www.iva.co.uk

Hi Everyone, i have been lurking on here for the last week. My partner and i live together and have a baby boy. Since we got together 3 years ago we have snowballed into debt and now owe £59,000 to 6 creditors. We cannot afford to pay everything each month now due to the loss of my wage etc. We both have felt so stressed and worried about our home (Mortgaged) and whether we are going to lose it...

Our new years resolution was to accept our debt and try to find a solution. I believe an IVA is just that. A way we could live each day without worry and still knowing we are paying our debts.

we have just completed all of the initial forms (clearstart) and collated all of our original docs etc

Was just wondering how long an does it take for an IVA proposal to be sent to the creditor etc? Is anyone else at the same stage as me? Also i have a recent pay later loan will that eefect the creditors decision??

reading the syuccessful posts have maded me feel better too.

Tanya

Hi Tanya, I received my proposal a week after sending all my documents, so not long really. Well done for facing that you have a problem, and that you want to sort it out. The hard bit is over. ! My IVA was approved on the 17th December, and my life is so much better already. If your proposal puts your best offer forward then i'm sure it will be approved, and you can look forward to a debt free future x

It would probably take a couple of weeks or so for the IP to work through the pack of information you provide to them, draw up the proposal, get a draft agreed and any corrections done by yourself, latest creditor balances inserted, have the final version signed, then get it sent out to the creditors, then there'll be another 3-4 weeks or so notice period of the creditors' meeting after the papers have been sent out.

Some creditors can be unhappy about loans taken out on which there have been no payments made, you just have to take that risk and hope they don't cause the whole thing to be voted down.

Philip Beck

Licensed Insolvency Practitioner and IVA specialist

Hi Tanyamandy
I am with clearstart too, they are been fantastic with me. The date of my first phone call to them was 5th November and my iva was approved by creditors on the 27th December, so really not long at all.
Have you opened a new basic bank account with another bank who are not one of your creditors ready to start and transfer things over. I can reccommded smile.co.uk, debit card, online banking and cheque book.
Who are you creditors ??

Hi Tanya

I'm with clearstart too and like you i have just sent my papers to them on 4th Jan 08. New year and new start.. I ave debts around 72k with six creditors and like you one is with pay later loan. I have put this in too. Like Caraf said make sure you open a bank account now rather then later with a bank thats not on your creditors list i'm with abbey. Please also cancel all direct debits..

Its hard to say don't worry but i am too worried about mine.

Congrats Cara on your approved IVA

My creditors are

LLOYDS LOANS £28000
NORTHERN ROCK LOAN £24500 (oops)
EGG CARD £4000
MORGAN STANLEY £1000
CHOICE CATALOGUE £100
BLACK HORSE £1000

TOTAL £58,600

My partner and i applied for a new bank acc yesterday with barclays as are current acc is with lloyds. Thanks for the advice

Frankie it is nice to know someone else on here who is at the same stage as me, feel so scared that my pay later loans will let me down as made no payments on them at all [:(]

brilliant and good luck. When your new bank account is open, cancel all your Direct debits to your creditors, and move all your household ones over to your new account.

Hi and welcome
What have Clearstart said about the NR loan ?
Be aware that NR are the least supportive creditor towards IVAs and hold the key vote in your IVA proposal.
How much equity do you have in your house ?
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

We first contacted Clearstart 7th november 2007 and our iva was approved today . I had 17 creditors and my hubby 5 . Our total debt nearly £ 60 000 . We found Clearstart really good , replied to phonecalls ,quick with paperwork, etc . Your on the right track and if you need support like i did this is the best place to be . GOOD LUCK

Good Luck to Frankie as well !

Good luck, but please answer Andys question regarding Northern Rock.

thank rachellxx39 how much will you be paying a month..Cancelled all my DD today and just waiting reply from Clearstart. My main vote will be coming from Natwest bank and egg i don't know if they are supportive creditors of IVAs.

Hi Frankie, We are paying back £408 per month on our ivas. Natwest was my hubbies biggest creditor he owed them over £28000 . They voted yes but asked for an increase of £30 pounds per month. I didnt need their vote as much as my hubby did i only owed them £100 pounds . My iva payment went down a little because i think Clearstart lowered their charges.So on that basis the £ 30 increase turned out to be only an increase of £8 altogether on our payments.(hope i explained that properly).Natwest from what i have seen on here seem to vote and egg do as well . Try not to worry to much Clearstart have been really good with us and i cant fault them at all. The morning of our meeting they had rang 2 mins after the meeting time with the results . Before i found this site i was getting myself into a terrible state with worry . Im so pleased i did find this site i have had some terrific advice and support. There is always someone here to listen .

Just had a call from Dee from Clearstart how will be putting my proposal together she seems really good and straight forward.

Andy Clearstart have start that my key voter is lloyds as we owe them the most etc... Clearstart have said if we put a good case forward it could get approved, we will need lloyds to say Yes though. I am aware NR are not very supportive of IVA's as clearstart did say this

Am i correct in thinking lloyds is my main creditor?

We are offering around 338 a month have not had real figures yet as no proposal has been made , this figure is just the left over from our expentures etc although i did make alterations to the initial papers ( hope that makes sense)