PLEASE HELP! We have just received our proposals

[Paula.bg]

Thank you. I do appreciate this support from you all. Got in a right panic and couldn't even log on.

[pollypot]

Lloyds were my biggest creditors and every thing was fine, so try not to worry.

[MelanieGiles]

Lloyds are a very supportive creditor, so you should have no problems on the day. Don;t worry too much about the outstanding balance at the moment, your IP will make sure that this is agreed properly once your case is accepted - which I am sure it will be!

[Rosepetal]

Hi our IVA was accepted last week, Lloyds were our biggest creditor,i worried they wouldn't accept it but they did. hope that encourages you,good luck

[baldy]

Hi,if your really committted to the IVA route than i would try to save the money you would pay out on your credit card payments. This would help you build up a little bit for when your IVA is approved.

You must still pay any loans that are secured on your house if you have any?

Make sure you have a budget you can live on, i think sometimes you can feel perhaps that you shouldnt put a certain thing down as its only X amount, if your paying out for it make sure its in the budget!!
Spend a bit of time reading what other people have put down in theirs to get an idea of what you can and cannot put down.

Have you sorted out your independant bank account?, so your finances are completley seperated from your creditors!

For us it felt very very strange not making our monthly payments etc but we really knew that we had no other choise but to go the IVA route.
There are loads of banks etc who know generally people are very much struggling out there with the cost of things so like the other posts have said dont worry too much about Llyods.

Good luck with everything im sure everything will be fine, just make sure you do your homework on everything and make sure your happy with the company your going to use, because it is a relationship with them!!!
Baldy and family[:)]

[luluj]

Welcome and as others have said,now that you have chosen the IVA route your use of credit needs to stop... The increase of balance for Lloyds from the initial phone call to papers being drawn up will be taken into account to ensure everything is captured. Your income and expenditure must be accurate and this will then allow for a budget to be set so that your mange your IVA payments during the five year period.
Life in a IVA is a challenge, but very rewarding and it does not take long to get into a saving process rather than a spending process....even saving a fiver a week on grocery shopping soon adds up an helps towards Xmas an birthdays etc.
Keep usbin the loop and we will continue to support you !

[arrmickk]

Hi Paula,Bg

Going back to the inflated figure from Lloyds, could it be that they have combined your loan and the credit card together to get the total figure on the proposal? I might be completely wrong but, when you take a look at the proposal and all the figures on there it can be a little daunting. Just in case you overlooked it.

Or is there anything in your original loan agreement about and loan indemnity insurance if you don't make your payments?

We had a personal loan from the Halifax and when we got our first annual statement I was shocked to see that even though we had put over £2800 in to the loan we had paid less than £300 off the balance! This was because when we first took it out we were told 'take the loan now and pay nothing for three months'...so when you are struggling of course you think 'great' but actually being silly we didn't even think about them piling the interest on the £14,000 we had originally borrowed which equalled funilly enough about £2500 more on the loan.

We should have just opted to start paying immediately. But hey ho you live and learn.

Hope you get to the bottom of it

[kallis3]

I think we've all been there and done it! You think it's great to have three 'free' months when in actually fact you're still paying for it!