www.iva.co.uk

Hi everyone,

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???

Hi and welcome.

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.

Hello joesmum and welcome to the forum.

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?

Think everyone felt like you at the beginning.

I remember the day of my meeting of creditors I was so worried and upset. I couldn't eat and like you was worried it may fail.

If you can offer your creditors a reasonable return (better than if you were bankrupt) then I am sure you will be accepted.

Good luck!!!

Hi, we got referred to Payplan after contacting the National Debtline. Are they any good?

I am with DFD (Debt Free Direct) and they were very supportive and helpful. I would recommend them from my personal experiences.

I am sure others will come on and comment about PayPlan.

Good luck with your IVA proposal.

I'm with Payplan and am two years in. So far I have had no problems at all.

PayPlan have a good reputation so as long as you are making your best offer, it should all go well.

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.

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

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.