Hi - i've been thinking about an IVA and was wondering something. i have a credit card whereby i have never missed a payment and am not overlimit. This applies to some loans too - so it will come as a surprise to these creditors that i am in the position i am. Do these creditors usually not approve and IVA as they are in a better position than the compaines i've missed payments for? Any experiances?
All unsecured credit has to be included in an IVA, regardless of whether you are up to date on payments or not.
It will make no difference to your being accepted, as you are usually told not to make any payments to them prior to an IVA so that you can have enough money to make your first payment.
You will need to cut up all your cards as well.
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
You have probably only been able to keep up with the payments on these accounts by borrowing more money from other lenders, and when you present your circumstances to creditors they will understand this point.
until applying for a iva we had never missed a payment to any of our creditors, but we were in the position of robbing peter to pay paul!
our iva was accepted so i dont think it makes a scrap of difference if you have missed payments or not.
You do have to be insolvent in order for an IP to propose an IVA, if you cant manage your debt in the usual way, having more going out in commitments than coming in etc.
I had to Rob, Peter. paul and all the other disciples before having to admit I was in a complete mess, I hadnt actually missed any payments then realised I could'nt feed myself or my children if I didnt cancel something.
Last edited by freelili on Sun Oct 19, 2008 6:56 pm, edited 1 time in total.
Thanks all. This site is so b***** helpful. i was thinking i was the only person in my position!!! For some bizzare reason i can't wait to get the ball rolling even though it's not a nice thing to go through!!
I know what you mean. I think that it is because you are finally going to be in charge of your finances, and you can have a life without worrying about the creditors hassling you. Plus you will have the satisfaction of knowing that you will have paid off some of your debts.
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
