Hi, 1973 (it was a good year for me too) and welcome to the forum. It's all very well choosing an IP who is only a few minutes drive from where you love, but how far are they from where you live???
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
Ha Ha!! I spotted that when I posted but wasn't sure if I could edit it or not!!! [:)]
Not heard anything back yet, I'm currently awaiting my proposal to be drawn up, so hopefully I will have it sorted soon. I have e-mailed my IP with all my I&E and balances etc, so hopefully there is light at the end of the tunnel.
I cancelled all my DD's yesterday on my IP's advice, so not sure when the phone will start ringing? What do you tell people when they call? Do you tell them you are currently having an IVA proposed?
Just explain to them exactly what is happening. Your IP should have written to them as well by now, so really they should be calling them - but unlikely they will!
How long has your IP told you it will take to draw up the proposals?
I always advocate honesty as the best policy, so tell them the truth. Tell them that you have got into a bit of a pickle, but that you are looking at an IVA as a possible solution as you want to treat everyone fairly, not just whichever creditor happens to be on the phone at the time. Refer them to your contact at your provider, thank you and goodbye. Firm but polite, so to speak.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
I would say that you do need to remain strong when the calls start, which they will as soon as the creditors realise that the DD has ben cancelled.
They will try anything to try and get money out of you - you have to remain firm and tell them that you cannot afford to pay them.
Some have tried the tactic of telling you that your IVA will be refused - ignore that, the call centres have no say in what goes on, and these calls are all from call centres.
Good luck with your proposal.
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
Have spoken to my IP and she will have my proposal ready tomorrow for me to review. If it all seems OK she will get it off to the court early next week.
She has advised me to give anyone calling her number and she will deal with them.
Thanks again for all the advice and here's hoping for a good decision and a step towards a debt free future!!
I have just recieved my proposal from my IP, all looks OK. I thought it would make quite daunting reading but its actually not too bad.
As my house is in -ve equity at the moment, she has put in there that the property should be excluded from the IVA. I presumes this means I won't have to re-mortgage in yr4. Does this usually mean that the IVA will be 6 and not 5 years or is that done on a case by case basis?
If I sign tomorrow she says it will be with the courts early next week and then the creditors meeting will be within 4 weeks. Is it usually this quick?
Thanks again for all the support and best of luck to anyone else just starting out.
You're right, you won't have to remortgage, but I don't know whether or not yours would be a five or six year one. The creditors may ask for six.
The timescale is about right.
Good luck, let us know when you have a date.
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 are sure to get the equity release clause modified in by creditors if your IP is seeking to leave it out of the proposal - so be prepared for that. You will rarely avoid the property revaluation and equity release during the final year these days I am afraid, and interesting that your IP is not using an IVA protocol format.
As to timing, I am not sure why your IP is seeking an Interim Order, but once she receives the proposals this should only take 17 days for a meeting to be called, by giving the appropriate degree of notice.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
It is Simple Debt Solutions that are proposing my IVA. I have been dealing with Laura but Andrew Poxon is overseeing it all.
Maybe I have misunderstood what she has told me. I thought I agree to proposal and then it has to be registered at the court? Am I wrong here?
I am meeting with her today as I need to make a couple of minor changes to the proposal before signing it off. I will ask more questions then.
My proposal looks pretty standard, it just says that as my property is in -ve equity it should be excluded from the proposal.
A the back of the proposal are a few schedules showing breakdowns of I&E, comparisons of what creditors would get in IVA Vs BR and also all the creditors plus T&C.
I'll know more later about the process, its probably me misunderstanding! She did say that once the proposals have gone out the creditors have 3 weeks to look it over and the meeting would be in 4 weeks. Does this sound right then?
The proposal does have to be lodged at Court, but this can be done at the same time as the papers are issued to creditors. Maybe your IP has a policy of giving creditors more notice than the statutory requirement, and there is nothing wrong in this but it does delay the process from your point of view.
Seems OK and as you are seeing her today you will find out. Good luck.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
