Thought I would update how I am feeling, I have spoken recently with Melanie, Tina and Andy and they have all been fantastic. I have seen the GP and think they may be working as my stress levels are alot lower.
I also made progress as I spoke to CIMA directly in fact the professional standards they said you do not lose your status and also she did not see a reason why it would affect your career in fact they have members gone through this.
Also then I had a word at work regarding a IVA and they were cool with it they wanted me no matter what infact the way I read it I could go BR and they would still want me.
So I have started the DMP process, but now work was positive think the F&F IVA may be best. The one concern I have today hence the question is that with my 10k it equates to roughly 28p pre fees I have read that HSBC and MBNA will only accept min 25p, these are my two main creditors who will hold the main votes. Could this be a problem as had a really positive day yesterday but now a little concerned.
Great to see you back Ox1987 and clearly in a much calmer place
You are making good progess, do not worry about HSBC or MBNA having minimum acceptance criteria as they do not apply, they used to have these hurdle rates but removed them for Melanie and some other firms a long time ago, we have lots of clients who have HSBC and MBNA who offer a lot less than 25p and they get accepted no problem so do not be concerned if you decide to go down that route.
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
Nothing to worry about as minimum dividends are effectively a thing of the past and will not matter to these creditors. Best of luck with the proposal.
Ox so lovely to read an update and you concerns are being answered positively. One of the experts I'm sure will post about the creditor question you have.
Stay positive Ox and do keep us updated.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
She understands this is a formal insolvency process, but two things
Why is it better than bankruptcy or is it not really ??
Does the logic makes sense that our DMP could take 10-12 years then possible additional 6 years to clear any APs so 18 years in total, IVA is only 6 years so credit file will be better sooner in fact that way. Not for CC btw just normal things.
Will I also have issue with my car insurance, mobile phone, household insurance things I pay monthly while IVA is on file.
Also if I do a F&F IVA when will I get the CC soon after or will I have to wait the 5 years.
I also need to know what to do with creditors now no one is shouting yet as I have only just missed first payment and I did send them a DMP letter but MBNA keep sending back my token payments (I sent £10)
Last edited by Ox1987 on Wed Apr 24, 2013 12:48 pm, edited 1 time in total.
IN BR you can lose the house and car, plus any other assets of value. In an IVA house should be protected and a modest car is OK. BR still carries more stigma in the ling run ( for some historical reason).
In a DMP it could take decades -- the creditors are not tied in and can start adding interest and charges at any time. Once you get to the end, by paying the whole debt back, then you will need to wait until 6 years after the last default was registered to clear the credit file, in an IVA the credit file clears 6 years from the start date or when the IVA completes, whichever is later.
Personally I have had no issues with monthly paid stuff like insurances and utilities, and even got a new mobile contract whilst in my IVA (which I have to fund from my previously agreed allowances -- bit of a cheek to add to expenses).
Some insurers have been finicky about monthly payments -- but, as others have done, just shop around.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
An IVA generally lasts 5 years, some are amended to 6 by certain creditors ( if they have the voting clout) and some get extended to 6 to cover equity. Of course, there are also those that get extended for various specific reasons ( catching up missed or lowered payments etc.).
But -- your average IVA will last for 5 years and will be removed from your credit file 6 years after the start date ( assuming it ends as arranged). So, broadly, after 6 years your credit file would be clean.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Ox, i was hoping you would come back. So glad you have cleared up all your work worries. I definitley think that the F&F IVA would be ideal for you and the sooner you get a proposal done the sooner you can put it all behind you and start enjoying your life and your family again.You have done alot of research but dont put it off to long sometimes you just have to take the plunge. If that does not work out then i still believe that a normal IVA is the best route for you especially since you know it wont affect your career. Your house will be safe, you can have a modest car and like someone else has said, an IVA just does not carry the same stigma as BR. As long as you already have phone contract e.t.c in place you will still be able to have them and pay monthly for everything during your IVA. In fact i have switched car and home insurance during my IVA and it was all fine. The only way the IVA will affect you is if you want to apply for credit which you are not allowed to do anyway and i would imagine you wouldnt want to. To me it is just a shorter DMP that is legally binding for the creditors and will affect your credit files for less time than a lengthy DMP too. If you have equity in your home you will most likely do six years if not it will be five. It is just like a concolidation loan really, my husband and i have never told a single person about ours and we have nearly finished it! You can keep it private and keep life exactly the same and hold your heads high knowing you are paying back what you can!
Yay! your back! Welcome! So pleased to see this post! You sound much more positive and in control.
Theres nothing I can add to what foggy etc have posted about benefits of iva against BR. Very pleased that your job is safe.
Great to hear from you again Ox!
MY IVA was accepted within a month of starting the process. I didnt write to my creditors i just stopped paying and when they rang i told them i was starting an IVA and they would hear from my IP shortly. Some of them just said ok, others tried to scare and some tried to get me to make a token payment. I just started hanging up on those ones and after a while i stopped answering. The letters i just put into a pre-paid envelope that my IVA company gave me and sent them off to them. You would have to miss more than a couple of payments for them to take any sort of action. It is very hard at first but when your IVA is accepted and it all stops it is such an amazing feeling!
Brilliant to see you back on form Ox. I said that you would, you just needed to get those ducks in the row! If you think that the full and final offer is better for you through the IVA, I am really happe to look at this again for you - and gather than you are speaking with Tina this afternoon. E-mail me directly if you need to - but great news about your employers.
How many creditors did you have and what if it is not accepted will you debt be larger as the interest would not be frozen. This bit does concern me
Yes Melanie its great I did mail you the other day
Do you think it is the best approach I am concerned with the length of the DMP and the creditor pressure, though I am obviously concerned about the proposal failing and then having to go BR
Last edited by Ox1987 on Wed Apr 24, 2013 2:31 pm, edited 1 time in total.
I set up bank account...got essential DD and pay changed over. Then completely abandoned old 'life'. Ignored calls snd letters. Let the DD get blown out (as no money going in to cover them). Some say to call them or speak to them and explain difficultys etc most freeze account for 30 days before calling again which csn be enough time. Some people carry on paying token payments. What i was advised was not to pay one and not another as seen as favouritsm.
We did get alot of calls but ours went on longer than most as gave birth mid way through setup!!! But once meeting help and all agreed its all stopped. DD get called snd paid, salary goes in, IVA payment goes out and then anything left at the end (not much) goes into savings for mot/birthdays.
I found i coukdnt talk to them and what with baby keeping me busy i think id have ignored calls anyway! Once it was all agreed but before the call centres were informed we got the odd call but i felt more able to tell them we had iva, gave our IPs details to them and that was it.
Your IP will be able to advise on time scale
