Failed

[Mummype]

I need your help. I got myself into34k of debt 5 and a half years ago and tried to take my own life. Forward to now...I dug my head in the sand as I mentally couldn't and didn't want to face the debt. Anyway my plan is to get my account into order to set up am IVA with £150 available to pay per month. My fear is if my proposal is rejected...bankruptcy is not an option and I'm left with nothing else. I'm so afraid of falling into a low trap again. All advice advice stories welcome xx

I would contact step change and/or citizens advice and get them to help you with negotiation. I can’t see why it would be rejected - they would rather be paid something.

I'm just so afraid. I wrote a thread 5 years ago and it was my feelings in the run up to my suicide attempt. I just couldn't face the debt as stupid as that sounds...I didn't want to feel the lowness debt brings...but I can't hide anymore.

I know it's scary, but this is your first step towards being debt free. That's something to be proud of.

As PP said, get some help. Give them a call 🤙 n Monday. You will feel so much better with a plan.

All the best.

Please contact a reputable organisation that helps with debt eg CAP (christians against poverty). You don't need to be Christian. They will have a key worker come out and look at all your debts, contact each company and arrange an affordable repayment which they control. It may take a few years but can stop court action, leave you enough to live on, and pay back the debts and take pressure off you.

Why is bankruptcy not an option? In some cases it's the most suitable route, although sometjmes not if you own property or are in certain professions.

However no-one can say what is best without a full review of your circumstances. An IVA might be the way to go but you need independent advice and not from a company that will benefit financially from the arrangement.

Stepchange or CAP is a good shout but you could also post details of your finances on the debt free wannabe board on Moneysavingexpert.com and people will help you tweak your budget and advise on the best course of action.

Good luck.

You need proper advice before you do anything. With an IVA you have to pay a large amount upfront before it’s even put forward to your creditors for approval. You say bankruptcy isn’t an option, but unless you own a house, it’s something you should consider. Have you contacted the debt companies yourself to ask for a payment plan, that way all your payments go to them and not towards the IVA. I’ve seen Step-change mentioned a lot, so give them a ring before you do anything.

Please seek advice, Stepchange are excellent. Don't rule out bankruptcy, my BIL went down this route, and it was the right one for him. He had similar debt to you.

As above, check your options with an independent provider such as Step Change. As above Christians Againt Poverty and National debtline are other choices.

It's possible an IVA is the right way for you but equally they're massively oversold by providers who make a lot of money up front.

And my standard warning - don't just Google advice. Even of your search string is one of the Charities above the results might send you somewhere else.