Well had "the call". I got quite upset which I thought I might, just explaining how things had got to the point they have, again. The lady, however, couldn't have been nicer. I do feel better having spoken to them and they have reiterated what VB said about not seeing anything that could cause a problem getting an iva accepted. She did say that we wont know for certain until the day of the meeting. IVA is being drafted now and should be with me for signing end of week/beginning of next. Its gonna be another 4-5 weeks before the meeting though to allow for paperwork being returned etc. I didn't think it would take so long and now Im worrying again, even thought theres nothing I can do. She tried her best to settle me and it has to an extent but ..., yeah Im a worrier! she said that they will do their very best and that the companies are all big companies that they deal with all the time. Oh I wish I had a crystal ball about now.
The reason for my IVA was more irresponsible that most. Gambling, lavish holidays, living outside by means and I was spending right up to the proposal. It didn't matter, they will judge the proposal on a cold financial basis only. Will they be better off, accepting this, making you bankrupt or do they think you are not insolvent and can continue to make payments as usual.
The fact the IP has put forward the solution means an IVA is the right solution for you (they wouldnt waste their time if it was going to be rejected).
Easy to say, but you will feel better when all the paperwork is complete, although admittedly in limbo until the creditors meeting.
Keep posting on the forum we can give support and advice if needed but most of all we're here with an ear just to listen, most of us have been there and done it...all on varying levels of our IVA journey so all posters have something to offer.
It's not the easiest time with a good IP on your side who is confident with their proposal you should be fine. When it's received, read it, go do something else, make a coffee/tea and read it again. Sign nothing until you understand it, even if that means ringing your IP a few times and when happy sign, return and sit back and let the IP take over and do their work.
However, we'll all still be here for chats and to listen to you.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Thanks mole. That has helped a lot. Thank you for being so honest about your situation. I feel a bit better today and reading your post had contributed to that. x
Thanks Lesley. I am, starting to realise all the worrying in the world wont help. This forum is a godsend, as many people have said before. It helps writing it down, when I have the occasional wobble! I hope I get to repay the favour at some point x
I'm sure your journey will help others along the way as we do have a number of people who read the forum but never post and reading your concerns with replies will no doubt help them.
If you like writing it down it can be very rewarding to keep a blog, why not try that as so many of us have. There's always a chance of winning blog of the month too and then I believe you win £100 in vouchers as a prize. Worth a think about.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Quite frankly I would just look at the iva proposal in getting the 'script right' like a report.Don't get emotional with it.
I really don't think creditors should ask why people are in debt and play 'judge and jury' when..especially...with the biggest financial debt mess from 2007 of living memory which they started.And still affecting majority of Britons.
-Deficit policy-run 4ever.
Why are creditors even wanting to know why people got into serious debt? To get into serious debt you have to...outside business....be given a loan that you cannot afford really.
Is that our fault when risks and affordability isn't made properkt by lenders.
It is analogous to blaming patients for getting ill for taking prescription medicine.
As daft as that.
Creditors should not ask 'that question' unless it was a business related iva proposal.
There are people who had unsecured debts of 100,000 pounds from credit cards and loans.In that scenario it would be pertinent to ask why that level of debt was allowed.
Even people on wonger loans are in debt.Shall we ask why they are in debt.Totally perverse question.
fair points made guys. I am feeling quite positive today, had my little ones to feed the ducks! Just the price of a cheap loaf of bread! Now watching them play with a bow and arrow from the pound shop like its the best thing in the world!
Been in debt is the norm now.
Nothing wrong in a HP agreement for A list goods.Can't save 4ever for comfort things.It is how the world is.
Most people in an iva from the IS data had not got there because of redundancy....they were simply allowed to borrow too much. Our judgement is bias,human nature on what 'we think' is affordable.
BBC did a three programme series on this - The men who make us spent-if you saw this, the assertion made is that it 'hurt' less to barter with plastic money than with hard earned cash.If you pay cash you think twice...before paying.So it is psychological.
That also explains eloquently why people who done iva often say 'they learnt their lesson' as
5 years or more of no credit card spending force you spent cash...say in debit card form.You really really think twice before spending.That is the protective failsafe that avoids serious debt problems.It works.Virtually no one after an iva had returned with the credit card habit of the past.
The programme really got behind the psychology of why we pile debt on plastic. Makes it easier to spent and NOT feel guilty.We won't have spent the cash...as it makes us think carefully.
So it is marketing men who us into serious debt???? Wrong of me to blame banks if you accept the programmes assertions?
Catch It on iPlayer...
Last edited by TzeKin on Thu Aug 28, 2014 3:13 pm, edited 1 time in total.
What you say about cash vs. plastic is so true TzeKin. I used to call it "magic plastic" !
During the first year of my IVA I even refused to use the debit card and drew out the various allowances in cash before spending it -- to re-awaken the value of money.
The marketing men might make spending free guilt free, but the banks also play their part in granting us the plastic in the first place.
But .. on the subject of "blame" ... the banks are on no moral high ground, most of them being in a taxpayer backed "IVA" themselves! The reason behind the question is not to apportion blame, but to ascertain the reasons in so far as was it "normal" financial distress, and likely to be addressed by the IVA, or was it, say, to feed an ongoing drug habit, which would, in reality, need to be addressed before the IVA commenced. Not that anyone would be so bold as to make such an outright admission, I guess.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
sonj77, I haven't been on this site for several months but I was really touched by your post. As I read it, it was as though the last seven and a half years had not existed and I was back in your position. Believe me when I say that what you're feeling is not unusual most of us felt like that at the beginning of our ivas. But it will pass and when it is accepted the relief is tremendous. (I was convinced our iva would be rejected but it went through with no problem.) The iva journey is not easy but so worthwhile and when you do have your down moments come on the forum and there will always be somebody here to cheer you up. Good luck.
Emailed by Knightsbridge today saying no further info needed and draft proposal should be sent out today. But.... at the end of email asked me to contact her as few things she wants to discuss, and typically now Im worrying, what am I like!!?
