Worried that my iva might be rejected

[laura941]

After struggling for months, I have finally contacted PayPlan regarding an iva. I owe £52,000 to 8 different creditors. I am so worried it’s going to get rejected as I have kept up on all my payments so far. I am able to make all my payments next month as I have an overtime bonus, but there is no more overtime at work for the foreseeable future. I am a single mum to a little girl and have a house with a mortgage. I’ve set up a safe bank account and after I’ve made my payments next month I will move my wages and direct debits to my new bank account, cancel all debt direct debits and contact all my creditors about my situation saying I’m under payplan, give my reference number and ask for a 30 day grace. After my budget I can pay £300 a month to creditors, which works out 34p to the £. I owe to Tesco, barclaycard, Barclayloan, Sainsburys finance, post office, mbna, creation, and very. I’m terrified it won’t go ahead, something will go wrong and it won’t get approved I’ve not slept well since the phonecall.

[kallis3]

I'm sure you will be fine - Payplan would not put it forward if they didn't think it would be accepted.

[abbiesmum2003]

well done for facing debts and takingn some action.
Its hard to admit too but you sound like you have a sensible approach.
Youre little girl will be none the wiser and will help her in the future.
Weve all been there with the sleepless nights and worryabout accetance.
As already said they wouldnt put it through if not hopeful.
look back in forum
and youll see everyone feels the same during this period.
The sense of relief youll feel when its gets agreed will be unreal.
Best of luck keep us posted

[mumof3]

I’m sure it will all go through fine, think positive. I pay a lot less than yourself a month and it was accepted.
Then hopefully you can sleep at night that little bit better

[laura941]

Creditors meeting is due Wednesday. I can’t sleep

[Hultonlady19]

Hi Laura

Mine was very similar to yours - £50k. Barclaycard, MBNA and creation all said yes to mine. others were NatWest and payday loans - only 1 said no everyday loans who were outvoted. With modifications I ended up agreeing to £391 for 5 years. All your creditors are main high street ones that I don’t think are anti Iva so you should be fine. I didn’t sleep for 3 weeks and with a 3 day delay after the meeting I was literally out of my mind. Still got to face up to a few weeks of letters and calls but hoping that will calm down and I can just crack on with my plan. Try not to worry - I’m sure you will be ok xxx

[laura941]

Thank you so much! I was reading your story earlier and so pleased with your outcome. My proposal seems too good to be true. I don’t know if that’s because it is, or because I have got used to getting by on very little each month while I’ve tried to sort myself out. I just can’t shake off the feeling something bad will happen. Maybe that’s the anxiety and normal

[Hultonlady19]

My anxiety is horrendous before, during and after this to the point where I have had to start counselling to get through so I know exactly how you feel and even though they have said it’s accepted I’m still fearing the calls, letters, budgeting not have access to credit anymore - I don’t think you ever feel settled or happy when you have such a burden which never really ends - but I know that living within my means getting what I need not what I want and not trying to please others with giving them what I can’t afford will be the way forward. This isn’t an easy decision to make and you shouldn’t feel like it’s to good to be true, you deserve to be able to live without worrying about paying bills life’s too short. I’m sure if I can get mine through which included a credit union - notorious for saying no yours will be even more straightforward, I’m crossing everything for you xxx

[Foggy]

Thank you so much! I was reading your story earlier and so pleased with your outcome. My proposal seems too good to be true. I don’t know if that’s because it is, or because I have got used to getting by on very little each month while I’ve tried to sort myself out. I just can’t shake off the feeling something bad will happen. Maybe that’s the anxiety and normal

I apologise ! I have completely missed this post !

Laura -- I think many of us felt it was too good to be true, but, if you approach things in the right way it is true -- but it does, as Hultonlady alludes to, take some major adjustment to settle in.
It is as much of a rehab exercise as it is a debt repayment plan and you will come out the other side with a far healthier and realistic relationship to money. Being debt free is the bonus.
It is not, by any means, an easy ride. But try to keep the goal in sight and work with your provider not against them. Most of the bumps we see on the forum are down to misunderstandings, either in the communication twixt debtor and provider or in the debtors lack of realising exactly what they signed up for ...... And most can be settled with a bit of a chat and some give and take.

Best of luck with your meeting. By the way -- 34p is a healthy dividend

[kallis3]

I agree with Foggy - I am sure you will be fine but we all have these anxieties before our meeting.

[laura941]

Thank you all. I love it that people that write on this forum are not pre-judgemental and that it’s not full of ‘woe is me’ stories. I feel incredibly ashamed that I’ve got myself into this situation, Which is why I’m so anxious. I initially worked it out to be 36p - £1 but my paperwork has worked it out to be 25p - £1, as I hadn’t included charges or fees. My budget does seem quite generous in areas, so I’m expecting modifications to be requested. Still, hopefully it will be fine on Wednesday. I’ve no idea what I will do if it doesn’t go ahead

[kallis3]

Think positive! We are all supporting you.

[Lauren1995]

Thank you all. I love it that people that write on this forum are not pre-judgemental and that it’s not full of ‘woe is me’ stories. I feel incredibly ashamed that I’ve got myself into this situation, Which is why I’m so anxious. I initially worked it out to be 36p - £1 but my paperwork has worked it out to be 25p - £1, as I hadn’t included charges or fees. My budget does seem quite generous in areas, so I’m expecting modifications to be requested. Still, hopefully it will be fine on Wednesday. I’ve no idea what I will do if it doesn’t go ahead

Hey Laura hope you are ok, I know how your feeling. my meeting isn't till the 23rd so 10 days from now. my main creditors are Natwest and Barclays, I owe about 21,000 and im offering 12.80p and will be paying 104 a month. yours sounds great, its mine im worried but like the guys on here wouldn't of put it forward if it they didn't think it would be accepted. they can make mods to it if that's okay with you. im happy to pay another £50 if need be.

[Hultonlady19]

Paperwork came today including chairman’s report, all seems straightforward just had to sign the form confirming I won’t take out any credit etc and return it. Also received my first ‘your a bit of a s**t’ letter from the credit union which made me feel very guilty but nothing I can do about that I know it’s very unfair when it’s a members union but I wasn’t allowed to not include the debt so nothing I could do to avoid it. Will get a few more of them but just got to suck it up

[Foggy]

Insolvency, these days, is becoming a fact of life and it is a risk any lender takes. None of us set out to be in this position and, although, I admit, we all do, we shouldn't feel guilty. Often the straw that breaks the camel's back is not entirely under our control.