how long the should the process of an iva take?

[jmb]

Hi can you please tell me how long the process of an iva should take?I first enquired about one in september,i sent everything off that they asked for then a week ago i got a letter to say that the proposal had been made but was in the hands of the manager because my main creditor is northern rock-does anyone know what this means.I was hoping it wouldnt take this long.our debts are £15,000.We dont own our house and dont have a car or anything we could lose.The worry of it all is making me ill and my partner says we should just go bankrupt,i mentioned this to our ip in an e mail but she didnt respond..can someone please advice us.

[Lisa2009]

HI jmb
Northern Rock are a bit unhelpful when it comes to accepting IVA's
Maybe this has something to do with the hold-up. I'm sure one of the experts will better advise.
As you are not a homeowner and have no valuable assets, Bankruptcy could be the more favourable route if northern rock refuse then your debts will all be dealt with sooner although you will still have to pay each month. I believe though, in bankruptcy they allow you to keep a higher ammount for yourself each month.....skippy would better advise as she knows far more about this than i do.


mrs skint

[Adam Davies]

Hi and welcome
15K is quite low for an IVA,can you say how much your monthly payments will be ?
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[jmb]

Hi and welcome
15K is quite low for an IVA,can you say how much your monthly payments will be ?
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[jmb]

My ip said we would be paying £211 a month..i havnt seen the proposal forms yet so hope it doesnt say anymore as we wouldnt be able to afford it

[MelanieGiles]

If you are paying that much against debts of £15,000, I really cannot see this being accepted - as if you were to extend the term by one extra year, and your creditors were to cease charging you interest, they would be paid in full via a DMP. Of course take advice from your own IP, but I would have thought this was a better route forward for you than either IVA or bankruptcy proceedings.

Remember that bankruptcy proceedings are there for people who cannot pay, and you could discharge your debts with some co-operation from your creditors over a realistic timescale.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp