I couldn't have timed starting the process more wrong if I tried. Bank holiday means I cant speak to VB and just get some re-assurance, which is what it would appear I need at the min. This forum is a lifesaver, I just feel so worried that the IVA may be rejected. Then what will I do. Im trying to think positive but Im honestly stressed to bits. Would go and buy a bottle of wine but have no money left til payday!!! [V]
Its a weird feeling Foggy, I just want these next few weeks over with. Im hoping after speaking to the IP I have some date in mind for the meeting day. It scares me that this could take ages. Horrible.
I think you may have some symptoms of depression I hope you do not mind me saying that because instead of the feelings of being positive about doing something about your debt you are concentrating on the negatives of being refused an IVA, your provider has all your information and is not I would imagine going to put all the work into getting an IVA accepted to have it refused, think positive, easily said than done I know
We have all been there, and I am sure had similar feelings.
I think you should reassure yourself that you have chosen a pretty good firm to represent you; and that they would not have put the time and effort into proposing an iva if they thought it would not get through.
Easy to say in hindsight, and it is fair to say that the wait between now and your creditor's meeting is stressful.
I recall reading somewhere that something like 98% of iva proposals are accepted. Chances are therefore that you will be OK.
All the best.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
Those feelings are natural Sonj77. I remember thinking that every night. Your IP wouldn't recommend submitting a proposal without a strong chance of success.
What I did was worked out how much extra I thought we could pay if creditors wanted more. Our IP had submitted a smoking allowance that 2 creditors requested was lowered slightly. By working things out in advance I could agree this during the creditors meeting by email.
And believe me the relief after the meeting is amazing and you'll start to sleep so much better!
Thanks so much Kazza. I will have a look at that too, that sounds a good idea. I just want it all sorted and I know I will feel better. At least then I know where I stand.
Trying to keep calm but not succeeding. Im really worried about call with IP tomorrow. I am happy Im doing something about my level of debt but scared to try and explain why im in this position. I don't know myself. What could the crditors possibly say, do they attend the meeting? Will they trawl through my statemetns to see how I spent their money. starting to think I shouldn't have done this.
when I first started looking into an IVA I was on a high and very upbeat. Once I had passed all the paperwork to an IP, I felt totally out of control. I had no control at all it was all in their hands and I lived with what ifs for a long time. However, in the end it all turned out well and the IVA was accepted and has now finished successfully.
You only need to write down a few lines of how the debt occurred nobody will judge you at all, I'm confident of that. The meeting is generally through fax votes so nobody actually attends (or they didn't use to). Nobody has time to trawl through bank statements, your IP might request these and look but that is all.
It's a scary time I admit but in the right hands your IVA will be well run and managed. Lots of us have been there and done it, others on the forum are all at varying stages of it, so hang in there and remember the forum is always there for you x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Thank you Lesley. I feel ridiculous going on like this but Im a born worrier. The IP is ringing in the morning and Vincent Bond have promised I will feel better after that, I hope so! Do you think the IP will know whether the iva is likely to be accepted, I know everyone says that VB wouldn't have recommended it if not but still chewing!
Hi Sonj77, I'm having exactly the same feelings as you. It was my bank manager who suggested an IVA (I had never heard of the term before), I phoned some companies last week and made my decision who to use. I have spent the weekend gathering all my paperwork together and really can't work out how I have got myself into the mess I am in. I had a phonecall with the IP last Friday and I was sick with worry about being judged but actually all I got was sound advice about the way forward - no judgements at all. Now all my requested paperwork is in the post I feel a bit in limbo. Good luck tomorrow ;o)
Can we climb this mountain? I know we can make it if we take it slow.
Thanks Miss B, Im sure I will feel better when its done. they said after the call they will draft proposal and then send it out to me within a few days. Then I need to sign and return and the meeting of creditors will be called. By all accounts, this bit is the quick bit!
As with the others, I was in the same boat. In a high level of debt, couldnt explain why a lot of it occured other than spending outside my means.
The guys on here supported me through the same worries as your having now, and especially what would happen if it didnt get accepted.
I am with Vincent Bond and their IP firm and they have both been fully supportive.
What they also told me when i asked if they thought it was likely it would be accepted, was that they wouldnt be passing it onto the IP firm if they didn't think it had a strong chance of being accpeted.
Keep positive, stop your mind racing a head with the maybes and what if's and stick to the bridge you are currently at. I know its easier said than done, but think of it at a motorway, your at a slow moving bridge. But after the bridge the road is clear for miles.
Hope that kind of makes sense.
Currently in an IVA. Not a Financial Professional, any comments expressed are just my opinion.
Neville, thanks so much for taking the time to write that. That's exactly what they have said to me. I just cant help myself from stressing but your kind words have helped. Did yours take long once you had spoken to the IP?
