Hi Cath, have been reading your threads over the last couple of days, and it sounds like we're at the same stage as you - getting information together. I'm finding it a bit of pain, relying on other people for information - they don't seem to realise the urgency!! Never mind, onwards and upwards x
Good luck Cath I'm sure you'll get there. I agree Rainbowofhope its a pain but worth it in the longrun. I got my house valued at the end of last week and rang up the estate agents yesterday and asked them to scan and email my valuation over. Thankfully they did it as still yet to receive the hard copy in the post.
Must admit it took what seemed an age to get my details of my loan off Northern Rock.
I came into this world with nothing and still have most of it left!
That's great Pennyless - as you say, each milestone reached helps you feel much better - I feel better today knowing our house valuation is done, and it's done me the world of good being on here today - it's great getting everyone's help and advice, especially as we don't feel able to confide in friends and family about what we're doing - we're worried they'll be disappointed with the situation we've let ourselves get into x
Very much agree rainbow........dont know what I'd of done had I not found this site and been able to speak to people in a similar situation and get theri advice. Up until I did I must admit I felt like I was the only person in the world who was in debt up to my eyeballs.
The relief when I spoke to Melanies team and other IP's was IMMENSE to say the least.
Must admit this process really has made me focus on my debts and personal organisation in getting everything prepared and in order....instead of putting things off and allowing the situation to worsen.
Last edited by Pennyless on Tue Sep 22, 2009 1:44 pm, edited 1 time in total.
I came into this world with nothing and still have most of it left!
Same here - after speaking to Julia at Vincent Bond I felt so relieved that there was a way out of the mess we had gotten into - the last straw was when we went into a school uniform shop for our daughter's new school cardigan in August and our Debit card was declined - we've never been so mortified - we had gone well over our agreed overdraft limit. And because of our credit card debts, two of our cards were declined as well - we had to come home and scrape together 20ps we had saved in a jar - luckily for us it was enough to buy the cardigan. That was it for us - we had hit rock bottom and needed help desperately. As the weeks go on it is getting easier, but will be so relieved if our IVA is accepted.
Rainbow sorry to hear that but at least there appears to be a light at the end of the tunnel now.
I too will be elated when/if I get my IVA approved and although I realise I will be placed on a strict budget the thought of not being in debt in 5 years and actually being able to spend my own money will at least make me start to live my life again, instead of spending each and every waking moment worrying, which for the last few years has been my main pastime for one reason or another.
I came into this world with nothing and still have most of it left!
The thought of having our bank account showing a credit balance keeps me going!! It will be hard over the next few years but, as you say, at least the worry will be gone and we can relax
Received a letter from Northern Rock to say I'd missed my payment this week. Simply contacted them (although letter had been sent previously regarding my intention to seek an IVA) and gave Melanies name and contact details and they said they would wait for a further update.
Thankfully established yesterday that my "documentation" was at last complete and the case would be progressed to the "proposals" team, therefore all I can/will do is wait out on their contact and continue to forward any letters/statements from creditors to Marc and Angela.
Also had it confirmed today that as my wife is not part of the IVA then if she makes any extra money it is hers to keep, so guess who will be doing the most overtime now.
Ah well, onward and upward. Working nights for the next couple of nights so will be asleep through the days so any calls will go un-noticed.
I came into this world with nothing and still have most of it left!
Good luck Jon, keep us informed as to how things are going.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Got two letters from Halifax regarding my individual accounts with RBS/AA acknowledging the letters I had sent them in regards to being in the process of obtaining an IVA.
Both letters stated "We are sorry to hear of your current financial difficulties and appreciate that this is a difficult time for you", which I found very understanding, however, they then go onto request that I contact them and make a "small token payment" as a gesture of goodwill and in order for them to "hold" my account, which I found quite reasonable in the circumstances.
I'm a little concerned that if I don't make a token gesture then they may well have to hand over my account to a debt recovery agency (hounds from hell), however, on the flipside if I do then it may be seen as "favouring" a particular creditor over another.
Added to the fact that I have so many creditors I am wondering should i, at this stage, just divide what I am expected or envisaged to pay in an IVA between them all and make a token payment of £30 - £50 to each one to keep the accounts from going to firms like Mercers et al.
Any advice would be appreciated.
PS: I have set aside £700 for my IVA for when I get my "proposal" to return so wouldn't have to get more debt to make a "token" gesture at this stage.
Last edited by Pennyless on Sun Sep 27, 2009 9:48 am, edited 1 time in total.
I came into this world with nothing and still have most of it left!
If you make token payments to one creditor, you must make them to all as it will be seen as favouring one creditor.
Even if you do make them, they will most likely hand your account over anyway, so personally, I wouldn't bother.
Just tell the Co-op that you don't want an overdraft facility, you have no need to tell them why.
Have you thought about starting a blog Pennyless? Much better to chart your journey on there and they do get read an awful lot. It's quite easy to do.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If you feel better about making token payments in the run up to you creditors meeting, then as Jan says just make sure that you send a similar amount to each creditor in line with the quantum of their debt.
You don't have to set aside monies for that first payment into the IVA - this can be made once it has been accepted, it is just my generaly policy to seek the payment in advance given that most people do not pay their creditors in this hiatus period and therefore I want to be sure that they have started budgeting correctly and can find the future payments affordable.
As Jan says it is unlikely to make any difference to the end result, but it might make you feel better, a little more in control and could stop some of the ongoing correspondence and telephone calls.
Melanie as you say it would make me feel much better and I really want to avoid getting into a wrangle with my creditors, particularly if my IVA proposal doesn't go through smoothly or fails.
I think I should play ball with my creditors, after all it is their money I have spent and at least if I pay them what I can I am showing them that I am willing to do what I can to repay my debt.....even if it is just a token gesture.
Thanks again.
I came into this world with nothing and still have most of it left!
