I agree, we can't state what a payment will be. Our payment is only 12% of our take home pay. An IVA is what it is, individual. As long as you and your IP can work out a figure that YOU are happy with initially and they are happy to present to your creditors, then it's normally got a good chance of success.
It's not worth your IP putting forward a proposal that they do not feel has a chance of succeeding as they will have just wasted their time and effort for nothing.
Sorry but you cannot say how much anyone will pay across to an IVA as it is down to the original poster and the IVA company.
We will never advise as to how much they will pay.
Sorry you feel that way but you cannot quote percentages as each persons circumstances are individual.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hey Icecream, you are obviously not yourself tonight -- chill out and, hopefully, come back tomorrow. Thos of us who quotes our own figures were just illustrating to those who might take your figures as gospel that there is a WIDE variation from your "ball park figure".
I know you were clear in your advice, but I am sure you will appreciate, those who are new to all of this (and it's down to human nature) will zoom in on the headline figures and ignore the caveats.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Wow, I get home quite late most nights and tonight this is the first thing I really wanted to do after packing the kids off to bed. I really want to say a sincere thank you, to everyone.
I have made myself a plan for the week 1) review my I&E and let my wife go through it critically, 2) to review iva.com for possible alternative companies including Melanie Giles and McCambridge Duffy.
I must admit last year when I started looking at this I did speak to Melanie Giles but I looking back now I wasn't ready to commit. I am now.
I have to tell you all that I actually finished two loans this month and improved my cash flow by £860. This week my fencing blew down and yesterday our dishwasher broke. You just can't win.
One of my creditors is my bank, is it a good idea to open another account now?
Those costs you have been quoted do seem very high - but difficult for me to comment as I do not know the full facts of Frank's case.
I am delighted that you have shortlisted my firm as one you wish to seek advice from Frank, and if we can help in any way we will be happy to do so. It sounds as if you have done some good research already, and knowledge is a powerful thing when you have such an important decision to make.
Hi frank - 2 excellent firms to contact in my view.
I was advised to get the new bank account opened and to shift income to the new one asap. That way it's all done and dusted before your current bank gets wind of what's happening!!
If they are not a creditor of yours, the co-op cashminder is a great simple account to open. You need to do it by phone or in the branch as they don't offer internet applications on that account, but once it's up and running you can do internet banking.
It might also be a good idea to open a savings account before the IVA commences. It's a good idea to remove your allowances that won't be used month on month (car tax etc) and pop them away so it's not as easy to eat into. I opened an ISA with the co-op before the IVA but I know that after it's approved they don't normally allow you to open savings accounts (although they will allow 2 cashminders to be opened).
Hi Frank - yes it is a good idea to sort a new bank account now - if you need help chossing one the companies you speak to can help and the posters on here have their own suggestions, just make sure it isn't one associated with any of your creditors.
I'm glad to see you now feel in a better postion to really move forward with sorting your debts - so many people want to take the plunge but whne it really comes to it just aren't ready to take the final step. Your posts above will also help others thinking about it as it shows a good way of approaching things and doing your homework.
I look forward to speaking with you if you decide to give us a call amongst the other companies you speak to.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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hi Frank, we went with CO OP BASIC bank account,open a saving account at the same time.
we now move some of our £ for dental,clothes etc over as soon as it hit's the bank account to stop us spending it - this also acts as a built in overdraft for us,it's easy to transfer £ online between the 2 accounts.
until our IVA we'd never had a proper budget allowing for dental etc. at our very first meeting hubby had missed food off our list[:0]..... (probably because he was always buying it on cc's)!
by the sounds of things... you're on your way,well done[;)]
Nothing stays the same...everything changes..hang on in there!
I'm just looking at bank accounts (at work) and want to compare a few. I've noted the co-op cashminder from above, do people think that the Natwest Select Account (Their basic one) is suitable. Any others?
I also really like the savings accounts, but I'd like two of them (greedy) one to put my incidentals in and one for my tax money. Is this even possible?
Yorkshire bank /Barclay's bank - there is nothing to stop you having a "full account if offered" - (no overdraft)certainly if you apply at an a early stage.
On a personal note (although the Co-op have positive review) the banking system is slow to update and i am afraid their own customer service have worsened over the last few years. So you do need to pick an account that you are going to be happy with
I have been extremely impressed with The Cumberland Building Society; I have their standard account with no overdraft; full Visa debit card and Internet banking. Really happy with it so far!
You're doing the right thing mate. I've not looked back since my creditors meeting, last October. It will be a great weight off your mind, believe me.
I am with Melanie Giles and cannot recommend them enough!
Keep posting questions, mate, as we're all here to help.
