Hello everyone,
All new to this, not just to this IVA forum, but posting online in general. Finally made that call and step in what I hope is the right direction for me and my family and spoke with McCambridge Duffy to to explain my financial pressures and to describe it otherwise complete and utter dark hole. They have been absolutely fantastic to say the least. All these great reviews I've read online certainly have been accurate in my own personal experience to date. I have placed my fullest trust in them to hopefully secure my IVA proposal but I cannot be the ever pessimist as far as this is concerned.
I have struggled with money for as long as I can remember having had to leave home at aged 17. Although struggling I always somehow was able to keep my/our head above water. Haste, that has been and no longer is possible. I have just completed all my paperwork with McC Duffy and have today just been advised that my creditors meeting has been arranged for 2nd oct at 10am. I am a nervous wreck to say the least. The IVA is in my sole name as the debts are mine and not my husbands as they relate primarily prior to when we got married. I literally cannot sleep with the worry that the IVA will be rejected. I owe c£40k which is a accumulation of his last 10 years from when mainly I was trying to provide for myself from when I was a teenager. I carry such guilt with this debt and like most other forum members regret it all bitterly as though if I could of done something differently to stop it getting to where I am now. I would appreciate some feedback from others if possible please with their experience with the acceptance of the following creditors:-
Barclaycard
Nationwide personal loan
MBNA/virgin card
Santander credit card
Mint credit card
Halifax credit card
Next directory
I appreciate any time any of you fellow members take in reading or replying to my plea!!
Thanks x
I was with McCambridge Duffy and have nothing but praise for them. I did not have to contact them much but found it best to either email or write with any queries as every single IVA company are rushed off their feet and felt this was always the best way to get a response that I then had a record of.
It won't calm you down, but believe me creditors will normally take the best offer that is on the table and knowing McCambridge Duffy they will present this.
You will have the best nights sleep in a long while when it is accepted. We had to make 1 minor adjustment to our expenditure so it's worth looking at the figures that are being sent to creditors to see if there are any savings you 'could' make if they ask you to. That way you are prepared on the day to be able to accept any variations without the need of rescheduling the creditors meeting.
Please let us know how it goes. And keep posting on here - we've all been through what you have and I have found a wealth of knowledge / tips on here.
Hi and a very warm welcome to the forum. May I firstly an excellent choice of company to represent you, McD have a very well respected reputation on the forum, one of the best.
Good luck for the 2nd October, be good if you let us know how you get on as we'll all be sending our best wishes to you.
from your creditors I had Next directory, and Barclaycard and both accepted if I remember rightly. try not to worry (although I realise it's easy for me to say) as you're definitely in good hands.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I can only repeat that you have made a great choice of company to work with. They have the bonus that a senior manager from McCD posts on here, Michael Peoples, who is always on hand to give advice. He and I haven't always seen eye to eye, but (apart from his musical tastes) he is spot on with his advice and a generally good guy.
McCD would not have put the proposal forward if they didn't think it had a great chance of going through --- rejections these days are in the realms of rocking horse poop (very rare!).
I have to tell you that between now and a couple of weeks after your IVA is accepted, you will go through every emotion out there -- but it WILL pass and things will settle into a routine, a steep learning curve and a brighter future.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You're going through the most difficult bit but try and focus on the fact that by the 3rd Oct you'll be on your way to getting it all sorted out. There is a light at the end of the tunnel x
I had Barclaycard, Santander credit card and Next Directory from your list. Santander and Next didn't bother to vote (although the amounts owing were just a couple of hundred pounds to each). Barclaycard was a more significant sum and they accepted. None of my creditors voted against and none proposed any alterations other than to the fees claimed by my IP.
As previously pointed out, your IP wouldn't waste their time if they thought the proposal wasn't going to be accepted as they only get paid once it's accepted.
Thank you so very much everyone, it really helps to think that I can talk and relate to you guys. I'm trying so hard to keep myself busy, which shouldn't be difficult to be honest, because being a full time working mum, wife and all of the rest I genuinely never have 2 mins to myself. I realise that I need to stop focusing on the guilt and try more to focus on the cure. My reasons are probably not much different to everyone else's I suppose, cost of living higher than earnings, change of jobs causing huge drop in income, marriage, maternity leave but to say a few. It is this why I torment myself so much. I also feel like its just not myself I have failed but everyone else because i feel that i am put on a pedestal and if only they knew my reality then oh boy how disappointed they'd be!
BUT, I have to have faith and know that things shall improve, I shall remind myself of that. The 2nd Oct isn't that far away and what it brings, it brings. I can only but hope for the best.
If my creditors refuse/decline there is a plan b? Also, I have been with my present employer for 7-8 years, am I obliged to tell them of my IVA?
Sorry to everyone for my gut spilling, I've been reading the posts on this forum for over a week and have just gathered the courage to post!!
Elaine x
My opinion is you've nothing to feel guilty about and to be honest we've all been there for a whole variety of reasons. Unless it's a term and condition of your employment there is no need to inform them about your IVA. I teach and have never told anyone I was in an IVA.
Do keep posting Elaine, it's great to have you on board.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Really feel like I need to drop by again and express myself. It has hardly been 1 week since I was told of my creditors meeting date (2nd Oct @ 10am) and although I tell myself that it is the start of making things better I genuinely cannot but worry myself sick with it with the worry that it won't work out that way.lets assume the worst, my IVA gets rejected, what happens then? I know I have been explained this before but I have so much swimming in my head that I can't seem to think what. I am trying to take comfort in knowing that my IP (McCambridge Duffy, Daniel Rule) wouldn't submit a proposal without having confidence in it but I worry, worry, worry!!!
I've paid across my first months payment at the request of McCD and can only but hope and pray that it works out for the best for me and my family.
I'm sorry to waffle on, and I know this post isn't of any real question or substance but by just posting it I feel like I'm sharing it.
Thanks if anyone reads. Xxx
Hi we have all been there. Had the sleepless night, not eating and worrying, yr company have had great reviews. So? I have no doubt they wouldn't put forward a proposal if for one minute they thought it would fail. Congrats to you. Yr on yr way to being debt free x
First of all ditch the guilt. Life throws a lot of challenges and unexpected scenarios at us and getting into debt is just one of them. We have all been there for whatever reason; you have taken the big decision, it's hard to admit the predicament and pick that phone up, but you did it and you should congratulate yourself. Plus, with McCD and Michael Peoples you have chosen exceptionally well. Feel guilty if you are an arms dealer or such like, otherwise pat yourself on the back.
Everyone fears their IVA not being accepted, but how many initial proposal failures do we hear about? Hardly any, in my experience at least. The guys at McCD will put your best offer forward and it will be accepted - your creditors are not stupid and realise that in bankruptcy they will get very little compared to the return from an IVA. It's natural to worry and eternally ask 'what if'?, but see if you can find on the forum a sustained history of people falling at the first hurdle. You'll be wasting your time.
Of your creditors I had Barclaycard and MBNA and they each accepted the proposal. I owed a hell of a lot more than you do, by the way. I agree with the other posters - you will experience every emotion under the sun between now and 2 October, but the day after your proposal is accepted you will feel such a weight off your shoulders and you will accept that there is light at the end of the tunnel. Hang in there, it will be fine. Tell us when the good news arrives.
Last edited by brokebryn on Tue Sep 24, 2013 2:41 pm, edited 1 time in total.
Last monthly payment made 3 June 2013 after 6 long years. CC issued 21 August 2013, but, er, lost in the post. Finally got it 17 September.
Don't worry about waffling -- we all do it at times ( me more than most ).
If your application is rejected ( which is a rarity these days) then your IP will most likely adjourn the meeting to find out why and to canvass support from other creditors.
Depending upon the response a DMP might be put in place for a short time to give everyone time to think and regroup.
But ... let's not get ahead of ourselves .........
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
We have all been there I agree, you post away any fears or concerns you have, we're here to listen and offer advice/support as necessary. Do take comfort that we all agree McD are one of the best in the business and you've the support of us to help you through your journey to debt freedom.
waffle on (not that you were) as much as you like. Why not write a blog, by doing this you get it all of your chest, it monitors your journey for you as when you read it back you get a sense of satisfaction of how far you've come. The added bonus to a blog is you may get the chance to win £100 vouchers as a blog of the week/month is selected to receive these. Worth a thought. But do keep posting!
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi ordinary girl
Id say to take some heart in your profile name. You are just that an ordinary person that life has happened to. The feeling of guilt will start to get better and youve already taken the first steps. Mcd are regular contributors to this site so your in safe hands. They will be doing all they can to make it work.
Cm xxxxx
