Meeting IP tonight-any questions to ask?

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olliesmummy06

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Post by olliesmummy06 » Mon Aug 08, 2011 8:49 am
Hi all, well we have finally faced up to things and are looking into a IVA. We have a meeting with a IP tonight to talk things through and i've a few calls to make today to arrange to see others.

We currently have £61k owed to 8 creditors, we've done a budget and know we can afford to pay back up to 60p per £1-is this likely to get accepted?

Also the budget we have done seems rather generous compared to what we have been living on-tho partly hence this situation now, would the budget on CCCS be about right for food, car expenses etc?

Finally are there any questions we need to ask? We have a few -i.e hubby is possible due a tax expenses rebate-do we just hand it all over (not a problem if we do but i cannot find a answer anywhere) and hubby may get a 10% payrise for a period of 12 months-do we increase our payments when he does?

Thanks so much in advance.xx
 
 

Foggy

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Post by Foggy » Mon Aug 08, 2011 9:46 am
Hi -- have responded to you on t'other side ..... but would add that 60 / £ is a very good divident ... however, do make sure that your allowances are reasonable and don't understate your spend just to increase the dividend. It is important that you are able to manage with the expenses you are allowed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

MelanieGiles

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Post by MelanieGiles » Mon Aug 08, 2011 9:59 am
Hi there and welcome to the forum

You have already highlighted a couple of important questions, and there are bound to be many more relating to your own specific circumstances.

The key points I would want to see addressed are:-

1 What happens to your home?
2 What happens to any additional earnings you receive
3 Is my budget in line with current creditor guidlines
4 What other options are available and can they be fully explained
5 What happens if my disposable income increases over the duration of the IVA
6 What happens if I inherit any money or come into any form of windfall during the IVA
7 If I run into problems will I be able to contact my insolvency practitioner directly
8 How will my monthly payments be made

Bound to be many more, and I am sure other posters will have more ideas to share with you.

Good luck with your meetings.
Regards, Melanie Giles, Insolvency Practitioner
 
 

plasticdaft

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Post by plasticdaft » Mon Aug 08, 2011 11:42 am
I will be totally amazed if its actually your ip that you meet. Most likely one of the team. What companies have you contacted for advice?

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

MrsKnight

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Post by MrsKnight » Mon Aug 08, 2011 12:00 pm
Hi & welcome to the forum,

Can't really add anything to what the other posters have said, with Melanie being a IP herself, has given you some excellent questions to ask.
Regarding the CCCS guidelines, the last time I looked at them, they were done in 2008 so very unrealistic for now. I would put down what u spend & try to remember all the little things not just the bills & food. If anything is to high the IP will point it out & explain why. An IVA is a long time, you don't want to be struggling from the moment it starts.

Just thinking on what plasticdaft has said, we normally direct new posters thinking of a IVA to look at www.Iva.com which you can find all the reputable IPs/ IVA companies & customer reviews. Pick 2-3 that they like the look of & give them all a ring for some free & impartial advise.

Good luck for this evening & let us know how u get on.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X



An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt

Lyns x
 
 

MelanieGiles

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Post by MelanieGiles » Tue Aug 09, 2011 3:05 am
CCCS guidelines were updated in September 2010 - very little increase however, but worth having nevertheless!
Regards, Melanie Giles, Insolvency Practitioner
 
 

Rod Newman

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Post by Rod Newman » Tue Aug 09, 2011 5:42 am
For me it would sheer lunacy to enter into an IVA without making sure that you had an accurate I/E plan. For this the CCCS guidelines and advice from the IP and their staff is essential. I tried to formulate my own budget based around my own I/E when I started the process and had the team allowed me to follow my own thoughts without checking, it would have been doomed to failure from about month two! Now with my meeting looming I am confident that while it will be tough I have a much more realistic chance of managing the I/E. This has of course produced a significant drop in the dividend available for creditors but I have confidence in the IP that they would not put something forward that they did not think was acceptable at least in part by the creditors. Mind you that doesn't mean i'm complacent about it, my guts are churning!! Good luck with your quest.
PS Mel 0305....Is that a late night or an early start for you?
Rod
Most day's you feel like the statue but just once in a while you get to be the pigeon!
 
 

kallis3

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Post by kallis3 » Tue Aug 09, 2011 6:46 am
Hope you got on ok olliesmummy - let us know what you thought.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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olliesmummy06

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Post by olliesmummy06 » Tue Aug 09, 2011 8:47 am
Thank you all for your valuable replies.

After 3 phone calls from different people at debt free direct and a clear lack of communication we cancelled last nights appointment-the final straw came when someone called pressuring us into trying nto change our bank account to one we had to pay £12 a month for.

We are deciding between Tina and Andy-but wow it is hard as they are both so good. We are just waiting on some paperwork coming out to have a look over.

Thanks again, i will update when we have the paperwork.
 
 

Broke of London

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Post by Broke of London » Tue Aug 09, 2011 8:58 am
You're choosing between two superstars so whatever way you go, you know you'll be in very good hands. x
 
 

kallis3

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Post by kallis3 » Tue Aug 09, 2011 9:51 am
Both excellenf firms. Don't blame you for not having a paid for account. You will need to change though if your bank is a creditor. Co-op come recommended.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

olliesmummy06

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Post by olliesmummy06 » Tue Aug 09, 2011 11:37 am
I have applied with Barclays online for an account so just waiting for paperwork from them. Unfortunatley i used to work for Co-op so had to have an account with them, they are one of our creditors so that is a no go.
 
 

ginger3232

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Post by ginger3232 » Tue Aug 09, 2011 11:42 am
olliesmummy06 - you made the right decision - if you not happy at the start with a company (not a good sign,5 years is a long time to be with a company)
.
A few of us on here have a good discussion about the £13 bank account - i would prefer to keep in under my matress than use this account.:-)
Last edited by ginger3232 on Tue Aug 09, 2011 11:42 am, edited 1 time in total.
 
 

kallis3

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Post by kallis3 » Tue Aug 09, 2011 11:48 am
Same here Ginger!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Broke of London

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Post by Broke of London » Tue Aug 09, 2011 12:13 pm
Lloyds offered me a current account and savings account immediately prior to me starting the iva so they are worth a shot (if they're not a creditor). x
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