Hello, I'm really new to this but glad to have found this forum. Just a couple of questions - what happens if your IVA proposal is rejected by the creditors? What other options would be available? I'm a bit scared about the process despite having been reassured that an IP would not put a proposal forward unless it had a fair chance of succeeding! Also, completely off topic - is there a way I can change my username? Tried to edit my profile but there does not seem to be an option there.
Firstly, there are a number of options available to you such as a debt management plan or bankruptcy but all of these will be discussed by an IP company. Have you approached any yet?
As to your user name - what did you want? I can change it for you.
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
hi,you echo the fears we all experience in the set up period. stress is so high for you at the moment.
drawing a proposal up takes a lot of time& work,so let that give you hope,a IP wouldn't want to put all that work in if he/she didn't think they could get it through.
have you got a new bank account set up away from creditors? it needs to be a basic bank account. we are with Co op.
you'll find the forum a great support,welcome.
Nothing stays the same...everything changes..hang on in there!
Welcome to the forum - please ask away and do not worry about anything. Your IP will not be proposing an IVA if they thought it will not be accepted by your creditors.
As others have already said you are going through a very emotional time and you need support - we will help you through the next few weeks and give you the courage to go through with it - I am sure in less than two months you will be in an IVA offering guidance and support to other new forum members !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hi NJC - it is a horrible time. I remember thinking ' no rejections on here lately - bet I'll be the 1st!'. The thing to remember is your IP won't want to do work from free so will always try to put the best offer forward.
If it makes you feel any better we had £80,000+ debt and our dividend has been accepted @ 18p in the £. I never thought they would go for that but obviously they saw that by looking at the fiures there was no way we could pay more.
Nothing anyone can say will convince you it will be ok until the creditors meeting but try and stay calm and come back if you are stressed etc and we'll all try to calm you as much as we can.
[:)]
Thank you all for the messages of support and advice. We've already set up a new basic bank account so that bit is fine. The proposal has gone to the drafting department and we are expecting the draft in the post any day. Our IP company went through all the options with us at the start and concluded that IVA is our best option. It's just the waiting and worrying that is driving us a bit crazy!
Once you start down the road then your IP will write to the creditors and inform them that you are going for an IVA.
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
You can cancel them now - it sounds as though a proposal will be with you sooner rather than later.
When you cancel the DD's then you can use the money to build up a contigency fund prior to the IVA.
Be aware though that you will get phone calls and letters from the creditors. If you have online accounts with any of them I recommend that you log in and remove any telephone numbers on there.
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
it can get stressful when you cancel direct debts,but,having been there i'd still advise do it as soon as possible & save every spare penny so you have a emergency fund. making extra payments at this point won't make any difference.
things do break - especially cars!
Nothing stays the same...everything changes..hang on in there!
Thank you all for the advice - I have just cancelled the direct debits I had. It felt really strange to do it. What happens next month with overdraft charges and other interest charges? Do I need to keep money in there to stop the charges they might throw at me from racking up? Hopefully we will get our draft proposal tomorrow or Tues.
kallis3 - sorry didn't get back to you about my username, please could I keep it the same but in lower case? It doesn't look right in capitals!! [:)]
