www.iva.co.uk

Just wondered as thinking of keeping up with payments whilst iva is being drawn up and decision made, I am lucky as I have managed to do this so far. I have my reasons for doing it this way, ie. having 0% apr on credit card at min. Just wondered what the general feeling is, would companies view this as possible reason to refuse iva, ie. shes not in arrears

Hi Sonj77. You don't have to be in arrears to be in trouble financially. It's when you are robbing Peter to pay Paul or using credit for everyday bills that you can see trouble looming.

Many of us saved our payments to make a small contingency fund, as things will always break during an IVA ! Some made token payments, others managed full payments ( as long as this wasn't incurring further credit). It is really up to you.

The chances are that the 0% would be as jeopardized by the IVA application as missing any payments. If you are refused ( which is rare these days)the CC company will already have got the jitters about you.

Do you have assets to protect or a career which precludes bankruptcy ?

Our home and cars which we have been told wont be affected. I didn't realise we might lose the 0% just by trying for iva, can they do that!? Job wise, I cant go for bankrupcy

I was advised to stop paying during the IVA setup process, so I did exactly that.

My main worry is some of our debts are relatively new and were done for things like balance txs, we have also being withdrawing cash oon them when times got hard. It scares me that they might view this badly.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by sonj77

My main worry is some of our debts are relatively new and were done for things like balance txs, we have also being withdrawing cash oon them when times got hard. It scares me that they might view this badly.

We have all been there ! Creditors are pretty realistic these days and, if you are putting your best offer forward (which your IP will make sure you do) they are very likely to accept.

Would you stop paying Foggy?

I did stop paying! I was up to date on all of my payments but was drawing from one card to pay the interest only on others. I managed to put aside a couple of hundred as a safety net. In reality I only missed one payment to everybody before the IVA was accepted, purely down to lucky timing, rather than design.

I have 0% on two credit cards with 10000 on each. It scares me to lose that and I will by doing this. But then I know that with that much on two cards and interest due to hit one in 12 months, its going to be a massive struggle to clear them. All the while paying other stuff off too. I just don't know how its come to this and Im so embarrassed.

These things happen Sonj. Even the banks themselves sailed pretty close to the edge not so long ago and we are all still paying for that ( pity the banks aren't!).

In this country, financial matters are hardly ever discussed and so, yes, it is embarrassing -- but, hey, in 5 years or so you can be debt free and will have learned a massive life lesson.

In my case I was not far short of £60k in the mire, and only just making interest only payments, so the debt would never have been paid off. My IVA ended early, but I managed to pay back half the debt, including fees.

If interest is going to hit within 12 months you don't have much to lose by trying this.

The scary thing is, and this is the hardest bit, as Im sure people will comment or feel the need to judge me. I have been here before and I had ended up doing it again. How stupid does that make me, theres a lesson to be learnt from me.

I was up to date with all payments when I entered a IVA never went over my agreed overdraft and didn't have any CCJ's, however I was sailing very close to the wind. I contacted Melanie who was my IP and we go the ball rolling, I stopped paying that very day and built up a contingency fund, entered the IVA, completed the IVA and have rebuilt my credit rating. A long haul but it's possible and I amongst others are living proof.

I have come out the other side Lesley and this will be my second IVA. Who is daft enough to do that? Im scared this will impact on decision.

Sonj, you aren't the first to try it again, and I am sure you won't be the last.

In your position I would ask VB to put me onto a more personal firm, like Melanie Giles or McCambridge Duffy, who will take the time to get to know you as an individual, rather than one of thousands,

Thank you FOggy, that was hard for me to admit on a forum. It snuck up on me, I figured that the credit I was taking out was manageable but truth be known, I wish I hadn't taken out any now. That's why I don't know why Im worrying as I shouldn't be bothered about credit as I never want a card again. Its been getting me down and I keep thinking I can just work really hard and clear them but how can I at the amount that's on them.