Meeting IP tonight-any questions to ask?

[olliesmummy06]

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]

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.

[MelanieGiles]

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.

[plasticdaft]

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

[MrsKnight]

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.

[MelanieGiles]

CCCS guidelines were updated in September 2010 - very little increase however, but worth having nevertheless!

[Rod Newman]

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?

[kallis3]

Hope you got on ok olliesmummy - let us know what you thought.

[olliesmummy06]

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]

You're choosing between two superstars so whatever way you go, you know you'll be in very good hands. x

[kallis3]

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.

[olliesmummy06]

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]

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.

[kallis3]

Same here Ginger!

[Broke of London]

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