www.iva.co.uk

I have just received papers to try for an IVA.Having read some posts on here,i am worried that i won,t be accepted,because i can only afford £105.00 a month,I don,t have any assets either.Another thing is they want m to explain how i got into debt and what i spent the money on.What do i put there,there is nothing to show for the debts i have incurred.I just buried my head in the sand until i had to face facts,although i have and still am severely depressed.The thought of facing the creditors also alarms me, i have enough trouble meeting people as it is,i just go to pieces with anxiety.

Hi Barbara and welcome to the forum

If you have found an IP firm prepared to act for you with such low contributions, and you feel this is the right solution, you have nothing to lose in giving the IVA a try.

Let us know how you get on, and use the forum for advice and support in the meantime.

Hi, i cant really add anything to what Mel has already said but just wanted to say welcome to the forum.

Hi Barbara
Welcome. Regarding the statement that you have to make as to how you got into debt, that is quite normal. and you just need to say what you spent the credit on and the reasons for it. Unless you are self employed you do not have to attend any meetimgs and it can all be done by phone/e-mail which I agree is a lot less stressful. If you have any further questions, just fire away

When I was asked by my IP -- I said I was in debt through a mixture of stupidity and bad luck ... the IP put it more poetically in my proposal !!! Really they just want to know if you got caught in a downward spiral or if you gambled it on the gee gees while bathing in champagne ( they probably wouldn't be impressed with the latter ). They don't want the nitty gritty or specifics.

Just tell the truth with how you got into debt. Mine was spent on holidays, new cars and consolidating debts before running them up again! I

@Foggy - I love the idea of that!

My statement was that I got into debt at uni and then spent the next decade living beyond my means. No bad luck, no honourable reasons. I don't think it has much bearing on the outcome. The meeting isn't actually a bunch of people sitting in a room - the creditors will just phone your IP and then they will call you with the outcome. So Please don't worry about having to meet the suits x

You definitely won't have to attend the meeting, in most instances the votes have already been cast by phone and fax although the IP won't inform you until after the time of the meeting.

Thank you to everyone who has replied.I am ashamed I am in this mess.
I am with Payplan and they suggested this IVA.

Don't be ashamed of history - be proud that you are doing something about the future for you and your creditors.

Hi Barra and welcome
That is a very low IVA payment and I am surprised that Payplan are putting this forward.
Are you sure it is an IVA and not a debt management plan ? How much debt do you have ?
Regards

I thought that Lizzy from Payplan confirmed that they would do an IVA for as low as £100 per month?

I think you're right Mel.

I did owe £21,000 but it is much more now with all the charges and interest. Payplan tell me not to worry about it.The debt management plan has been going since 2009.My only income is from benefits.

I'm sure Payplan will get you sorted out barra, they wouldn't put it forward if they thought it wouldn't get accepted.