I am considering an IVA- I have never missed a single payment/been late but the amount I now owe is unmanageble.
I am worried that my IVA will be rejected because to 2 companies I owe a large amount to- £12,000ish on one loan and about £8000 on the other (In addition to some credit cards)
As these 2 have the most credit on them, I'm worried that they will vote against one
How likely is this?
Cat16 - these feelings are normal believe me - just been through it all. Our major debts were with Barclaycard and Capital One (Over 1/2 of our debts) and they voted yes - in fact we owed over £80,000 and no-one voted no, just a few smaller creditors didn't bother voting at all.
Have you spoken to anyone yet? Advise on here is always to contact 2 or 3 people from www.iva.com and get some free impartial advice.
We spoke to 2 and went with who we felt comfortable with. You'll be working with these people for 5 years (possibly 6 if you own your own home) so need to be happy with who you choose.
Good luck - and ask away if you have any more queries.
Hi Cat16 welcome to the forum,
i think your problem maybe that you are not in arrears with any of your creditors a iva is for people who have defaulted . if you can show that you can still pay your debts without any late or missed payments you may not be accepted . there are exsperts who will know how to help you and give the best advice Melanie Giles is as far as im concerned a peoples champion and will help you out with what ever advice you need. so keep looking in , try not to worry.
Hi Cat16 welcome to the forum,
i think your problem maybe that you are not in arrears with any of your creditors a iva is for people who have defaulted . if you can show that you can still pay your debts without any late or missed payments you may not be accepted . there are exsperts who will know how to help you and give the best advice Melanie Giles is as far as im concerned a peoples champion and will help you out with what ever advice you need. so keep looking in , try not to worry.
That's ok Phoenix - fast typer me!! We had never missed a payment either but knew we couldn't pay for much longer and had started to put everything on cards so we could use salaries to pay the cards! So if you are struggling then an IVA should be possible.
I didn't miss a single payment until I chose IVA and had a great credit score -- the problem was, I was using credit to pay the bills, whilst maintaining minimum repayments. Every month the hole was just getting deeper.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
many people who are accepted for an iva have infact not defaulted, but managed to make minimum monthly repayments right up until time of having a proposal drafted for them, myself included, i hadn't even maxed out all off my cards, but found that by making minimum payments i was left with so little disposable income that by the end of the month i would have to buy necessities on credit.
cat if you find that by servicing all of your debts each month you are left very little disposable income to live off or you find yourself having to put necessities on credit, then now would be the time to act.
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
Cat16 wrote:
I am considering an IVA- I have never missed a single payment/been late but the amount I now owe is unmanageble.
I've now registered. That's the thing- I've never missed a payment, but it's because I've juggled my credit around. Due to house move/new job/general circumstance change its built up over the last few years
I Owe around £27000 now and it can't go on. Due to a job change, I'm having to learn to drive.
This is another thing that worries me- I need to buy a (cheap) car when I pass- it's a necessity to be able to get to work. (or spend 5 hours travelling each day)
I'm just so confused as to what will be taken into consideration
I live with my partner, but he hasnt considered an IVA. Will this affect the outcome of mine?
Cat --- it will be your IVA on your debts. Have you any joint debts ?
Pop over to www.iva.com and have a word with a couple of the firms represented there -- the advice is free and helps you get your head around things. I am afraid there are questions that will pop up you didn't even think of until you spoke to someone!!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy wrote:
Cat --- it will be your IVA on your debts. Have you any joint debts ?
No, it's all seperate. But obviously my available money is linked to him in a way, in regards to bills/general living if that makes sense?
At the moment other than the council tax, all the bills direct debits go out of his account. I pay for everything else, e.g. shopping/petrol for his car etc etc - If they see my wage slips, it will look like I dont pay any bills etc
