Advice?

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elena72
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by elena72 » Wed Mar 14, 2018 9:18 am
Hi everyone
I am new here. I have just started looking into an IVA as I think it’s the only option for me now as credit card and loan debts are slightly out of control :(
I have been talking to some Iva place about getting one set up. I just wanted some advice on this.. I am about to change job.. the salary will work out roughly the same as what I earn now but possibly slightly less... do you think it’s best to try and sort an Iva before I leave this job? Or when I’m in my new one?
Please help I don’t know much about all this !
Thanks :D
Itsallouttherenow
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by Itsallouttherenow » Wed Mar 14, 2018 9:47 am
Hi
I too have just decided an IVA is our only option after amassing a crazy amount of loan and credit card debt. I have been speaking with a few companies and have chosen a smaller one listed on the expert page of this forum. He has been fantastic and answered all my questions queries and concerns. I suggest you contact one through this site and explain the situation with your work and changing jobs. They will advise you on what to do. Your IP needs to understand your whole sitiation so my advice is go for the smaller more personal companies (contact details on here) rather than the larger IVA "factories " as they are called on here. You need that personal touch and a full understanding of your situation.

Sarah x
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kallis3
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by kallis3 » Wed Mar 14, 2018 10:43 am
Hi,

Speak to several companies for advice before making a decision. You should make sure you fully understand what your options are. Depending on your level of debt and home ownership, it maybe you can do something other than an IVA
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Foggy
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by Foggy » Wed Mar 14, 2018 11:39 am
Speak to a few firms, as Sarah and Kallis suggest, to find one you are comfortable with. If you can keep current payments going until you switch jobs, maybe wait a little, or, if you are confident that there will not be to much of a drop in income go ahead now. Your prospective IP can advise with the rest of your circumstances in mind.
elena72
Posts: 5
by elena72 » Thu Mar 15, 2018 7:54 am
Hi all
Thank you for the replies :D
So I’m wondering, if I get one now, it won’t be a problem for them that I may be about to change jobs, or if in a few months that my job is new?
Can anyone advise how long it usually takes to get one in place?
Thanks again
elena72
Posts: 5
by elena72 » Thu Mar 15, 2018 7:57 am
Also can anyone give me the list of companies or recommend the best one? I can’t seem to find the list and I really wouldn’t know where to start :cry:
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kallis3
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by kallis3 » Thu Mar 15, 2018 8:34 am
I'm afraid we're not allowed to recommend companies, but if you look at some of the posts on here you can see who people like. It won't make any difference job wise and, once you have sent in your proposal, it will be a matter of a few weeks.
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Foggy
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by Foggy » Thu Mar 15, 2018 9:26 am
Normally, depending on which firm you use, it takes a couple of months to set the IVA up and get it running. Firms-wise, as Kallis says, we admin / experts are not allowed to recommend individual firms but forum members are more than welcome to share their experiences with the firms they use or have used.
Personally I would avoid the large companies where you are just a number and look at the small / medium firms who will treat you as an individual and where you can also speak to your IP directly, if needed.
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Keith White
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by Keith White » Thu Mar 15, 2018 9:39 am
Obviously your income level is important in calculating the amount you can afford to pay back on the debts through an IVA. You can probably start an IVA at one level of payment and reduce it if your income reduces. If you know what the new salary will be (and can provide evidence in due course) then it will be possible to set up the IVA on the basis of the new salary. It will be a question of timing - and when you will have evidence of the new income level.
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Lisa Thomas
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by Lisa Thomas » Thu Mar 15, 2018 10:09 am
Depending on how quickly you provide the Nominee with the information they need your draft proposal should take a couple of weeks to produce for your approval. Creditors then have to be given at least 2 weeks notice of the meeting to vote on the final approved version.

You could get something started now but then complete the figures once your new income is known...

What you don't want to do is get a figure/IVA agreed only for your IP to have to immediately review it because your job has changed.
elena72
Posts: 5
by elena72 » Thu Mar 15, 2018 10:41 am
Thank you so much everyone for being so helpful!
I also wondered, and I know everyone’s situation is different, but is it likely my creditors would reject do you think, on the basis that I never actually miss my payments.. I don’t think I ever have.. maybe once in 5 years but that’s all.. so it’s not like I’m not paying them, it’s just that all my wages basically go on debt now (loan amounts and credit card minimum amounts), that what I have left to live on in small - hence using a credit card again - really is a vicious circle! :(
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kallis3
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by kallis3 » Thu Mar 15, 2018 10:48 am
Doesn't matter. You will get to a point where you can't pay them and it is better to get it sorted now.
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Foggy
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by Foggy » Thu Mar 15, 2018 11:50 am
With a lot of juggling many of us, certainly me, never missed a bill payment .. but were using more credit to survive each month !
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kallis3
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by kallis3 » Thu Mar 15, 2018 11:57 am
I used to go to a cashpoint, withdraw money from my credit card and pay it straight back across for my minimum payment.
elena72
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by elena72 » Thu Mar 15, 2018 12:41 pm
Wow.. glad I’m not the only one.. thank you so much everyone.
I just feel that with this new job I am getting, now is the time to really look at my finances and sort them out.. however depressing it may be!
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