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Hi all just decided after reading 100's of pages on forums that the proposal forms i have must be posted back.I recieved them yesterday and have read them loads of times trying to reasure myself that it is the right route to take! Everything looks ok, i just have a doubt in my head that i cant quite put my finger on as to weather i am doing the right thing or not.If I am like this now what will i be like waiting to see if it gets accepted???Wish me luck[:u]

Hi there

It may be that your apprehension relates to the fact that you have had little contact with the IP firm who are representing you. Have they fully explained the procedure to you, and have you had the opportunity to meet your IP directly? If not, I strongly recommend that you ask for a meeting, as I think that most of your concerns are easier dealt with on a face to face basis, and it seems that the IVA proposal has just been sent to you to sign with no prior discussion. Correct me if I am wrong!

There are always nagging doubts as to whether you are doing the right thing, and the main thing to be sure of is that you have left yourself with sufficient money to maintain a reasonable standard of living. Whilst a lot of your expenditure is probably regular, such as food shopping, petrol and monthly bills, some things only crop up occasionally, but can be expensive when they do. Getting the car serviced, replacing the washing machine when it breaks down or having a new crown to your tooth are all items which need to be provided for. Make sure it is you who have told your IP what you spend and not the other way round!

Assuming that you have not paid your IP any money for up front fees, it is not going to cost you anything for the proposal to be put in front of creditors - so you may as well give it a go so long as it is affordable. The day to make your final decision is on the creditors meeting, and you must be honest with yourself if creditors ask you to increase payments which you don't feel you can afford.

Two of my clients have recently pulled out of their IVA's at the last minute, due to unfair increases in payments sought by creditors, and I respect them immensly for doing that as they would only be kidding themselves by taking on further financial commitments they could not afford.

Good luck - but it is your own IP who should be giving you the reassurance you need!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi Melanie & thanks for the reply, yes the procedure as been fully explained to me and they have answered all my questions and queries. I have had regular telephone conversations with them since i made the initial inquiery. I have paid no upfront fee's and the figures that they propose look good . (just hope they get accepted)Thanks again for the reply.

Hi gporter

That sounds like a bang on company! The most important things are 1) information - knowledge is power, speak to different companies and get as much info as poss, get the full picture as to how things are going to be for the next 5 years 2)No or little upfront fees

Let us know who they are and your experiences so others can use this forum as a guide to whittling out the sharks out there.