www.iva.co.uk

I have not signed proposal yet received amended copy today. I am right in thinking any extra money I earn at the moment is mine and I only have to declare it after creditors meeting even if I have signed my proposal. Just that due a one off bonus at end of may want to buy cheap car. Mine old dear has died finally. Or do I not sign the proposal yet.? Bonus not massive.

The proposal doesn't take effect until such time as the creditors accept it at the meeting. My IP arranged the meeting to 16 days after my signed proposal hit their desk (minimum notice to creditors), so don't send it back just yet.

Cheers Foggy can always rely on you for helping me out

Just received my amended proposal back today after waiting two weeks. Got my sister in law to read through it as she worked in finance. BIG mistake or maybe not, she has noticed that they have put our secured loan just under me so it looks like my husband has more equity now. So she advises me to get that amended so GT are going to love me NOT!!! I am concerned with this going on that my creditors are going to start turning nasty and think I am just blagging them about an IVA!!!

So is your husband getting an IVA too?

Yes he is, as small amount of the debt is in his name.

If there is a small amount of debt in his name it may not be best advice for him to enter an IVA especially if he has significant equity!

Don't worry about the time it's taking to get your proposal correct, we must have had ours amended about 5 times back and forth before I was happy with it, you must take the time to get this right now, it's so important as we hear so often of people desperate who sign willy billy and then a couple of years down the line unhappy because of something in their proposal they weren't aware of.

Our proposal took 6 months in total from me making the first call to our iva company to getting the iva approved and during that time I paid to a single penny to any of our creditors, not one of them took any further action despite all the threats and harassment we had

I so worried that it's going to get rejected as we can afford 82p in pound. If I wss guaranteed all creditors would freeze interest rates for six years I would consider a DMP. But if they don't we could be in debt for ever. Hence the IVA route. Just want to know now after all if we went BR they would get less. But I don't want to loose my house

We all had the same worries, some because we worried the dividend was too low and some like yourself that it's too high, that we had creditors who weren't iva friendly etc, its perfectly natural, all I can say is have faith in your IP

I would seriously confider a DMP! Payplan do not charge for a DMP and therefore all monies go to creditors! My friend has just completed a DMP and all interest was frozen! Paying 82p could be 100p without IP fees! No restrictions on house and much better for your credit rating and future mortgages etc!! Seriously think about it but don't go through a fee charging firm for a DMP if that is the route you choose

How many creditors did she have I have about 10 owing £47k so I would be wanting them all to freeze interest rates and is your I and E worked out the same as IVA?

I tried the DMP but lloyds refused to freeze interest and still added fees and this was with pay plan (although it would have taken me 32 years to complete with interest froze)

So what did you do in the end Jones 16? I have not hot lloyds as a creditor but Halifax is a big one. This is why I want to do IVA.

I have just worked out it will take 7 years to pay off everything I owe if all creditors froze interest and that is unlikely really....

I stand to be corrected, but can creditors also change theirs minds in a DMP?