Just starting the IVA process

[cheryl38]

Dear all

I am sick with worry, have just started the IVA process. Sent everything off to my IVA contact. In the current climate I am dreading they will just say no as too many people are applying? I don't want to lose my home as it's the only thing I have to call mine! What happens if they say no? Will they force me to go bankcrupt? I've actually been sick this morning due to worry.

[MelanieGiles]

Hi Cheryl and welcome to the forum

Have you had a conversation yet with your IP and what do they think your chances of proposing an IVA are? Are you dealing directly with the IP firm or via an intermediary?

[cheryl38]

I'm dealing with Debt Solutions | Clear Start UK and they have been very helpful and have said I have a good chance. But I still can't stop thinking about it all. If they refuse what happens next?

[s.b.w]

I'm sure you'll be fine.

Most credit companies are now ready for an influx of applications for bankrupty and IVA's.

I think they are resigned to the fact.

Was at a meeting of financial experts a few weeks back and they were all saying thet the write offs being put aside by banks etc at the moment are taking into account the current situation and making plans to deal with it.

Good luck, as long as you have a sensible plan I'm sure it will be accepted.

Any IP worth their salt would always put forward a proposal that would be accepted, keeping in mind both parties.

You can never be 100% sure, but hopefully things will go well for you!

Sharon

[cheryl38]

I just wish I hadn't got myself into this mess. Got no one to blame but myself. I haven't defaulted on anything yet... but am bascially robbing peter to pay paul and can only see an IVA as the viable solution. I can't sleep or really eat at the moment through worry.

[Julie]

Hi Cheryl, Try not to worry - easier said than done I know. We were all in your position at one stage - you've started the ball rolling which is a huge step. Have they given you any idea when your creditors meeting will be?

Julie x

[cheryl38]

Not yet, they are going to let me know this week. Just burst into tears at my desk which was embarrasing.

At least if they say yes I will finally have my debt under control and will have learnt a very valuable lesson. My main concern is if they say no and force me to lose my home. But I can't do anything till I know either way.

Thanks for your support, its just good knowing i'm not the only one in this position.

[Julie]

Cheryl - the chances of losing your home are slim, after all you have to live somewhere. You could even keep your home if you went bankrupt, which is something I found out from this forum.

If you can be brave enough to list a summary of your debts and how much you think you can put into an IVA, I'm sure one of the experts will give you an honest answer of your chances for an IVA.

I've had a lot of support and learnt so much from this forum, I'm sure you will too.

[MelanieGiles]

But importantly what is the IP you have chosen to represent you said about your chances of acceptabce? Have you actually had a meeting with the IP or someone senior in their organisation yet?

[Adam Davies]

Hi
Clearstart would not take on your case if they felt that it would not be accepted,they have a financial interest in getting it accepted and for it to run it's course
Regards

[Soulgrowth]

Just wanted to say good luck Cheryl ... you have made a very positive move and I am sure that it will all be ok [:)]

Debbie

[cheryl38]

thanks for the advice and kind words. Not sleeping at all and being sick each day has become the norm. I have cancelled by credit card direct debits but not my loans yet. I don't have to change banks do I?

[Viki.W]

Hey cheryl, I'm so sorry you are not sleeping, once you have everything all sorted you will start to feel so much better. You should only need to open another bank account if you bank with one of your creditors at the moment. Viki X

[cheryl38]

I do bank with one of the creditors.... and they hold my mortgage. I've been with them for years. Is this really bad, my stomach in churning.

[drowning-mummy]

Hi Cheryl,
I'm just a little bit behind you in the process so I know what you are going through. Havent been sick, but have developed stress related eczema and my hair is falling out!
Melanie is our IP and I know she is one of the best, but I'm still terrified.
If your bank is one of your creditors or linked to one of your creditors then you will need to change. We changed after a 14 year relationship with our bank and I must say it feels good, like a fresh start.
Keep on the forum and let us know how you go? Why do you think it will be rejected? I get scared of mine because all the debt is so new and the debts are jointly £24,000, so for the first time, my debts are not big enough perhaps!!!!!!!!