www.iva.co.uk

Iv just sent all my documents off to my IVA advisor, but I now need to come up with some offers for my debtors as the holds are almost up, now I had a sheet of paper with workings out on from my advisor telling me how to work out the % of the surplus for each so I knew what to offer in the interim.
Iv lost it can anyone help?!

Hi,

You don't have to pay them anything - save the money for a contingency fund. If you have online accounts then remove your contact details from there.

You can also tell them, if they call you, that you are going for an IVA.

Most of us make no payments at all whilst the IVA is being prepared. This allows us to squirrel away a modest emergency fund. Otherwise simply pay a token amount of your choosing, no need for percentages. Which firm are you going with? Did you decide to stay with StepChange ? It shouldn't be long before the creditors meeting will be set up.

In the meantime, if any creditor phones, tell them you are entering an IVA and give them your IP's details.

Hi

We didn't pay anything for 6 months and had no issues once the IVA company made the creditors aware and we had 20+ creditors.

Yeah I stayed with step change, I have posted things to them but am waiting on my November wage slip as I have changed my hours so nothing is being drawn up until then.
The letter said I was to offer a percentage of my surplus in the interim but it seem alike such a low amount for each I don't expect them to accept I'm worried about them taking action against me if I pay nothing?! Do I just call and tell them it's being set up and my IP will be in touch soon?
It's all so scary especially this close to Xmas I don't want collections started against me!
Thanks

I was told to cancel all my direct debits before my Iva even went through. The banks will send you a couple of lettters regarding missed payments and they may even call you if you dont respond but once i explained that i was entering into an Iva they all left me alone. Its very scary but you'll be fine. Dont pay another penny to them.

I cancelled all DD and rang and had 30day holds put on all my accounts. I'm just stuck now what I say when I call them all up again! Iv never been so stressed!

This is bizarre. It should only take a few weeks to get an IVA through so making offers of repayment is pointless. By the time the offers have been received the IVA would be through. Try an independent firm for advice rather than using one funded by the banks.

Making an offer is a waste of time by the time creditors start getting scratchy for non payments they should receive the IVA proposals...

I would certainly not pay anything - if you have online accounts then take your contact details out of there.

Thank you all, I have been told it will be a few weeks for the proposal to be dragged once they have this months wage slip (as my wages are increasing) basically they said i won't be in the IVA until new year now. I'll call step change and find out what's happening and what I can do in the meantime. I wanted this IVA to stop the stress unlucky for me it seems to be causing me more!!

*drafted

You can always change to a different company if you wish to.

This is taking an undue length of time already. My IVA was up and running within 8 weeks.

Seems long time to me too. Bear in mind Stepchange do not draft all their IVAs so you could be referred elsewhere especially if you are self employed.