IVA Help. phone call from bank

[foolish]

Hi there, We are currently in the process of going through a proposal for an IVA with W3 Debt Solutions. We have never missed any payments on our cards or loans until now and although we can't afford the full amount we have paid a bit so that we have not missed a payment. my oh has just had a call from yorkshire bank asking him to pay £127 to bring his account up to date. he has explained that we are in a situation and are applying for an IVA and that although we can't make the full amount we have made a little payment. the lady at YB has confirmed she is putting something on his account to confirm this but said if he doesn't make the full payment next month the YB solicitors will be contacted. We are now worried because we don't know what to do. is this just a scare tactic to make us pay up. we thought if we paid at least something it would show willing. has anyone else had this????? any help appreciated!!!!!!!!!! xxx

[poppy84]

I was in the same position & has nevermissed a payment either until the processof our iva began.
I was told by the people i dealt with to explain the situation,give them the company name,which in my case was Accuma & there telephone number so they could confirm this if they wished i also explained i would not be making any payments!
I did get quite a few calls from barclays but they eventually got the message.
hope this helps

[Adam Davies]

Hi foolish
Your IP should have advised you to make no more payments to unsecured creditors or to make small pro rata payments.Whatever they advise stick to it.
Regards

Andy Davie
IVA.co.uk Spokesperson

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

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

[MelanieGiles]

As you have already appointed an IP to represent you, they ought to be dealing with creditor queries for you. Has this firm written to your creditors yet to put them in the picture?

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

[BlueShoes]

Hi
We too had never missed any payments when we began the IVA process, although it was only a matter of weeks as we had exhausted all lines of credit and were robbing Peter to pay Paul!
Suddenly, we found that we were in this awful position of just about managing our money, to considering an IVA, which 12 months ago would have seemed ludicrous! Now here we are, 2 months into our IVA, and the feeling of relief is immense!
We both earn very good salaries, which I think has added to the problem, as certainly in recent years we have been allowed to borrow more money than we could realistically afford to pay back.(To be fair we did keep consolidating, thinking we would be ok) In the end we owed just under £100,000, which even now, when I write it down, looks completely surreal. How did that happen to us I ask myself?
The IVA has provided an opportunity to look at how we spend our money, and organise ourselves financially, and although early days, we are confident that the process will work well for us as a family. If all goes well, we will have finished payments as our eldest daughter turns 14, so should then be in a position to start squirreling money away for university/college fees!(We have three of them to pay for!)
All the best foolish, I am sure things will work out for you.
Blue

[emma_t]

Hi All

I am in the same position of waiting for CCCS to do a proposal, which they have advised will be next week.
I have been up to date on every payment until this month where due to me losing one of my two jobs I cannot afford the repayments anymore.
I was advised by CCCS that my iva, if approved as it is or at all,payments would be £320 and I was to make payments of this amount divided up between my creditors until creditors meeting held.
I have never been behind on any payments before in my life and find getting letters/phone calls very distressing and I feel depressed all the time at the moment. When I have tried to call a creditor to try and explain they get very aggresive and I cannot cope with this at the moment.
Shall I just explain what is happening and refer them to CCCS?
Any advice would be most appreciated
Also does anyone kow if this proposal fails, can you try a second time. I only ask as I will get my bonus (hopefully!!) at Christmas and would have a lump sum to put in and try again if this one fails but I do not know if you can apply for an iva twice.

[MelanieGiles]

This is exactly what the IP ought to be doing for you Emma. And there is no limit on the number of IVA applications that you make - so long as you are not relying on an Interim Order which would prevent you from doing more than one every 12 months. The trick is to get it right first time though, thus preventing the need to resubmit.

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

[emma_t]

Hi Melanie
Thats what I am worried about, it not getting done right.
I spoke to someone from CCCS on Friday and she was going so fast changing my i&e's round adding here and taking away from others she thought the creditors may think were to high and i just think this sounds a bit wrong. I did a very honest i&e with realistic figures on that I thought, as an iva lasts at least 5 years, needed to be right from the start.
I have had two phone appointments with them so far and they are now asking for bank statements that I sent in, but they have mislaid, again.
The lady said that the proposal would be drafted this week and then I would need another hour phone appointment and it would go from there.
Does this sound right to you?
If I changed to another Ip would it not take another 6-8 weeks to get to a conclusion.
As I said before I have never been late on any payments before and find this very distressing to deal with. I was advised that as I have no assets bankrupcy would probably be better for me, but I cannot cope with the advert in the paper and my employer knowing. Also I do want to pay back as much as possible as I have borrowed it. Not that I am saying bankrupcy is an easy way out (I know from reading posts on this site that it is definately not an easy thing to do and i think it takes strength and courage to be ble to deal wih this!!) but i know i could not cope mentally with this option.
If the iva is not approved I don't know what I will do from there.

[MelanieGiles]

Hi Emma

An IP can turn an IVA around in 24 hours if necessary, providing they have all of the relevant paperwork.

And you must be really careful about IP's changing yoru figures. It is one thing advising clients as to what may or may not be acceptable, but it is a dangerous practice to change a clients figures - as at the end of the day you have to live with that budget for the next five years.

I would not worry too much about the missed payments - after all you are trying to convince your creditors at the moment that you cannot pay. But I would be concerned about putting forward an unrealistic proposal, based on figures someone at the end of a telephone feels you should be allowed. There are too many tales of failure on this forum about people who have drifted along with someones advice, without really believing that payments are affordable. You have to be honest with yourself here, and if it doesn't feel right then it probably isn't.

As a matter of interest what made you select this firm to represent you?

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

[emma_t]

Thanks for your reply Melanie

I selected CCCS to just get some inital debt advice and just didn't get any other opinions.
I was, at first, very happy with the advice they provided but since have felt rushed on the phone and the lady changing round figures on Friday made me apprehensive.
I also selected them because they told me that there fees are low and proposals are more likely to be approved by creditors as it will yeald a bigger dividend for them.
I would much prefer a face to face meeting with an IP as you can get everything out and ask all questions and are not rushed over the phone - is this something you can provide. I live in the South east but do have a company car with fuel paid so travelling to meet would not be a problem for me.
I have been so impressed by the realistic advice you give and the time you devote to the forum to help others, if it would not take to much longer (as I don't think my nearves can hold out!!!) I would look at changing

[MelanieGiles]

Hi Emma

I would be delighted to meet with you if you wish to get a second opinion, and advice on all options and not just an IVA - just contact me directly via my website and we will see what we can do.

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

[maxdebt]

Emma T. I had to change my IP after being with them for 10 weeks! During the 10 weeks I did not pay my unsecured creditors a single penny as I simply did not have any disposable income (pending an interest only re mortgage). As you can imagine I had plenty of phone calls, which initially I found difficult to deal with, but using advice from this forum I took contact numbers from each creditor and I phoned them every day to keep them updated. There were a few hiccups but it mostly worked. My interest only re-mortgage will be through this week and at last I will have some disposable income!!
My new IP (Melanie)got the ball rolling fast and as I had already been through the palaver of information gathering it was far more painless the second time! In fact my creditors’ meeting is in 8 days time. Oh joy (

[Sadsack]

Hi Emma_t

If I may, please get in touch with Melanie - you will be in safe hands.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[emma_t]

Hi Mealnie

Thanks for your time, I have filled in a contact details on your website and was just filling in some creditor details and then I pressed return a few times (sorry !!) and it jumped a few pages.
Not sure if all the details you need are there but if someone could contact me that would be most appreciated and then perhaps we could set up a meeting as I think i would find this beneficial
Thanks so much again for your advice - do you ever sleep or have a life!!!!
I think its great that you do so much to help on this forum - and others do also... I found it at the right time as it has helped me to realise that I am not a stupid idiot(even though I feel like it at the moment!!!) for getting into this position and it helps to read other peoples journeys through debt also and that there is hope at the end of it all

[emma_t]

Thanks for your advice guys - I will just added details to melanie's website!!
Good luck maxdebt for your creditors meeting, I have been reading your post's for a while now and you seem to have been through a lot - I hope it turns out well for you - fingers crossed