OMG - I feel sick

[Hammie1]

Help - I have just come in from work and received my proposal. I should be thinking great lets get this sorted, but there is so much paper to read.

I know that I should be asking my IP, but I don't want to keep ringing him every 5 minutes, so wondered if someone could help.

The IVA is joint names. I have two summary sheets of all the creditors, one for me the other for hubby, thing is in the offer off payment both amounts are the same for each off us. Does that mean that I should be adding the total together to give overall monthly payment, or do I just take one off them??? If I add together than that is double, and much more than what was orginally proposed, can anyone help please.

[Michael Peoples]

Without seeing the paperwork I would assume you are making one payment together. It would be highly unusual for two people to have the exact same income and expenditure and therefore the exact same IVA payment.

[Tina Shortland]

I would imagine it will be the one payment between you but I cannot stress enough how important it is to get clarity from your IP on anything you don't understand.

Once you sign your proposal you will be bound by it so you must ensure you are signign to something you had originally agreed and is manageable.

I would suggest getting a piece of paper and as you read thru it make a note of anything you need clarification on. When you have finished then make a call to your IP to get answers before signing.

[bigtrouble]

Hi,

My husband and I have interlocking IVAs - we have separate proposals which more or less read the same and we just pay the one sum (so not double it). Pretty sure this will be the same in your case but would be nice if someone else can double check this for me!

What I did when we got our proposals is email a list of questions to the contact within my IP firm I was dealing with at the time and he came back to me that way. That way you get all your answers in one go and it gives you time to compose a full list of questions.

Take your time to digest the proposal and never feel that you are asking too many questions!

[Hammie1]

Thanks Guys - I will certainly make a list. I am just panicing as I want everything to be sorted. I know an IVA will be right for us, but I don't want any unexpected suprises happening later. I know some other posters on here have had before, we just want to make our payments every month and try and get on - hope this makes sense!!!

[Hammie1]

Thanks bigtrouble for your clarrification. Email is a brilliant idea, as that was what I was doing firstly with the Broker, as such, that started our case for us. I've kept everything and printed, so it's all been kept together.

Thanks again

Sam [:)]

[Tina Shortland]

Of course it does. Better you dot the i's and cross the t's now than skip over and it come back at you later. No IP should have a problem with you asking questions to get confirmation at this stage - it will make their life easier too when your IVA is in place!

Give yourself a treat once you've waded thru the paperwork and let us all know when you're at the other end of the mammoth task!

[Hammie1]

Tina

I'm still reading on, can feel myself going wobbly, perhaps I should get some sugar inside me. I have seen that creditors will receive a dividend of 44.7p in the £, does this seem high, or good - sorry to be a pain.

Sam x

[Hammie1]

Hi Helen

You have been so kind to me, if you lived in Norwich I would be round with a box of chocies for you!!!!..

You have been a great help and I appreciate all off your advise.

You may remember me ranting on over keeping our two cars, the Toyota's. Our proposal is really fighting to keep them, but on the 43rd month, when the finance is finshed we are expected to put that money in, and then again for the final 12 months when the 2nd car finishes, so we have three different amounts to pay over the 5 years. We were expecting that so keeping our fingers crossed that this will happen.

Thanks again.

Sam[:)] xx

[Shining]

Hi Sam, I remember receiving ours and thinking *gulp* makes it official. After a few days it began to sink and I went with it through my IP. It was the jargon I got confused with but we make one payment on interlocking IVA's and it's all running smoothly. All the best xx

[Hammie1]

frugal friend - how do I add this.

Stupidly I work on a PC all day at work, but never can work out how to use this one, family computer.

My proposal does sound promising, I'm going to look at this as postive, rather than my normal negative ways. I'll send you the Turkish Delight!!!

Sam xx

[Hammie1]

Hi Lesely

and thanks. I think that I was panicing AGAIN earlier. I am relaxing and taking my time to read it, and will get hubby to read it when he gets home. I can know see that it is just one payment of £275.00 per month, then with the increases further on through the IVA once the HP's are finished. They are also proposing not to include our property as it is in negative equity at the moment.

Sam x

[Shining]

Go to your profile Sam and enter your password you'll be able to add Frugal friends and so long as the other person does the same you can contact each other. x

[Hammie1]

found you all - many thanks.

Sam[8D]

[New start]

Hi

when we got our proposal through i nearly fainted. It all looks so official, there are so many pages and with it being an interlocking one then there is two of everything.

Both hubby and i had massive panics. But we sat down, read it all through and then phoned the ip for clarification and felt a million times better!

Honestly it is worth it. Just take a massive breath and head straight into your further xx