I am in the armed forces

[cvjvlv]

I am in the armed forces and am worried about my employer finding out. Should he? if not, what is my first step into applying for IVA?

[MelanieGiles]

Hi cvjvlv

Your employer will have absolut

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[MelanieGiles]

Will try that again! Your employer will have absolutely no need to find out about an IVA. I have dealt with many Armed Forces clients in my time, and am ex-forces myself! To start the process you should find an insolvency practioner who can give you proper advice with regard to your financial circumstances - preferably one with appropriate experience of understanding the differing allowances and rates you guys frequently encounter. Your IVA must also be flexible enough to deal with regular overseas postings and the implications of such moves.

Good luck!

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Oliver]

I would echo the advice from Melanie. Your employer will not be directly informed if you enter into an IVA. We have helped many many people in the British Armed Forces through their debt problems by proposing IVAs.

A good place to start would be to talk to at least 3 companies from this site.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[cvjvlv]

Thank you Melanie and Oliver your replies are what we had hoped to hear. Just another quick question, do we wait till the IVA is set up till we stop paying our creditors or do the creditors tell us when?

[MelanieGiles]

Hi cvjvlv

When you have worked out your disposable income each month, your best bet is to try and make ongoing token payments to the creditors as a gesture of good faith to them and also to minimise the harrassment from phone calls and collection letters.

The payments should be equal to the amount you owe the individual creditor divided by the disposable income. This can often be difficult to manage, so if they start saying they want more or will not accept the payments, you should then stop paying so that no one can claim to have been unfairly treated.

Presumably you are in the process of seeking some direct professional advice in any case, so your IP will be able to advise you in this regard.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[cvjvlv]

Thank you Melanie. We haven't got an IP just yet but will be looking for one in the next couple of days just as soon as we have got all our details together.

[Oliver]

Once you have spoken to a professional and agreed with them that an IVA is the best solution for your individual circumstances you will then be advised when you can stop paying your creditors. You will then be adviesed to stop paying them completely or as Malanie advises to make token payments to all your creditors.




Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[jamesfalla]

As Melanie says

If you are in the Armed Forces, there is absolutely no reason to tell you employer that you are going into an IVA.

However, I have dealt with many forces clients and often they tell me that their creditors use this to threaten them. For example, they say things like unless you make your regular payments, we will report this situation to you superiors.

I do not believe that I have ever heard of this actually happening but of course it is a huge worry. To overcome the worry, I often advise forces personnel to actually speak to a friendly superior about the problem anyway. Generally they are happy that you have come clean and that you are dealing with the problem sensibly and professionally.

You would not believe the number of times, my clients have told me that they have done this and found out that the person they spoke to is in the same boat and also in an IVA.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk

[steve532]

Hi.
Im not an expert but I am military. I am DV cleared so was worried about an IVA but I went through a company called resolve uk that specialise with forces personnel. They were very good and my creditors meeting was 6 weeks after initial contact. My IVA was accepted no problems.
Be Lucky

steve