I believe that your IVA will be accepted, if not the F&F than the standard IVA. You could make contributions for a year on the standard and then try and make an F&F at that point assuming of course that who ever is giving you the money for the F&F would be willing to hang on to it until then. This is only of course if an F&F is refused now. Hope this makes sense.
Feel like giving up today, feel paralysed by it all and having a nightmare swapping ove DD and getting all the information missing 1 CC statement cant access it.
Also worried about creditors and how long it can take and will they get horrible and also if the debt increases will that increase chance of rejection.
Not in good way today..can't concentrate on anything but that BR is heading our way [xx(]
Last edited by Ox1987 on Tue Apr 30, 2013 10:20 am, edited 1 time in total.
Got my sons birthday and first holy communion coming up wish I could feel a bit better and more positive.....worried.com
I feel a bit stuck in no mans land at the moment and unsure what to do next and what i need to do. My fear is paralysing me a bit but would like to understand chances of success as my wife and I are confused and also very scared as if it fails we could end up BR as a DMP or standard IVA would probably not be viable.
I know I am panicking too much but just worry about the kids
Last edited by Ox1987 on Tue Apr 30, 2013 2:28 pm, edited 1 time in total.
Ox you are going round in circles again and asking same question youve been asking for a while. You are in discussion with the best team of IPs and they have i assume looked at your I&E. None of us knew if iva would be agreed but there was no other choice than to put it to the creditors. The iva is based on your disposable income. Mortgage gas electric kids clothes pocket money etc etc is all taken into account and iva payment is the leftover. If your iva payment propsed by Mel is less than what your monthly debt payments were to creditors then theres no reason why you cant afford it. I was freaking out about payment but hubby pointed out we had never missed a payment or mortgage etc so as iva is less than what we were paying then we dont have a problem.
Mel will be sure the proposal is realistic and affordable. I know you are concerned about maintaining your high income but maybe you having been living above your limits hence the debt and now need to tone down your expectations. You are on exceptionally high income and are putting yourself under pressure to continue that. None of us know what the future holds. People lose jobs, get made redundant or indeed get promoted...it all goes via your IP and alterations made but always taking essentials into consideration so mortgage shouldnt really be at risk as thats an essential budgetted for before iva payment decided.
Creditors very rarely refuse proposals as discussed in many posts on here lately and im sure mel/tina have told you this. No one knows what is going to happen on the day but there comes a point where you cant turn back, only move forward. We all had fears of refusal but thats human nature to prepare ourselves for the worst just in case but thats just a defence mechanism. Do you trust mel to do the best for you? Can you see how the one off payment is affordable compared to what you were paying to creditors? I know you are worried but you have to outweigh that by the positives and benefits of an iva. Yeah ok so if screw it up theres a risk of BR but if mels done her job right and you as a family are disciplined about tightening purse strings and living within a budget you will succeed and be debt free.
"What you need to do next and what to do" ... listen to Mels team and do whatever they ask / advise in setting up your proposal. Other than that, enjoy your family.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Ox, my husband and I did a F&F IVA last month with Mel's team. The dividend we were offering was very low and the credirors decided they would prefer a standard IVA, in case I was able to find work and increase the monthly payment.
In the end, with a bit of extra help from family we were able to increase our offer to a level the creditors were happy to accept. This was our preferred option, due to husband's mental health, but worst case scenario was to do a standard IVA for a year and then offer a F&F. This is the worst that can happen with you too. The dividend you are offering is a lot healthier than ours and there is no reason why an IVA would be refused.
The sooner you get your paperwork in, the sooner things will start to get sorted, and in a few short weeks you will find this fog of fear and panic starts to lift, and a whole new life beckons.
The offer we made (£10K, as advised by Mel) was based on contributions over 6 years (as our house has around £40K equity in it). Our absolute limit was £12K. My husband is the only breadwinner as I have been unable to find work since my business folded last June, but creditors thought they might get more back doing a monthly paid IVA, as there is always the possibility that I could find work in the future. There was also the fact that 2 of our children will be finishing university in 2 years' time.
Creditors wanted £15K (against a total debt of £84K) and although we might have paid less - or more - doing a monthly IVA, we felt this was a fair price in order to move on with our lives. Fortunately another family member came up with the extra we needed. Our mortgage is large (£125K) so we will be paying it off till we are 70, and as the money for the F&F came from family, there is that to repay too but at least the pressure is off. My husband has been redundant in the not too distant past, and there are concerns that it might happen again, so the F&F gave us peace of mind.
Forgot to say, with a F&F IVA it takes up to 12 months to get your completion certificate.
By the time we had our meeting we had missed several months of creditor payments and this is the scariest part. We got hassled so much we ended up changing our telephone number - though BT forgot to make it ex-directory so it was only a matter of time before they found us again! If you tell them you are going into an IVA however, they do start to back off, and the missed payments will not affect the chances of your IVA being accepted.
We missed 2-3 months of payments to creditors as baby arrived mid preperations so took a while to get arranged but we just ignored the phone most of the time and saved the money we'd been giving them. They dont care they try and pressure but you have to be strong. it makes no difference to if iva accepted or not. the people that call have no say on the decision. i had one who didnt even know what an iva was!!! they arent important now. theyve had enough of your money and now its control of your money is in your hands. Wipe that part of your life! Start with new account for wages in and essentials out. Open savings sccount and pay money in which would usually go to creditors, get documents together for mel and forget all about your creditors! Any charges etc will just get absorbed by iva.
