What’s the general time frame from making the first call to the first payment of the IVA? I am worried about making payments to my cards etc whilst is being set up? Also could someone send me or can I find it on here a list of what expenditure would be taking into account?
Most IVA providers write to your creditors informing them that you are about to submit a proposal to them. Keep paying your preferential creditors like Rent, Council Tax, Heat & Light, Water but I would hold back on any others. Get all your paperwork to your selected IP and ask him to facilitate matters asap. There are many providers who (once they have all available information) can get matters up and running within 3 to 4 weeks. Visit www.iva.com for a selection of IP's and reviews about how good/bad they are. Good luck
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Our interlocking iva's took about 7 weeks from initial phone call to approval.
Our company, as David says told us to continue paying all essential bills, but to stop all payments to unsecured debts. It is quite scary to suddenly stop paying, as a lot of us have still managed minimum payments to that point.
As said speak to an Ip or a couple of companies, sometimes a good idea ,and understand all your options . They will advise on when and if to stop payments to creditors.
When I did my income and expenditure list I put it just as it is and again your company can advise if too much or too little. List everything you need, dont forget dental and prescriptions, pet food. The little things are easy to forget.
As said iva.com is a great place to start and there is of course the well recommended Ip's on this website.
All the very best, keep posting and let us know how it goes.
Thanks for the information. Another question - can you request that your IP sends information in a blank envelope - eg not with teh company logo on?? x
Of course you can. We do not use company logos on our envelopes for that very reason, and even the use of window envelopes can be quite revealing occasionally.
