I have only posted once before and i wanted to let you know that we have decided to go for the iva.
Everything has been drawn up and we are sending the forms back on monday. Is it just us or is it really scary when you see it all written down on paper?
We know it is the right thing to do, we know we have made the right decision but it is still really scary.
We know that once we send it back it will go to the creditors and they have to respond within a certain time. The next few weeks will be hard but we are lucky and have each other.
Any words of wisdom or support would be most gratefully received. Reading through all your posts has been so encouraging.
I hope all goes well with your IVA proposal. Make sure you read what is written and that you understand it. This will be with you for 5 years. If you have any questions on whats in the proposal then ask your IP (company proposing the IVA) or ask on the board, you usually get answers pretty quickly here.
I hope you get your creditors meeting soon and wish you the best of luck.
It certainly is scary when you realise just how much you owe. I think most of us preferred to ignore it!
Good luck with your proposal and let us know how things are going on.
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
I always realised how much I owed, I just thought (foolishly) that I`d be able to get it under control eventually. Obviously I couldn`t and I now realise I should have taken the decision to propose an IVA a lot sooner than I have. Finding this forum and reading the posts and professional advice available on here hastened me to act.
Whatever the outcome, at least I`ve stopped using credit cards and getting into even more debt...
New Start, believe Me, you`ve done the right thing. I`m at the nearly three missed payments stage of my proposal timescale. I`ve had quite a lot of phone calls from creditors, 99% of which I haven`t answered, but to be honest I thought I`d have got many more considering how much I owe them. I haven`t received much through the post, just a few default notices.
I won`t say don`t worry, because naturally you will worry. I`ve found posting on and perusing this forum has eased many a concern.
Good luck to you.
Last edited by Goosed on Sun Jun 27, 2010 9:57 am, edited 1 time in total.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
Scary? damn right it is, I knew we we in a lot of debt but when you see it in black and white the 2 questions which immediately spring to mind are 1. How Much? and 2. How did we manage to get this much in debt? We're now approaching four months without payments, we have our creditors meeting 7th July. OK we've not paid anyone but the plus side is we've done something pro active about our debt problem and we've not got further into debt, which was happening month in month out prior to deciding on an IVA. I'm sure you've made the right decision, The phone calls come thick and fast, and the letters could have saved a rainforest on their own had they not been written. It does start to grind you down, but hang in there, the first wheels are now in motion and if you ever feel a bit down, here is an excellent place to let off steam, safe in the knowledge there's a sympathetic ear from people who have been there and got the t-shirt.
Yes my husband and I have also just sent back all the information to our IP and await their proposal. It really is scary, hoping we have remembered everything. It will be a challenging time when all the phone calls/letters start to arrive. The scariest thing will be waiting for the final decision on whether our IVA will actually be accepted, and what will happen if it isn't. But we hold on to the hope that we have chosen wisely with our IP. I agree, at least we are doing the right thing by tackling the situation, even if it has taken years for us to admit our debts!
