www.iva.co.uk

Hello,
I’m currently in the process of going through an IVA with the creditors meeting being held on 22nd April.
I’m panicking so much I won’t be accepted. I’ve got a shameful £35k debt, with my IVA supervisor putting forward a plan of £150 a month for the next 5 years.
I’ve been Googling which probably wasn’t the best idea and I’ve seen if you have used credit card etc within the last 6 months your IVA will be rejected is this true? As I’ve had to use mine to survive the last year !!
Also worried as on the proposal one of my credit cards is about £1300 lower than what I can see on my app?
Any advice would be greatly appreciated!
Thank you

Ignore Google! Your IP would not have put this forward if they though it would not be accepted. Your IP will know all of your balances from your creditors.

It is normal to be worried before your meeting - we've all been there! I am sure you will be ok but do keep us informed as we love a success story!

Many thanks for the quick reply!
Just wish my meeting was sooner, I hate the waiting as I’m sure everyone does, finding it hard to stay positive at the moment.
I’m guessing if the IVA is rejected they can not false me down a line of bankruptcy?

Creditors rarely seek bankruptcy over an IVA as the fees to them are so much higher and, unless you have substantial assets, they get very little return compared to an IVA.

Thank you Foggy. It’s all new to me and pretty scary! So worried something will go wrong. I can’t go bankrupt due to my job, so iva seems like my only option.

I am sure you will be fine! Fingers crossed!

So tomorrow’s the day..... don’t think I’ve ever felt so nervous!
Will let you know how I get on. Hoping for some good news although right now I would happily take a 6 Iva to get out of this mess!

Fingers crossed

I’ve been approved!!!!
Literally so happy right now.

95% agreed.
£35k total debt paying £150 a month for 5 years, first payment 1st May. Will possibly go up to £220 once I change my childcare payment from bank transfer to Care-4 vouchers.

Fabulous news - really pleased for you.

Thank you, I really feel like I have been given a second chance and feel like I will actually sleep tonight.

Thank you for always putting my mind at ease.

My pleasure. Any problems you know where we are.

Well done and welcome to your journey --- someone is always here if you need to ask a question, have a moan, or even share a giggle .... we need more giggles !

Thanks both

Welcome to the journey! I remember the relief I felt when I got my call, now I have less than 2yrs to go. I still very much remember going into shops counting the pennies and knowing I only had £10 on this card, £5 on that one and worrying as I got to the till and the anxiety payday used to cause me, worrying how much would be left (not much!)