reputable and make no upfront charges, they are, however very busy and getting an appointment with them may be difficult in the near future. If you try them and they cannot speak to you quickly I can recommend myIVA-Adviser.com at this link
as an alternative company. They will look at your situation in the whole and make a recommendation based on all the facts.
You mention that you are in an IVA and you have run up extra debt. If this is true then you have a real problem in that you have signed a binding agreement not to use credit for 5 years. By breaking this agreement your creditors will now have the opportunity to make you bankrupt if they choose.
You also mention a debt consolidation programme which is NOT an IVA. If you are in a debt consolidation programme and not an IVA, but you have taken out extra credit things are not as bad although you should not have done it you are not legally bound in a debt consolidation programme in the same way as you are in an IVA.
I indicated that this is not the right forum to discuss your situation due to lack of information available and the way that this information could affect the advice you are given.
I strongly urge you to contact a professional adviser and listen to what your options are.
Follow these links to an articles written about choosing the right adviser or company for you
If you are in an IVA you need to think all your options through before you approach your insolvency practitioner so contact myIVA-Adviser.com on 0800 088 7503 for advice or read the articles posted on their blog at
.
Act now because there is a solution available no matter how bad things have become. I hope you start to feel better soon
Good Luck
Yoda