THE DRAFT IVA HAS ARRIVED!!!!!!!

[bluebelle]

Well it is 2242hrs and i have only just sat down since 1730hrs. when i got home from work my draft IVA was here and i have spent all my time since getting home, going over it and writing my letter for it to go back with a few amendments. what has surprised me is the amount of money that goes to the IP and all the admin charges. I worked out that roughly i would be able to pay back just over £27K...that is still correct but out of that, once all the fees are taken out my creditors will get only £18K...that is only 29p to the £! That has quite shocked me! Anyway the proposal is recommending £457 per month as opposed to £1300 a month I was paying out before. The proposal says creditors will get £0 for bankruptcy so fingers crossed it will be accepted. I will go to the post office tomorrow and post it back recorded delivery. I am a women on a mission[:)]

[Storm]

Excellent news........

[Skippy]

That's really good news Bluebelle. My IVA was accepted at 27p in the £, and it stated that in bankruptcy it would work out at 2p in the £.

You sound much more positive since last week - it make such a difference when you finally get the paperwork! My modifications arrived today for me to sign and return and I made my first payment yesterday. I really feel that I am now on the way to sortingmy life out - well the financial side anyway! 1 down, 59 to go!

[Oliver]

Hello Bluebelle

Seeing as you are offering your Creditors significantly more than they would receive if your were to declare yourself Bankrupt, it is very likely that your IVA proposal will be accepted by the them. The IP fees are high as your IP will be working for you and your creditors for the next 5 years by supervising the IVA. The cost of this is built into the IVA.



You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

[iva experts]

To Skippy13 and Bluebelle,

It’s great to see the determination and positivity in both your posts, these are qualities that are needed in an IVA journey so hold on to them.

Bluebelle you are correct, your creditors will get £0 if you were to go bankrupt. When a person goes for the option of bankruptcy if the court excepts that they are insolvent (cannot re-pay their debts) then the whole amount of debt is written off (excluding student loans).

So through an IVA, although your creditors are not getting the whole amount loaned they are at least getting something.


Hope this information is of use

Regards. IVA Experts

[bluebelle]

Hi everyone..... yes Skippy I do feel alot happier thanks.....I think the first couple of weeks was a case of coming to terms with what i was actually doing which i think is why i was soo emotional...also I was scared that i would get absolutely bombarded with calls at work!...thankfully i have had none at work (not since Mint called before they were aware of my IVA )...I did ask them all not to phone me there and only use my home number and mobile....fingers crossed they are abiding by that (so far!)so i am feeling alot more relaxed at work as well. Not had many of my 8 creditors phone me yet...only 3 have...2 have called once and were absolutely fine and polite......however the dreaded MBNA have phoned 6 times when I have answered and i suspect several other times on my home phone when i have been at work..all in the space of 2 and a half weeks..oh and i have had my first letter from them today! I am keeping a log of everything to do with my IVA, calls letters..not just from creditors but IP and debt man firm etc incase i need to refer back to anything. Also I am carrying around a little cash book in my handbag where I am logging what I have spent...eg my IVA says £150 for food.....I have drawn £100 cash out of my bank yesterday and put it on my pre paid credit card ready to use at the weekend..this is logged in my book and i will reduce the £100 balance as I spend it....I am just trying to get myself in 'control and aware' mode...spent too many years spending money, not keeping a track of what I was doing, how much I was spending, how much I had left to spend and that is one of the main factors which caused my current situation! I have heard it said that people who have been through the IVA process come out of it the other end as a 'new person' regarding finances...I already feel this transition happening in me..I have finally 'woke up and smelt the coffee' on how your should plan and use your finances...a little too late to save me from an IVA but at least it will give me the life lesson on how important it is to live within a budget!

[Dominic]

i am glad or you, if i went bankrupt my creditors would get nothign, no assets to sell, not a property owner and do nto own a car.

[neverending]

Hi bluebelle
Well all seems to be going well for you and I am sure that your IVA will be accepted.
If you are disciplined [and you sound it] then you can still treat yourself,and family,to treats every so often [Chinese takeaway,cinema etc] and believe me they are so much better than in the "old" days when you did what you wanted,when you wanted on credit.
I am nearly three years into an IVA and have changed so much.My children are happy and accept the situation 100%.My good old father in law treats us to many a chinese and meal out and is always there in case I have totally run out of cash.He loves to help us out because he knows the situation and knows that every penny is accounted for.
You have five hard years ahead,be under no illusion,but the end result will be life changing
Good luck

[freelili]

And youre not alone bluebell everyone is rooting for you

Good luck

LILY

[bluebelle]

Thanks for your message Neverending, I am single and live alone so i only have myself to consider....not sure if that is good or bad when you are going through an IVA....on one hand i think it is less pressure with just me to think about but on the other hand you have no one to talk to or rely on if you have a bad month.

Dominic - I do own a car but they have excluded it from their calculations because i need it to get to work

[bluebelle]

Thanks Lily...I must admit I really like logging onto this forum...it is one of the first things I do when I get home...for me it is relief to be able to discuss my situation because i can't with anyone else other than my debt man and IP.....it makes me feel better knowing that there are lots of people in the same situation as me. Some poor people are even worse off than me and my heart does go out to them...it is bad enough coping with my lot and my situation is relatively straight forward.

[Dominic]

Blubelle you are on the way.

[freelili]

KNOW THE FEELING ITS JUST SUCH A GOOD OUTLET TO SUCH A SECRET PROBLEM, AND BEING ABLE TO READ HOW EVERYONE ELSE IS COMING THROUGH HELPS TREMENDOUSLY DOESNT IT. I WOULD NOT HAVE COPED THIS LONG WITHOUT IT.

LILY

[Dominic]

just remember what is more important the fact that you are alive and have options open to you or to carry on living in fear over such a stupid thing as money.

I seriusly think that this society has its values all wrong people should not be judged on how much they have or owe, there should be intrinsic value in simply being alive.

[Skippy]

I totally agree with you Dominic. My uncle has terminal cancer and that has made me realise that there is far more to worry about than money.

I have been quite open about everything with my friends as I didn't want to carry on lying - this is my fresh start after all! Their general opinion has been 'good on you for sorting it out'.

I completely understand why some people don't want people knowing about their debt problems, but there is nothing to be ashamed of. Maybe if debt was spoken about, more people would get the help they need and wouldn't feel so desperate. As we all know, help is out there, but a lot of people don't know where to look. I only found out about an IVA after entering 'debt help' in Google. I recently read about a man who committed suicide as his debts got too much for him. He actually owed less than me. If only he'd known where to go for help, and if only there wasn't so much stigma surrounding debt.

I also feel that the banks and credit card companies need to take more responsibility. I found it so easy to get credit - yes, I should have been more resposible and said no, but why keep offering it to me? In the end I owed more than 65k, through numerous credit cards and 2 loans. I have quite a good job, but not that good!

Sorry to go on, but this is something I feel very strongly about, as you can probably tell!