Hi we have taken the first step and after contacting a few companies have decided to go down the iva route. We have applied for a new bank account and sent our details so a statement of affairs can be done. Now what happens? We feel so happy we've finally taken the first step!![:D]
The negative part is to be prepared for the calls and letters from your creditors. You have a number of options.
1. Unplug you landline
2. Change your landline number
3. Just don't answer and get CallerID, Caller Blocking from BT or whoever is your provider, that's what I did.
Don't bother wasting a single breath or time on talking to anyone demanding payment, they have no influence on voting to your IVA and claims of 'We know nothing of this' can be safely ignored as long as you have provided all the correct details to your IP.
This is a hard part as you just need to be strong and ignore the morons that are likely to contact you. It can be very intimidating.
After that the second stage is budgeting but as long as your I&E reflects reality that's what it is all about.
Pay back what you can really afford.
Good luck on your journey.
Last edited by herbekj on Tue May 24, 2011 6:24 pm, edited 1 time in total.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
Well done goldwolf for taking the first step.
Once you get the details through for you new bank account then set about transferring all your priority payments and wages etc over.
It will now be down to your IP to go through all your details and I&E and set about drafting a proposal.
Save as many pennies as you can to try and build up a tiny contingency fund as you will certainly need one!
And keep posting for support or with any questions you have. Somebody is always around to help!
Hi and congrats! I'm so happy you sound happy!! Now you just need to transfer all your money and direct debits to the new account and provide your IP with any additional info they might need to draft your proposal. Once you get the proposal read it thoroughly, question anything that isn't clear and sign it when you're happy. Then it's just a couple of weeks to the creditors meeting!!! Yu are definitely cooking on gas now xx
hiya and welcome,
can't add anything more than the others have already said.
its a tough journey to begin with, very nerve racking but so very worth it when your iva is accepted, and the end is in sight even if it is 5 or 6 years away.
keep posting this forum is a huge source of advice and support.
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
It's such a relief isn't it to address it? I did that not long ago and now am awaiting my creditors meeting. Although time has dragged it has also gone quickly, you'll get sorted out before you know it. It's not an easy journey but structured and therefore a weight off the mind.
I agree on the phonecalls, it's all getting a bit much for us now, especially my bank with the overdraft they call every day, just be prepared for this, it's quite stressful, well actually it's annoying!
GOOD LUCK, keep us informed of your journey, I'm pretty new here and have really found it immensely helpful
"It is never too late to be what you might have been"
Fiona
So long as you have provided your IP firm with all of the documents they require, they ought to be able to turn a proposal around for you in around a week - perhaps sooner if there is an urgent need to avoid legal action.
Best of luck with the process and I hope it is sorted out for you soon.
Glad you're getting sorted Goldwolf. I'm sure it won't be long before you get your paperwork done and a proposal will then be winging it's way to you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
