Iva process started!

[Ruthlyn]

I've started the process of an iva after months of worry about money. The relief of knowing I've taken active steps to sorting it out is tremendous but I'm so worried about the future....will I have enough to live on, what to I do about demands from creditors etc.etc. I know a lot of you have experienced this so any advice would be very welcome

[Foggy]

Hello and welcome. Pass any written demands on to your IP to deal with. If any phone, simply tell them you are proposing an IVA and give them your IP's details. Do not enter into any discussion. Many of these calls are from call centres who do not know what they are talking about, they will simply try to get you to make a payment ---- which you must refuse to do.

Some people have unplugged the phone for a couple of weeks and depended upon a mobile number for calls from friends and relatives (tell them your landline is out of service with a fault).

As for having enough to live on, make sure your I&E is realistic. If the IP pushes for too much too early, you are heading for a fall.

Who are you using ?

[Ruthlyn]

I'm with McCambridge Duffy - they seem to have good reviews and have put me at ease so far

[Foggy]

Ah, yes. They are a very good company and have a very helpful representative who posts on here regularly by the name of Michael Peoples. You will be fine with them, as long as you don't disrespect Barry Manilow

[Ruthlyn]

Barry Manilow?!;) Hmmmmm - won't say a word!

[Struzzo39]

Hi and welcome to the forum from us. You've done the hardest thing by admitting there was a problem. With the help and support of the forum you will get through this.

[Ruthlyn]

.....and so it begins! Five calls (automated) from HSBC today plus a text message. I guess there will be a lot more before the iva is approved!

[Shining]

Hi well done on starting your journey, you've chosen a good company to work with.

If you can go online and change your mobile number to that of an incorrect one, it should stop the calls...Personally I spoke to my creditors as I found it bought me time before they rang again, but I did remove/change my mobile number from all creditors online that I could.

[kazzafunk]

We too went with McCambridge Duffy and have nothing but praise for them.

Yes the phone calls got me down when I stopped paying creditors. Over 70 in one day from Egg was the record. But I changed my mobile number and unplugged my home phone so in the end it was just letters arriving.

IVA's are not the easiest thing in the world, but as long as you correctly list your outgoings and make sure you got through the list again - remember dental, pet insurance, mobile phones, etc etc then it is 'do able'. I started on-line surveys to get extra money/vouchers, car boots, selling stuff on ebay just to get a bit of extra cash and tried to stock up on some items of groceries when they were on offer. Write everything down and within a few months you will become a budgeting expert!!!

Good luck and keep on posting!

[Ruthlyn]

Thank you so much for your encouraging words everyone!
Everything I spend is written down now....haven't been able to afford dentist and pet insurance for a couple of years!
I've sold quite a bit on ebay including my beloved camera which was a wrench - no could taking nice pictures if you can't put food on the table is it though?!

[Ruthlyn]

I've received the draft proposal document today and am a little anxious to read in it terms like bankruptcy and also the fact that the creditors need to sign a document to protect their interests in my property?! The idea of taking an iva was so that my property wouldn't be at risk! Also the amount of equity released was included in the proposal but it's highly unlikely I will be able to release any equity. I'm confused and have nobody who can explain this to me!

[Foggy]

I am sure Michael will be able to put your mind at rest. The restriction is just so you can't sell the property without your IP knowing ( I guess some have tried).

[Ruthlyn]

That's reassuring Foggy! Oddly, I now only have one debit card for shopping, no overdraft or cheque book and no credit cards.....it's strangely liberating!

[Foggy]

When I "went IVA" I used cash only for the first year --- and, yes, liberation is the feeling I got too.

[luluj]

I turned into a 'cash only' person and three years after my iva ended I still am .....
I break down each month after the agreed outgoings whats left ... then split the remaining money into the number of weeks in month and withdraw that amount from the cash point each week ... whatever is left after food and petrol for two cars is then split between hubby and I. At the end of the week we empty whats left into our savings tub and it goes towards our holiday fund !!
Still live life to a budget post iva but just not quite as rigid ...it works and we don't use the overdraft facility we have nor the credit card we each have !