www.iva.co.uk

We are considering applying for an IVA but in the meantime there are creditors that we cannot pay. What do we tell them in the meantime and how long does it take to get an IVA into place?

Hello and welcome along.

The first thing to do is to pick up the phone and call for some help. Visit www.iva.com for a list of providers, have a look around etc. The general answer to your question is that your chosen provider will be happy for you to tell creditors that you are looking at an IVA, subject of course to that being the right way forward for you, and to give creditors a name and number of your contact at your chosen IP firm, but of course they cannot do that without speaking to you first. The timescale from enquiry to completion is typically 6 to 8 weeks, but can vary quite a lot depending on how quickly you can turn round the paperwork, any missing information etc.

You have taken the all important first step in realising that there is a problem, you now have nothing to lose by making the calls you need to make, all initial advice should be free and without obligation.

Good luck and regards.

Hi and welcome.

The first thing I recommend that you do is speak to an Insolvency Practitioner who will go through your income and expenditure with you and all the options open to you. Visit www.iva.com and you will find a list of companies on there. Give one or two a ring.

It typically takes about 8 weeks to set up an IVA, but can take longer.

With your creditors, you can tell them that you are applying for an IVA. You can make token payments to each of them to keep them off your back temporarily. If you don't wish to speak to them, don't answer the phone, but I do advise keeping in touch by letter.

The call centres will try and bully you into making a full payment. Don't let them get to you.

hi braidner just wanted to welcome you to the forum where you will find lots of help and advice and friendly people too.
have a look on www.iva.com for a list of ips and more info. just wanted to say hi and good luck and somebody will be along to advise further soon .[:)]

You beat me to it Size5.

[:D][:D][:D]

Indeed Jan, though it is a rare occurence if I do, you are normally far quicker than I am and as ever you were spot on as well.

Regards.

It is important to understand that an IVA is not the only option, so do be sure that you get advice on all solutions and not just one.

If, having heard that advice you do decide that an IVA is the best way forward, then your IP ought to immediately notify your creditors that they are acting and to correspond with them directly.

That is exactly what Size5 stated in his reply. There are many possible solutions so speaking to an IP is important to explore all possible solutions. Good luck.

welcome to the forum - whichever route you decide upon your questions can be answered here - we are all going through or have gone through similar experiences and we can support you throughout - good luck with your chosen route