It has taken a lot longer than it should as well. Most IVA's are approved in 6 - 8 weeks.
Whatever they come back with next week, don't be tempted to take it if the payments are still too high. You have to live with this for 5 years, and accepting high payments that you cannot really afford at the beginning is a sure way for an IVA to fail.
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
I would go by word of mouth on this forum and give someone like Melanie a call(or have a look on iva.com for other Ip's). What I wouldnt do is pay another penny to anyone until I knew it was going towards paying off my debts!!!
I cannot see what difference a week will make with regards to creditors accepting given the gulf in what was offered and what they expected to get.
Good luck with whatever way you decide to do things.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I know-a couple of people on the site who started at same time as me had theres approved before xmas.
I have said to my IP that the v small chnges I have made are my final proposal I certainly cannot up the payment much more.
It sounds outrageous and especially the amount of money you have so far paid. Speak to another firm of IP's - visit www.iva.com and see a list of firms that don't charge up front payments. You certainly need some proper advice.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
It wouldn't hurt for you to get some advice now, that way you will be ready for next week if the worst happens and can start the ball rolling again.
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
I agree with the others. There is no harm in taking advice now so that you know what your options are for next week.
Please don't agree to payments that you will struggle with. 5 years is a long time on a budget, and if it's too tight to begin with you'll have problems later on.
If I were you I would get this looked at by another IP as soon as you can. In the meantime your IP should adjourn proceedings to enable you to reconsider your position. It sounds to me as if you ought to go with a firm more experienced in dealing with IVAs than the one you are with presently - and it is not too late to pull out.
aw stressed i know you have been waiting ages for this-i remember your posts when i got mine.
i know youre with a company at the mo but you know there are awesome experts on here who i know would help you.
sorry isnt much but i am because i know how much it meant to you.
sending you tons of good luck for next meeting. i hope they dont give you anymore rubbish and you know we are all here for you anytime you need a rant x [:)]
The other massive concern I had is that I lost my job 2 weeks ago-I asked at the time if I should pull out and I was advised to still go ahead as I would still be looking for work and eventually get employment.
My concern however is that it may not be on the same salary-even the original payments I had put forward could be too much if im not on the same salary
How are you going to fund IVA payments when you have no income? I think that is grossly incorrect of your IP to continue with the proposal of your IVA in this knowledge.
You need to pull out of this now. The IVA can always be represented when you find work again, but for your own credibility with creditors it is time to draw this exercise to a conclusion.
I have just received my final salary which covered 6 weeks work plus my overtime. So I could manage to make a payment for the next 2 months and then just hope and pray I get employment in that time. But its going to be incredibly worrying if that doesn't happen.
I feel sick that I have already paid a total of £2000 over the last 3 months which isnt going to creditors and im back at the point i was in october.
Is my best option to arrange a DMP at an affordable rate until my salary is certain and then kick the process off again?
I think that you rightly deserve to have your money back, unless you have agreed to pay them in advance for their work and this agreement is in writing. It might be an idea to find out just how many consumer debt type IVAs they actually do on an annual basis, and what is their success rate at creditors meeting. If they have little experience in this area, then you deserve to have your money back - especially as you have just lost your job.
Where did you come across the introducer firm as a matter of interest?
