Just starting, so scared

[ketton79]

thanks again guys,

i had a call from payplan again this morning, just saying that the authority forms and a cash flow self umployment form have been sent out to us and to arrange and "options call" over the next few days. They did again recmmend that I continued to make token payments to my creditors though? I explained that I had this month which i did before coming on here but they advised me to continue to do that again next month? I guess though that by the time that comes I'll be a few weeks into the process anyway

[Slekclarke]

I stopped paying all my creditors after my first telephone conversation with my IP. So for 10 weeks I haven't paid a penny. Felt guilty at first but at the end of the day a token payment would just be good money after bad. I explained to my creditors as and when they rang and 9/10 of them made notes on their records an froze our accounts. Save the money you may need it in the future. Good luck

[lem]

I would imagine the reason payplan are encouraging you to pay token payments is because although they have charity status, they are funded by creditors so it stands to reason they want to try and gain as much for the creditors as they can.

I really wouldn't bother making any payments now your iva is in process, at this stage they are just going to get swallowed up in late payment charges and interest etc so you may aswell just throw your money in the bin, it will make absolutely no difference as to how they vote on the day whether you pay anything or not, the money is better in your pocket now

[gillhe]

hi i know exactly how you feel i was absolutely terrified of the whole process and am still at the stage of getting 15 phonecalls a day but to be honest i dont answer i just google who calls me from that number and block it on my mobile. our creditors meeting has been set for 20th june (the day after a family wedding - would have been nice to have this sorted before that but still!) i just cant wait until its sorted and i can feel safe again as until this process i had never defaulted on anything in my life and im not used to this horrible nervous feeling. our big major major worry is whether we will be allowed to keep out hp car as the hp company does sometimes repossess cars from people entering into an iva and we really need it for work- at least we'll know soon.

[mab]

Hi welcome to the forum! We were in the same position as you and went with payplan, they advised us to make token payments in the run up to the creditors meeting and we did but wished we hadn't and kept the money safe for emergency but u live and learn! Other than that Payplan have been ok, it is a struggle but it is like having a large 5 year loan and then it will be over if there is not equity release! Good luCk

[dazza]

Hi,Your story sounds very similar to mine,only a month or two in front of where you are now.I have been dealing with payplan and have my IVA meeting on the 14th June.Its been a really stressful time where you try and do the right thing and it is difficult to change that attitude where you just want to settle your debts and move on.Lots of information to gather and react as quickly as you can to speed things up.Making those phone calls to creditors is difficult as responses can vary greatly,some have been great and very easy to speak to.I went with santander and found their response to open an account very quick.Good luck,hope all goes well.

[MelanieGiles]

I assume that you will be having a face to face meeting soon with your IP ketton, as this is mandatory for all self-employed persona - and really beneficial as well. Has this been arranged for you yet?

[ketton79]

No not yet, my wife has received step 1 pack through today but nothing in my name yet. I didn't realise we'd have to meet in person with them. I'll have to ask them where that's likely to be

[ketton79]

Well it seems it definately on the go now. All the incomne & expenditure has been done for my wife and I including her small business. Payplanare now going to start contacting the creditors to arrange a meeting I guess. so why am i waiting for somethiong bad to happen or some spanner to hit the works?? guess im just used to a bit bad now luck now.

I really wanna try and get myself back to being the "glass half full" kind of guy instead of the "glass half empty" sourpuss ive become[|)]

[York1331]

Oh you will be there in no time! When mine was going through, I was anxious all of the time, thinking that something would happen that would stop it from going through. I even had a creditor vote 'no' at the meeting. However, Melanie's firm were on it and it was soon sorted out. Since then, my outlook on my future has completely changed...just a little over 2 years to go and feeling very optimistic. There's no need to be anxious but that won't stop you so you may as well embrace the uncertainty cause once it's sorted, you won't feel that way again

[ketton79]

Well we've had the step 2 pack through payplan and i cansee why IVA's take appx8 weeks to set up. Theres so much to get together. Dont get me wrong I'm not complaining, it's pretty daunting. We're wading through the list getting the required documentation together.

Apparently because my wifes business is quite small we won;t need a face to face meeting with payplan. We've never used an accountant,its just been me doing the tax returns each year.

I was quite surpised at the lack of calls and chasing we've had from our creditors apart from santander(debenhams card) who were actually pretty good when i explained the situ and gave them an ref no.
Starting to get a few calls & texts now though.

[Michael Peoples]

I am surprised there is no face to face meeting as the size of the business does not determine the status of self employment. However best of luck with the meeting.

[ketton79]

Does it make a difference they she works part time and this is her main income?

[MelanieGiles]

Perhaps the Payplan representative who posts on the forum can explain why they feel non-compliance with SIP3 is the right thing for this case and their client?

Are you happy with this ketton79? The fact that you don't use an accountant, would make me even more want to meet with you to test the sensitivity of your trading projections and to make sure that the figures you intended to present to creditors are realistic and achievable. As accountants ourselves, this is something that we never take for granted, and surely a more thorough run through of these matters is more than sensible - regardless of the statutory requirement.

[ketton79]

I guess if anything we have underestimated what the business will do this year. So maybe at the end of the year we'll be able to pay a bit extra into IVA. The business started fff as a hobby then because it earned my wife more than she expected, she decided to make it an official business and expand it a bit. Its only been 4 or 5 years since it started officially and each year most of the would be profit has gone into buying more product to be able to provide more service so she hasnt really taken a wage as such from it though nor has it been losing money.