Just spent this evening sorting out all of the paper work so that our IP can get the ball rolling for our IVA. I don't know how I feel, very confused at the moment! Keep reading the info on IVAs and worrying what will happen if it not accepted. Can the creditors really choose to bankrupt us? Can anyone give me a bit of advice to get me through the next few weeks???
Its unlikely you will be made Bankrupt so try not to worry on that score.
If an IVA is not accepted you could always do a DMP for a while then try again at a later date for an IVA.
It is hard when you first get going and your feelings will be all over the place but you soon settle in.
Your IP would not take you on if they didn't think there was a good chance of it being accepted.
If the worst came to the worst, you could always do a debt management plan, at least temporarily.
Your creditors are unlikely to bankrupty you as it costs them a lot more than it does you.
We are always here to answer any questions you may have.
Which company are you using?
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
I'm with Payplan and am two years in. So far I have had no problems at all.
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
You will find with Payplan that if the IVA isn't accepted, they will sort you out a DMP straightaway and probably go for an IVA again in a few months.
That is what they told me, but I was accepted so didn't have to put it into practice.
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
Hi JM09. I too am at the same stage as yourself and I too feel trepidation. I wonder if I want to take the step, even though I know I have no choice.
I am worried that my IVA will be turned down and I don't know if I have the courage to take the next inevitable step.
I have chosen an IP very carefully and now I have to await them taking me on.
It's all very stressful, but I feel support and understanding from those who have gone before me and lived.
God luck in your new journey.
D
Dave
He is your friend, your partner, your defender, your dog. You are his life, his love, his leader. He will be yours, faithful and true, to the last beat of his heart. You owe it to him to be worthy of such devotion
Choosing an insolvency practitioner to assist you is an important part of the process - as you have to be able to work with this person and their staff for probably five years.
Although you have been referred to one firm, it doesn't stop you contacting others to compare the advice and quality of client service. Ask to speak to the IP personally, as they will hold your financial future in their hands until the IVA is completed.
