Hi All sent all my paperwork back on friday and spent yesterday cancelling all of our direct debits but spent the whole of last night awake, worrying that we have done the right thing.I definatly believe that the IVA is the best thing that we can do, but I am absoutley bricking it that my propsal will be declined and then I will be in default with all of these creditors, then what will we do. Bankrupcy is 100 per cent NOT an option we want to take but it really worries me that we are going to end up having to do this if the IVA is unsuccesful!
Your feelings are perfectly normal - we've all been there. You are doing the right thing by addressing your debt problem. Now the paperwork has gone back you should get your proposal through very soon. Make sure you read it carefully before sending it back.
Your IP wouldn't be putting you forward for this if they didn't think it would accepted. I've not read of a rejection on here in a very long time.
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
Ask yourself honestly if you could have gone on the way things were?
Its normal to worry about acceptance but I am sure your chosen company aren't in the habit of wasting time with offers that creditors would turn down. Have a little faith and I am sure things will go the right way.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Stay strong, you have done the right thing. Kallis is right your IP would not have put you forward for an IVA if they didn't think it would be accepted. This forum is a great support so keep posting. Good luck and let us know how you get on.
Virtually all proposals are accepted these days and your IP wouldn't put it forward unless they were confident. Have faith in them and try not to worry too much. If it isn't accepted there is always a DMP. Stay positive x
Hi there try not to worry we was where you are a few weeks ago cancelled direct debits when people ring keep telling them we are in an iva i felt fine now we have our meeting friday my panic has set in again its only natural really as we just want to be heading in the right direction of being debt free goodluck think positive i know its hard
Gemma (and Anita) all will be well. An IP puts a lot of work into a proposal and won't be running with it if they didn't think the chances of success are excellent. Creditors seem to have got a good grasp on reality these days and accept that an IVA is likely ( according to each individual circumstance) to be the route to the best return for them.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
hiya gemma
i have only been in an iva since may, i remember those feelings so well, i was scared just as you are that i would be in a worse place than when i started if my iva was not accepted.
but what the others have already said is very true, your ip would not be putting an offer forward if they didn't think it was viable, after all its a lot of work and they dont get paid unless its accepted, so its in their interest and yours for it to go well.
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
I fully understand how you feel. I was physically shaking when i cancelled all my DD's and SO's, i felt sick.
I also had all the normal what if's that you decribe. You will have to put your full faith in your IP as Kallis and others say. Easier said than done i know, but you have to accept that we have been there and got the T shirt, you will be fine, bankruptcy is probably less of an option for your creditors than it is for you, cos they usually get a lot less than the IVA proposal, and thats if they get anything at all.
Sit tight for a few weeks, save you cash from you unpaid bills, because you are going to need it in the short term to help you adjust to life in IVA. Under no terms must you give in the the inevitable phone calls from debt collection agencies trying to get money from you.
Hi Gemma - it is a frightening time - I've been there. But hang on tight, in a few weeks it will all be approved I am sure. I have read no rejections on here since I found the forum in March. Probably the worst that could happen is a modification which your IP would advise you as to whether they think it's reasonable or not (ours was an extra £40 per month which was within my plan B figures I had worked out!). It's not easy ignoring calls, letters etc, but you will feel relieved and stressfree in a few weeks.
It's not a doddle being in an IVA but we survived our 1st month with a bit left in the bank (£30) and we had to pay for a new van battery in that month so it's not impossible to live and have an IVA.
If your worst case scenario is that the IVA will not be accepted - and I doubt that this will be the case but of course there may be some remote possibility - you can simply move straight into a debt management plan with creditors which will not involve you even needing to consider bankruptcy if you don't want to. And don't worry about defaulting on creditors - this is unlikely to make your current situation any worse that perhaps it already is.
Gemma - I went through the same emotions as you and I know its a frightening time but please try and remember you are not alone and you will get through this x x
Gemma, try not to worry too much. We went through the same thing it feels so wrong to cancel the direct debits etc but there is light at the end of the tunnel. You have done the right thing.
It's been a long road getting from there to here but it's been worth it!
