I was exactly the same, worried about the length of time before I would be "safe" when the IVA was agreed. Maxed out on loans and also had an overdraft. I opened a new bank account (with HSBC actually) and had my salary paid into that. When I started talking to people about an IVA at least I had a plan I could follow.
So I told my employer to start paying my salary into the new account (I left the mortgage taking money out of the old account for the first month so it gave me a head-start, there was enough overdraft limit to pay one month's mortgage, and I then changed the mortgage to my new account after that. Old bank account was included in the IVA along with all the loans etc.
I stopped making payments, the card people did phone and tell me if I paid a certain amount they wouldn't call again for 2 weeks, that sort of thing. But be firm, you can't afford to pay what they want you to. If you pay a nominal amount it should be divided between all your creditors is what I understood, but perhaps there's no point in making payments at this stage I don't know.
I changed my contact phone number with most of my credit cards so they phoned a PAYG mobile I had, instead of my landline (I knew my other half would get stressed so trying to avoid her being hassled - this was just before I told her about the vast debt...took it quite well considering!)
Anyway the IVA was agreed. Capital One voted against, so I only got 78% voting in favour but that was enough! Payments were increased because Barclays demanded it. But that was all agreed over 5.5 years ago, and I've now got my completion certificate - and I still have that HSBC account as my main account.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by ketton79
Hi guys,
just found this site, great site , loads of useful info but im still scared of what the future holds and feel such a complete failure! Let down my wife and kids so bad but i am trying.
Basically we have quite a bit of debt stemming from being massively let down by a family memeber, a forced house move and my own stupid fault with credit cards. The last few months ive just about been covering the minumum payments on everything but then having to live on the cards to get through the months so just stuck in a vicous circle.
I've been speaking to payplan who seem quite helpful, they said I basically had 3 options:-
1- bankruptcy ( really dont want to do this, I want to pay my debt)
2- a DMP, they worked my affordbility out and at this rate they said it would take 15 years to pay off as they couldnt guarentee interest being frozen etc
3- IVA, well actually 2, 1 for me and 1 for my wife but it gets paid in 1 lump sum to payplan each month is the way i understood it. This will obviously be over 5 years.
We've opted for the IVA and are waiting for them to call me in the next couple of days,but I'm just so stressed about the whole thing. I'm worried about it being turned down and what i do then. Im worried about how long it takes to set up (6 weeks they said) ive made reduced payments to all this month so just waiting for the phone calls to start. Im worried about gettign through this month ( taken to reburbing old furniture and selling just to make a couple of quid to get petrol and food. worried about getting another bank account, TSB and Barclays are our accounts and also 2 of the creditors. Was going to try first direct but seems theyre not IVA friendly, now looking at co-op, put in online app last niight, waiting to here.
I didnt have a great deal growing up and always swore i would give my kids a better upbringing but it seems i can even manage that.
sorry for the rant and ill apologise now for all the daft questions im bound to be asking over the next few weeks!
peace out