If you have a surplus income of £117 and debts of £30k this is unsustainable. If your debts are going up each you are insolvent but if they are not you do not need a formal insolvency. It may be that bankruptcy is the best option for you and your husband is able to meet his debts or vice versa but £117 surplus does suggest strongly that something is wrong.
Take your time and discuss all avenues with your chosen company. But try to remember that we have all been where you are and know how you feel. Stay on this forum the support and kindness is second to none. When we were waiting for our IVA to be approved we unplugged our land line and put all letters to one side to be sent to our IVA company once everything was set up. We then put the payments to one side as a contingency as others have said. Everybody worries that their IVA might not be accepted but your IP wouldn't put a proposal forward that they weren't quite sure would be passed. Also I know that 5 years seems a long time but it does pass and although an IVA journey is not easy it is so worthwhile and it's amazing what you learn, about yourself and how to manage your finances. Good luck to you.
Glad you've managed to speak to the staff at VB. Like you're doing take time, I always said I didn't get into debt overnight so I knew it wasn't going to be an overnight fix to get out of it.
All the best Sonj77 and do remember we're here to support anytime.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Thanks Lesley, I think we are going to go ahead but just finalising some bits and pieces with them. Just realised my husbands wage is higher than I said but theres also some things I forgot to mention that I pay, hopefully this can be accounted for. Just wish I had a crystal ball to see whether they will accept it. Think we are going to make our payments this month, might sound silly to some but I worry so much about the hassle etc if we don't.
Wouldn't it just eh? I am only going to pay cos Im worried they will remove 0% offer from us but that might happen anyway just by applying. Nightmare eh. Realistically, what would happen in four weeks if we didn't pay, letters phonecalls, charges!!?? Not sure what to do still!
typically in an IVA your tying yourself into a 5 year deal and 6 years of being a leaper to the banks as far as credit is concerned, and you don't know for sure (nobody does) that it'll go through.
It's right and natural to be concerned, if it's what you chose to do it will lift some weight off your mind, and an IP wouldn't put forward a case if they didn't think it was likely to be accepted.
by paying you can then take your time to make an informed decision. If you decide to proceed (before next payments due) you'll potentially be a couple of weeks in the process.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
If you do stop payments (which as you know I did) the balances do go up and up with fees. For me it was the lump sum IVA or bankruptcy, which made these fees acadmic.
Certainly if you keep paying it can't do any harm (so long as you don't borrow more money to pay others), and if your not 100% that the alternative is bankruptcy maybe not a bad idea to keep creditors sweet
Interestingly when I was shopping around some people suggested DMP for a few months to soften the creditors up for an IVA/ full and final offers(not as part of an IVA).Maybe a DMP would give you breathing space while you make your mind up ?
Dependant on what they say about higher salary and outgoings, I think we are going to apply for the iva. I will continue to make payments as vb said unlikely they will remove 0% if up to date if the iva is rejected but they said they are 99% sure it will go through fine. At least by the time the next payment after that one is due we should know where we stand. Take it from there I suppose.
Hi! Have you any equity in your home? Just thinking that you obviously do not have any defaults at present so is there a possibility of remortgaging and paying debts off! Also beware that the iva may be extended to 6 years in order to cover any equity or secured loan/ remortgage may be required!!
