Just some words on my story through the IVA process.
I had my IVA approved back in the start of May. The process started back in February when I had contact the CAB, they were very helpful and offered said that they could put me in touch with a debt management type company for some advice which I took up. They were very helpful, put my mind at rest and recommended an IVA (bankruptcy is not an option because of my career).
The process of took some time, I scanned and emailed across all my documentation and this got the ball rolling. Per the advice given, I wrote to all my creditors and offered small token payments (i.e. 10 pounds instead of 250 a month). This allowed me to take stock of my position, and put some cash behind for a rainy day. Most of the creditors accepted this. Then all the calls and letters started. I made sure they only called on my mobile, even when I spoke to them, I would provide all the details of my IP (they were mostly very nice) they would still call me back the next day for an update. I got really sick of this so I just ended up forwarding all my calls to voicemail, this gave me some peace!! When pushed for an I&E from some of my creditors (i.e. to justify the token payment) I just told them that I was working with my IP and did not have the info available to me.
I did receive some nasty letters (threatening bailiffs etc) but I just ignored them as they were unlikely to action this due to the cost.
At first my IP included my partner’s income and this really increased my monthly payment for the IVA. Based on advice from the great IP’s that provide so much great info on this site (THANK YOU), I questioned them on this. My partner has her own debts which she wanted to clear and so is paying much more than the contractual minimum payments, it looked like they wanted her to also pay of my debts! Initially they thought circa 800 pounds a month. Armed with all the great info that you guys provided, I questioned and said that she is only liable for 50% of joint expenditure. My IP reluctantly agreed and my new proposed amount was just over £400 a month. Perhaps this was a misunderstanding on my part, I am not sure.
The big day approached, bang on time I got the call. All had accepted except my biggest creditor which did not vote, therefore they had to go with the majority of votes. With some small modifications requested, a new meeting was held a couple of days later and the IVA was accepted, so a big thanks to my IP. The dividend was about 50p in the pound.
Its so great now, I make one monthly payment which is well over half the minimum payments I used to make (with nil interest). The money I have left over to spend is my money, whilst limiting is very satisfying!!
The only concern I have now is if I needed to change jobs as I work in Finance this could prove to be somewhat of an obstacle. However, if I did not complete the IVA I would have probably gone bankrupt in a year or so, so the less of two evils as this would have probably got me fired.
I can now look on to a much more positive future. Good luck to the rest of you who are going through the process now, there is light at the end of the tunnel.
