What can happen before my IVA ?

[Endsmeet]

I am at my final stage of an IVA, I sent back the completed/signed proposals and I am awaiting a creditors meeting date.
All of my debts are unsecured ( 5 credit cards and 3 loans) and I am living with my parents,
I have been in touch with all my creditors and most of them have accepted my situation and seem quite happy to accept my token payments.
When I read around the forums concerning CCJs and bailiffs etc I am starting to get quite worried to be honest. What is the worse scenario that can happen to me while my IVA is being sorted out?
What time scale would I expect for any sort of actions against me?
Am I likely to get a court summons or even bailiffs turning up at my door, well its not my door its my parents door and its scaring me to death that this may happen as my parents are both retired and any sort of action against me along the lines of bailiffs would ...well I'd rather not think about that
Also, I haven't told anyone about my situation and would like to keep it as quiet as possible.
Starting to feel very ill about this IVA now and wondering if it was the right thing to do.

[aguise]

Hi endsmeet
Dont worry unnecessarily. If you are at the point of the proposal having being returned stop worrying it wont be long till the meeting. Bailiffs etc have to go through the court and take a lot longer to put in place it is highly unlikely to happen. You havn't got long to go.
all the best.

Ang

[MelanieGiles]

Once you have returned your IVA proposals, you IP should be calling your meeting of creditors immediately, and most like to give 21 days notice of this. Give your IP a call to find out when your creditors meeting has been scheduled for.

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

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

[Endsmeet]

Thanks for your replies,
I had to resign my proposals as I've just had a payrise but the forms should be back in my IPs hands tomorrow, all of my creditors have received a token payment from myself and I think the worst one was Lombard Direct who said that they would give me 14 days for Payplan to get in touch etc before they take legal Action.
What sort of legal action would they be talking about? How long does it take for to get someone knocking on my door and how likely is this now that my IVA is in its final stage??
When I phoned payplan they said that as soon as they receive my forms that they will put the wheels in motion so to speak, is this likely to put off my creditors from taking further action against me?
Letters and phone calls I can handle, but I dread to think what can happen.
Its worrying me sick to be honest, can't stop thinking about it and havent slept properly for about 4wks now

[MelanieGiles]

Nothing or no-one can stop creditors taking ongoing collection or legal action against you prior to an IVA, unless the IP seeks an Interim Order from Court. In reality, though, it is unlikely that creditor actions will result in collectors knocking at your door thee days.

If you are a property owner, do beware of threats of Charging Orders in the meantime.

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

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

[Endsmeet]

No, I don't own any property or have any assets to my name, my car is still under a HP agreement for another 23 months.
What is an interim order and how or why does my IP get one of these?, will they get one automatically or wait until my creditors move against me?
Really terrified about this now

[Adam Davies]

Hi Endsmeet
Try to stop worrying,unless you put your head in the sand and stop communicating with your creditors and IP you are extremely unlikely to have a creditor take you to court.Answer all calls and explain that you are in the process of setting up an IVA and give them the name and address of your IVA company.Any letters send on to Payplan.Creditors are unlikely to bother with a County court judgement if you are proposing an IVA.The worst that you will receive is a default notice,just pass it onto your IP.
Bailiffs can only turn up if they have a court order and this would only happen if you have not responded to a County Court judgment and this will be many weeks down the line.
The key is to keep a good line of communication with your creditors and your IP.
Regards

Andy Davie
IVA.co.uk Spokesperson

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

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

[unchain]

First of all they have to issue defaukt notice giving certain amount of time then Solicitors letters demanding full payment, then court claims forms,if the court jurisdiction is out of your area you can appeal for change to local court and then if required complete forms and make an offer.

AT ALL TIMES SEEK YOUR IPS ADVICE AND FOLLOW IT>

By this time hopefully your IVA will have gone through and u will b home and dry.

IVA supercedes all other legal actions.As long as the creditor is included in the list of creditors.

unchain.

[MelanieGiles]

I feel that an Interim Order - which is an order granted by the Court to stay actions of creditors until a creditors meeting is called - is unecessary in your case, and will cost you additional money which I imagine you do not have right now. Leave matters with your IP, and continue to chase them for the productin of your proposal.

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

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

[hara]

And I am told that interim order lasts only for 14 days and will have to be renewed.

hara

[Endsmeet]

Thanks to everyone for all the replies, it is helping me but I need to get my head sorted myself.
I am and have been in contact with my creditors, some by letter, some have chosen to phone me and some haven't got back yet as their payment was only just due the other day.
I am about to send out my next batch of token payments to all my creditors tomorrow with a letter saying that I am in the final stages of an IVA and again, my final/signed papers should be in Payplans hands tomorrow.
I will get in touch with Payplan if they haven't got back to me within say...3 days and ask them where they are up to.
Is there anything else that I've missed as all your advice has been great and I just need to sort out this horrible mess that I've created without any further messing up by myself

[hara]

if u are making token payments, they are unlikely to take any legal action.
hara

[Endsmeet]

Well my next batch of tokens payments will be sent tomorrow, just had to wait until my salary was cleared into another account before sending one particular token payment because of the 'offset' clause.
Thanks again

[Endsmeet]

Just had an email from payplan, They have passed on my documents to their meeting dept and I should receive a letter on Wedsnesday with the date of my creditors meeting etc.
Will post back once it has been confirmed.
Still worrying badly thou...need to get my head sorted out

[iva experts]

Hello Endsmeet,

Try not to dwell on what might happen but know that you are doing absolutely everything you can, some people don’t even make token payments to their creditors.

You just have to trust in the fact that you have admitted you have a debt problem and you are now taking appropriate action to get it all sorted out.

Best Regards. IVA Experts