www.iva.co.uk

I am new to all this and feel terrified by my debt-but have finally taken the step in realising its a big problem and doing something about it, I have been out of work for 3 months and also had some large costs relating to my fathers care.

I am back to work in 2 weeks time and have been told I cant apply for an iva until this time and can give income/expenditure,which is fine.

How long will the process be from the time I apply-I am currently in the process of moving in with family,beginning a new job and completing a course so I can do some extra work self employed and worrying myself silly about creditors hassling me before the iva is approved.

I seem to be doing everything stressful thing possible at the moment with no end in sight!!

The first step is always the hardest - when you recognise that you have a problem you cannot sort out on your own. I wonder who has told you that you cannot start an IVA until you start work? If you have the offer of a permanent job, and are able to prove the level of income you are going to be earning, then I do not necessarily see that as a barrier - and in those two weeks the IP you have chosen to represent you could start the ball rolling.

Hi
There is no problem with you exploring all options now rather than waiting until your job starts.You should be able to work out your net income and have a good idea of your expenses.It will give you an idea of how much money you will have available to creditors and the various options open to you.
Regards

I thought you had to be in employment for 3 months before an IP will take on your case? [to show stabilty and the fact 3 months is usually a probation period]

Not necessarily - the IP will take a view depending on the security afforded by the job offer - and as it takes 2-3 months to put together some IVAs, there will be a couple of payments made by the date of the creditors meeting in any case.

I am returning to the bank I worked permanent for 12 yrs- but will be appointed as a contractor(not sure if this is classed as self employed) is this going to be a problem?? I shall be getting paid weekly on an hourly rate with a mimimum amount of hours pre-agreed.

If you are going to be paid gross by the bank, and required to account to HMRC for you own tax and national insurance, then you will be self employed. What sort of contract have the bank offered you - and over what time period?

Oh right. Just contradicts the advice I was given a few months ago. Makes sense though.

I hope you get the advise you are looking for Stressed1.

Good luck

There is no fixed time period-From experience at the bank we have not had any contracors on less than a 12 month period. contractors in the area are now in there 3rd year.
With investment banking the way it is -all banks are now employing this way as its avoids them having to report as a permanent headcount.