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how long does the IVA process take from when you first fill out the forms to when you make your first payment, also if we are succesful we understand we will be asked to stop paying our creditors while things are sorted out, what will happen to the money which we are not paying out at that time.

Our IVA was arranged by Melanie and her team pretty quickly, but we managed to save enough to pay for uniform & shoes (£360); replace guttering (£300) and keep a few hundred pounds spare as hubby has to pay for travel/hotel expenses up front and claim back the following month as expenses(as much as £500 some months). We are only 2 months into our IVA, so clearly this "buffer" has enabled us to manage these big expenses without going overdrawn. We have set up a savings account to transfer childcare and "car money" each month to help us budget, and so far we are managing quite well, although as I say it is early days!
It is a scary feeling cancelling those direct debits to creditors in the first place, especially if you have never been in arrears or missed a payment(although robbing one to pay another) But be strict with the extra you accrue until the IVA is sorted, as we all know how quickly we can get through our money without even trying too hard!
Good luck with everything
Blue

Hello heaven,

An IVA application will usually take 6-8 weeks to process as long as all documentation is submitted in a timely manner and there are no complications. My understanding is that the first payment is made within a month of the application being approved by creditors.

Good luck in finding the right solution for you.

Kind regards,
Terry Balfour
IVA.com

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Hi there heaven mine took about seven weeks from first phone call. We were told to stop paying creditors and keeping money was ok it helped with the first xmas with no credit. We just had to pay the first payment as said within 30 days of the meeting if accepted.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

Thank you to everyone for replying to my question, i have so many at the moment and we are very scared and worried. I have been reading other messages on the forum and some people seem to be struggling badly with what they are left to live on, with 4 children i am concerned that we won,t have enough money for school lunches and haircuts nevermind clothing etc. or is this accounted for in your budget.. so many worries at the moment[:(]

Hi colmar,
We have three children and our monthly expenses are pretty high as a result (childcare, compulsory uniforms, school dinners, food, clothes etc)
However, we used Melanie Giles and her team to propose our IVA, and they were fantastic from start to finish. They were able to appreciate just how high some of our costs are, and unlike some of these bigger companies who tell you what figures to put down for your I&E, Melanie took all our actual monthly figures and based our proposal on that.
We are only two months into the IVA, so not sure how we will manage in the longer term, but we certainly feel we have enough to manage without too much hardship at this stage.
Good luck
Blue

Hi. We also have 4 children and have had an IVA for 3 years. We had quite a high budget and like Blueshoes, we were honest about what we spent on the children and all our allowances were ok, although we did have to up the clothing a little. Just make sure you try to include everything you can possibly think of.

For example, our children didn't go to any clubs or after school activities at the time of setting up the IVA although we were asked by the DM company if we wanted to include any. However, being honest and said that they didn't go to any. They now go to brownies and Rainbows and also have school dinners on some days and the expenses for these and their uniforms now have to come out of our limited household budget as we dont have any allowances for this.

I am not saying its a walk in the park because it was hard at times and we have to make some sacrifices sometimes, especially during August each year because of the expense of new uniforms/shoes etc for the 4 of them. As long as you put down everything you can possibly think of, your IP will soon let you know if some are a little high or are to be disallowed/allowed.

Kerri [:)]

That is one of the most important things to get right your expenditure dont forget anything and make sure what you put down is what you need. I am nearly at my first year and as said, though you have to budget and cut back on some things, I have found it quite managable and hope it continues that way. It is lovley to get through xmas and know there are no more credit bills coming through the door. You just have to plan ahead a little and keep a bit for the emergencys that can popo up when you least expect it.
It is always worrying when you are told not to pay the creditors but you can show no preference to one by paying them and not another, you also need to have your first payment ready if all goes well.
Make sure you understand everything and if you dont ask until you do, the forum is great for that.

All the best
Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

The trick is being honest to yourself - if you agree to accept an unrealistic budget then it will not work for you in the long run. Only you will know whether you can manage on the budgeted figures, and the starting point must be your figures and not anyone elses. If creditors do not then accept your figures, then so be it - they are likely to be the ultimate losers, and there is no point in replacing one set of debt problems with another.

As Ang has said please use the forum for all queries - the experts and experienced posters will probably know most of the answers, and there is no better advice than from others who have been through the same process and come out the other side.

Good luck!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

I found the period of waiting for my IVA to complete and therefore not having to make any payments a really great opportunity to re-balance my finances.

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk