New to this & a bit scared & need reassurance!

[johng]

Hi - this is the first time I have ever posted on a forum or done anything like this but you all seem pretty knowledgable and friendly so here goes! We have just taken the plunge and spoken to MoneyDebt & Credit who have sent us out our IVA proposal which all looks ok but it all seems to be happening so fast! They have been very helpful so far but i'm just worried that everything is being done so quick and the worry I have is it just because they want to make money out of us or is this normal? I first spoke to them on Monday, got the proposal by e-mail yesterday (original arrived by post today) and they've arranged for a rep to come and collect all the bank statements etc on Sunday! They have also advised that once I sign the proposal I can stop any payments to my creditors immediately but what happens if the IVA doesn't go through as we have somehow managed to avoid defaulting on any payments so far.
Am I just worrying unneccesarily?
Thanks

[Viki.W]

Hey john, welcome to the forum. Type your IPs name into the search on www.iva.com and read the review, this will give you an idea if there is good or bad feedback. If you are using credit to pay for credit then you should stop that as you will not be able to repay it. There are other alternatives to an IVA such as bankruptcy or a debt management plan so make sure all your options have been discussed and you are happy. DO NOT sign anything unless you are ready and fully understand EVERYTHING. Keep posting, we're all here for you. Viki X

[pbeck]

John

This is indeed very quick. Normally when I get a client signed up I ask them to gather together a pack of papers (statements, bills, payslips etc.) and it can take clients some time to actually gather all this information together particularly if they have to request current mortgage or loan statements which might normally only come annually, or get their house valued.

Personally I can't prepare an IVA proposal until I have received the client pack because it usually ends up being different from what they said on the phone, so it's a mystery to me how MD&C can get your proposal out to you before they've collected the papers, perhaps they can work that way.

I wouldn't worry too much about defaulting on payments, you would receive phone calls but as long as you tell the creditors that you are doing an IVA and they will get the papers within a couple of weeks, they should give you this time without getting too stroppy.

[abc]

I agree with Philip, I guess that once they receive the supporting paperwork from you they may need to amend the proposal and therefore will need to resend it to you once the proposal has been amended.

Do make sure you have understood the proposal and don't be rushed into signing something that you may not understand.

I assume that they have discussed all the options with you such as bankruptcy?

[johng]

Hi - thankyou for responding so quick! It's reassuring to know there are people out there willing to help! I have looked on iva.com and seen a couple of reviews for the IP which didn't seem brilliant so I've filled out the form on there which does suggest we are eligible for an IVA, so I've submitted it so hopefully I'll be able to get a second opinion before I go any further.
I'll let you know how I get on!
Many thanks

[chardonnay]

Hi johng,
Welcome to the forum. Crikey that was fast, it takes a wile normally to collect all the papers you need so well done in taking a stp back to re-assess the situation. This site will help, support and advise you - they're great and have helped me so much so keep posting,
Good luck,
Hugs,
Chardonnay

[MelanieGiles]

An IVA will stay with you for a long time and will affect the next five years of your life, and it is therefore wise to choose someone who will be there for you not just prior to the meeting but in the aftermath as well when you will also need ongoing support.

You will be asked to regularly send money to a firm that you may never meet, and an IP may act for you who you will never get to speak to. This method may well suit your circumstances, but under current IVA protocol the IP has to examine and verify a number of documents, and it would be wise for you to have at least one detailed meeting as well with them personally - which can be conducted over the telephone - before you commit further. If your case is as you have described it, I question whether all of this process can have been done appropriately in such a short timescale?

[pixie]

Hi John and welcome [:)]

If it feels too fast for you then it probably is. This is a huge commitment and can't be entered into lightly. This is the next 5 years of your life. I don't mean to scare you or anything! Just make sure you read and understand the proposal and ask as many questions as you want. If you feel comfortable with it then it's the right thing for you.
If this is the first company you have contacted I would reccommend having a word with one or two others and see what they say. It doesn't cost anything to ask and you are not committed to a thing.
Just don't let them push you into it before you are ready [:)]

[aguise]

Hi John and welcome to the forum.
An iva as Pixie says is generally a five year commitment and is a great solution for the right circumstances, but you should be aware of all the solutions avaliable to you. i too think this is rather quick for it all to be happeneing and that you havent had enough time to consider. i would contact at least one more Ip and get a second opinion, there are great Ip's on this site or as said iva.com can give reviews also.
Take your time and do it at your pace dont be pushed along. Make sure that you understand everything that you are committing to first.
All the best.

Ang

[TheMatrix]

IP's can be great pre IVA when they are acting on your behalf, once the IVA is approved though they change roles and act on behalf of the creditors.

So long as everything is going ok though this should not matter. its only if you end up with problems down the line and the IP wont budge it does.

5 years is a long time, but not a lifetime. Without the IVA, I would probably be paying back my debt over the rest of my life. It was well worth it for me, and coming up to half way feels great!

[johng]

Hi again and thankyou for all your posts! I have this evening been speaking to someone from DebtLifeboat following referral from iva.com and they have been really helpful and are sending me some info out to have a look at and are looking at our circumstances to see if they agree that an IVA is the way forward. I am so pleased I found this site - everyone has been really helpful.Thankyou!

John

[facingittogether]

good luck john!

like others have said make sure you feel comfortable with the company you choose!

love barb x

[aguise]

Good idea John
we are always here for any questions you have.

Ang