As title says i need some advice ideally from I.P's and experts.
Have around 50k unsecured debt and took 15k loan 5 months ago. All payments are up to date.
Now i have finally got my head together and have started contacting iva companies.
Is it beneficial to leave the iva for few months as i am so concerned about any sort of legal implications from the loan company?
The first iva company i spoke to said it might be better to leave it until i hit 6 months at least, but really looking a broader opinion especially from I.P's?
Hi ... Industry experts will probably not post until tomorrow. All I can do is re-iterate what I said on the other post ... speak to a few companies as they all operate differently and will have different views.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
There is no harm taking advice now and as I said on the other post it is nonsense to suggest that you wait. The sooner you start the sooner you can draw a line under this and move on. If you need a new bank account do so straightaway before your credit file gets damaged but other than that there is little you need to be worried about. The procedure is simple enough but I would suggest that when you contact firms do your homework on them via the like of Trust Pilot. You want to have access to your IP if need be and in some firms this is just impossible.
Michael Peoples wrote:There is no harm taking advice now and as I said on the other post it is nonsense to suggest that you wait. The sooner you start the sooner you can draw a line under this and move on. If you need a new bank account do so straightaway before your credit file gets damaged but other than that there is little you need to be worried about. The procedure is simple enough but I would suggest that when you contact firms do your homework on them via the like of Trust Pilot. You want to have access to your IP if need be and in some firms this is just impossible.
Cheers Michael. I have already sorted a basic bank account. Just need to gather all my statements which may take some time....
You do not need statements as all the IP needs is the balances and account numbers. Most of these can be found online and most IPs are happy to use the figures supplied by the client. We never ask for original documents as they are not required for the file so again there is little need to unduly delay things. It is more important to ensure that the new bank account is in operation and your wages safely paid into that account as otherwise they could be at risk. Make sure whatever IP you choose does not call a meeting of creditors until you give the go-ahead as some can be too quick and this causes problems.
Michael Peoples wrote:You do not need statements as all the IP needs is the balances and account numbers. Most of these can be found online and most IPs are happy to use the figures supplied by the client. We never ask for original documents as they are not required for the file so again there is little need to unduly delay things. It is more important to ensure that the new bank account is in operation and your wages safely paid into that account as otherwise they could be at risk. Make sure whatever IP you choose does not call a meeting of creditors until you give the go-ahead as some can be too quick and this causes problems.
Do i get to see the figures proposed before any proposal is submitted? I was asked for 3 payslips, 3 months bank statements, id, and all recent creditor statements on Friday from McCambridge duffy there. Must be something wrong as i need all that paperwork to submit.
That is standard enough as most people have recent statements but if not we happily accept screenshots or balances from the client. If there is anything that you do not have just advise your caseworker and verbally give them the information which would suffice.
Bank statements are very useful as they provide so much information on insurance costs, rent/mortgage, heat & light, etc so we do like to have those although again most people just print them off and email them. The I.D. is again only a copy as we do not need original documents and regardless we would not advise anyone to send a valuable document such as a passport through the post.
Once the IVA documents are completed they are sent to you for signing and only if you are happy are they circulated to creditors. The most important thing is affordability as it is vital that you can maintain the payments without making your situation any worse. If you have any queries please feel free to contact me directly otherwise I hope it all goes smoothly.
