Do you have anything that would be affected by bankruptcy?? or you could consider a Debt Management Plan, these days the best offer is always on the table and not often we see rejections on the forum. I'm sure you'll be fine x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
IF it isn't accepted you could go on a DMP temporarily while your IP sorts out as plan B, depending on why it was rejected. But, as said above, they are rarely rejected these days..
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
What happens with a DMP does that take years to pay off your debts. Also do i need 75% of votes to be approved the IVA as my creditors are LLoyds, Barcleys and Tax Credit( inland revenue)
In a DMP you make smaller, agreed, payments to your creditors. It is a far less formal arrangement and they do not have to freeze interest and / or charges ( though some do). It will keep them off your back while you re-group.
Of those that vote you will need 75% by loan value to accept. They know, these days, that they will get more back in an IVA rather than bancruptcy, so generally say yes.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Ok thanks foggy, so hopefully it should get accepted. My IP says he is confident, what happens on the day of the meeting do i need to do anything and how long will it take till i know my fate. Also when does the 1st payment need to be paid, Sorry for all the questions
Never be sorry for the questions we're all only too pleased to help offer advice.
If your IP is confident then do believe in them, they're working for you and want a positive outcome. On the day of the meeting (mostly by fax) you'll get a phone call soon after the meeting time, again this again varies between companies, I personally knew about 10-15 mins after meeting time. If there are any changes to be discussed they will talk through these with you, take your time to consider if there is a requested payment change. I paid my first payment prior to the meeting but in the unlikely event it wasn't accepted this was to be returned to me, basically once my IVA was accepted I only had 59 payments to go. Others want it a month after the meeting, best check with your IP on that one. Do let us know how it goes won't you? x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi Lesley of course i will i have sent a cheque for £60 already do once it accepted they will get the 1st payment. Once its gone through thr following month should be £200 as then my tax credits should be sorted as i only get £317 but i should be getting £448 but im paying back overpayments so if the iva gets accepted the it will be wiped off, fingers crossed !!
ironically it was MBNA who constantly raised my credit limit and constantly targetted me with special offers.......... even when it was obvious that I had barely been making minimum monthly payments for 2 years.
i am responsible for my debt problems.......... but, due to personal circumstances, I was also vulnerable..........MBNA's obsession with getting me to borrow their money didnt help
iva accepted two days ago.Received 4 default notices today one saying i must pay £200 immediately.It makes me shudder thinking what would have happened if iva had been rejected.
iva accepted two days ago.Received 4 default notices today one saying i must pay £200 immediately.It makes me shudder thinking what would have happened if iva had been rejected.
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
