IVA

[mss]

I have a few more questions. Do you take out an IVA as an individual or as a married couple? How long does the process take and is there a way of estimating how much your payments could be reduced? Finally, in a worst case scenario, what would happen if payments couldn't be kept up further down the line? As I said I am planning in the longer term to move abroad so was worried about future circumstances,
Many thanks,

[angela18]

hi mss. me and hubby are entering into an interlocking or joint IVA. I think they are done separately with one pyment. Haven't had proposal yet, so not to sure. Sure an expert will be along soon to give you more advise.

[Beans on Toast]

Good morning, we are doing the same as angela18, we signed our proposal last week, we both signed jointly and then individually for our own debts, we received copies back, if successful, it is just one payment from our bank.
As for the process, it generally seems to be between 4 and 6 weeks,ours has been a whirlwind one, from application at the end Feb to meeting on 31st March, here's hoping!!

[angela18]

by beans thats fast.. we are still waiting for proposal, but it did take us a couple of weeks to get statements etc..

Good luck.

[Beans on Toast]

I was pretty organised with statements and such, considering the wifes idea of filing is any draw in the northern hemisphere [:D]

[angela18]

we had shredded everything!! Part of the burying head in sand process of an IVA!![:I][:I]

[MelanieGiles]

Just a point on the speed of putting together IVA proposals - some IPs do not independently veryify the information they receive before proceeding. That is not my firm's policy, as we try to get everything properly checked in advance in order to limit any problems in the future. You could not possibly do that in two weeks - as you have to properly give 17 days notice of the creditors meeting. Best to get things right in advance, have a little money behind you to start off with, and the benefit of a properly researched proposal.

To mss - yes it is possible to have mutual and interlocking proposals, but only if as individuals the numbers would not create viable propositions for your creditors. And if you were unable to fund the payments in the future, or if there is any uncertaintly now, do think seriously as to whether a long term financial commitments is appropriate for you.

[angela18]

Melanie, I apologise if I sounded impatient, it wasn't intentional. I know these things take time. I'd rather you took longer, if it means things are done properly.. I feel as if need all the help we can get.. and I am eternally grateful for your time

[MelanieGiles]

You didn't Angela! I was more concerned at the speed in which the other poster's proposal was put together and do hope that everything was properly covered.