Thanks for all your advice,I think that a combination of stress and a glass of red wine got me confused and it was debt release direct who I have been in contact with not DFD.Sorry to have made you all put your thinking caps on.
As to stopping using cards i know that you are all right in that I have to stop making payments but it frightens me that I will get into arrears and then the IVA is rejected.Has anyone had experience of having IVA rejected and would know why it has happened? Rochelle
Don't worry! It is unlikely that you will be rejected and if that did happen then a DMP is always a stop gap while you sort yourself out.
Your company would not be recommending an IVA if they thought it would be rejected.
You do have to stop using credit and stop paying your creditors as well. Gives you a chance to build up a bit of contingency beforehand.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If you have decided that an iva is the way forward then don't worry about getting into arrears with unsecured creditors. You probably realise that you cannot carry on as you were. Its a massive step to stop using the cards but one we all go through.
You have made great steps already just by admitting your debts were out of control so well done you!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
After all the advice and support I have received from everyone I was brave today and went to the bank and cancelled all direct debits to creditors! Thanks
Well done. You've made an important step. It feels awful at first as you may have been trying to struggle to pay each month. But you are doing the best thing for you in the long run. You'll have a 6-8 weeks before the creditors start calling you. Letters will come first usually and then the calls. Entirely up to you whether you answer your creditors but here is my advice;
1. write to your creditors and advise them you are proceeding with an IVA. Give them the company name and ref number if you have one.
2. I dealt with my creditors square on and answered all calls. I didn't want them phoning me at work. Try to delete your work numbers from any online accounts and advise the call centres when they ring of updated contact numbers. Once they know that IVA is being proposed they will suspend any further calls for up to 10 days at a time. Some of my creditors were absolutely fine with me. Others kept phoning 2-3 times a week.
3. Liaise with your I.P and keep them updated and in the loop. Send them any letters and statements. creditors will try to get minimum payments. I didn't pay anything for 3 months. It won't make any difference.
