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Blade2004

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Post by Blade2004 » Wed May 26, 2021 10:59 am
My IVA was approved on Friday gone, but I have been worried sick if I am doing the right thing. I haven’t signed the chairman’s report yet as I haven’t received it. Am I to late to change my mind on the IVA and would this mean creditors could come after me for all the balances not just contractual. I’m all over the place with this and don’t know what to do for the best.

Foggy

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Post by Foggy » Wed May 26, 2021 11:28 am
Your IVA has been approved. It will be registered and will be on your credit files for 6 years regardless.

You can allow it to fail or request it's closure. You may or may not be liable to fees (not the usual scenario, but depends on whatever agreement in this regard you made with your provider). Creditors will then be allowed to chase you for the full outstanding debt and interest owed. They might co-operate with a payment agreement, but could also just enforce collection through the courts, bailiffs etc.

You are having a major wobble -- do not do anything rash ! It is rarely a good idea to fail an IVA once you are in one. I know you are feeling ashamed and upset, but an IVA gives you legal protection. It is a legal solution to debt issues with input from the Insolvency Service (Government), creditors and IP's alike. Although there are some fly by night providers, it is not a fly by night avoidance scheme.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Blade2004

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Joined: Wed May 12, 2021 7:40 pm

Post by Blade2004 » Wed May 26, 2021 12:01 pm
I'm having more than a wobble. I thought I would have a major weight lifted off my shoulders when it was approved, but all I feel everyday is shame and embarrassment. what happens if this person finds out and that person. What if I lose my job because of this and then I do have to go bankrupt. I'm in a total mess with this all and can't seem to relax and sort myself out. I can't sleep for thinking what if this happens and that happens.

kallis3

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Post by kallis3 » Wed May 26, 2021 1:43 pm
We have all felt the same. Nobody is ever likely to find out and, who knows, some of your friends and colleagues could be in the same boat without you knowing. Unless your job requires you to inform them of this then you should be fine. The forum is for you for support and advice.
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

Blade2004

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Post by Blade2004 » Wed May 26, 2021 1:58 pm
We have to sign something each year to confirm we haven’t been made bankrupt which I can truthfully tick to say no I haven’t been bankrupt. However I’ve noticed they’ve changed the form from bankrupt to bankrupt and any insolvency so now I am worried sick. We have to complete this declaration in December each year. I am off work at the minute as I’m having a brain tumour removed next week so just want to get this sorted before telling my employers about this. I can only deal with one issue at a time.

Blade2004

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Post by Blade2004 » Wed May 26, 2021 2:25 pm
I feel as if everything is just all a mess. Battling with a health issue and all this debt is draining. Now I’m worried sick about my job. Just when you feel as if you’ve sorted out the debt solution you then have other obstacles and things to worry about. You are in a no win situation, try to struggle on without an IVA but risk court action, bailiffs etc. Go for the IVA but could cause issues with employment now or in the future.

Foggy

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Post by Foggy » Wed May 26, 2021 2:42 pm
What line of work are you in ? There are many employers who just want to know rather than fire you.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Blade2004

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Joined: Wed May 12, 2021 7:40 pm

Post by Blade2004 » Wed May 26, 2021 2:47 pm
I work for a small family run financial adviser firm on the admin side so this form we complete doesn’t go anywhere, just sits in file. I think it just looks really bad and I’m very ashamed and embarrassed to tell my employer. They don’t do credit checks but give us this form every year to sign, so sooner or later I will need to tell them. I would have told them before now but with being off work ill and my surgery next week I just didn’t have the stomach for it

Blade2004

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Joined: Wed May 12, 2021 7:40 pm

Post by Blade2004 » Wed May 26, 2021 2:55 pm
It was the employment declaration that was putting me off the IVA, however the level of debt I had was just too much to risk the DMP working properly. You are just in a no win situation. You try to sort it out by paying as much back as you can but need a secure job to be able to do that

Blade2004

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Post by Blade2004 » Wed May 26, 2021 2:57 pm
I’ve now kind of run out of energy worrying about this day and night. I need to concentrate on my surgery and getting better from that

luluj

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Post by luluj » Thu May 27, 2021 4:52 am
Focus on your health right now... you are now financially protected on your iva.

Once surgery done and you are strong enough tackle the next issue.

If you need to tick the box as yes then tick it, but write a very simple letter of explanation that goes alongside it. You won't be alone and I am pretty confident your employer will be grateful that you inform them.

But right now I wish you best of luck for your surgery and recovery time x
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

Blade2004

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Post by Blade2004 » Thu May 27, 2021 9:52 am
I have put a letter together ready, wasn’t really sure what to say except what a mistake I had made and was making positive steps to put this right. I’m soo worried about all of this to the point it is making me more ill.

kallis3

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Post by kallis3 » Thu May 27, 2021 12:30 pm
Take a deep breath and concentrate on your health. I'm sure everything else will fall into place and be ok.
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

Blade2004

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Joined: Wed May 12, 2021 7:40 pm

Post by Blade2004 » Thu May 27, 2021 3:04 pm
This is the letter I put together for my employer, what’s everyone’s feedback, is it too much?

Where do I begin with this.......probably one of the hardest things I've had to write.

I have always been quite a money conscious person, however in the last year or so I have struggled with debt. I can't even tell you how it escalated or happened only that it got to a point where I could see no way out and was ashamed to tell anyone about this or talk to anyone.

With the added worry of the brain tumour I buried my head hoping things would get better and I could sort this out on my own.

I have never missed any of my contractual payments, or received any defaults etc, but in the end I knew I had to seek help as I couldn't continue like I was. I spoke with a debt management company and discussed Debt Management plans and IVAs. None of these solutions were easy for me, as I have always been good with my finances and never thought I would be in this position. I thought the best option for me was an IVA as you are more legally protected whereas a Debt Management Plan is an informal agreement and I would of felt quite exposed doing a debt management plan. The IVA proposals were put together and were approved.

The reason I have waited until now to let you know about this was because I had to concentrate on my health and getting better before feeling strong enough to talk to you about this. It is not that I wanted to keep this from you, far from it, but the shame and embarrassment of telling you about this was just too much at the time this was happening together with my brain tumour surgery.

For weeks I have felt like an utter failure, that I have messed up my life and my families life and things will never be the same again. How could I get to this age and for this to happen. I've felt angry at myself and ashamed to the point it would be best for everyone if I wasn't here.

However with the support of the debt management company, the IVA forum and people in a similar position, I now feel as if I am in control, I am taking positive steps to put things right. After 5 years I will be debt free and normality will return. No matter what your problems are, they can be sorted out, it might not be a quick fix, but life is to precious to feel as if you would be better off not here because of debt. I will get back on track and I have a second chance. Many professional people on the forum have been through this and come out at the other side.
I can't change what has happened, I can only move forward and put this right. An IVA isn't an 'easy way out' it will be hard work of getting debt free and I want to pay as much off my debts as I can.
Please don't be disappointed or hold this against me, I am still the same person you have known for 25 plus years. I am trustworthy and I will always work hard and give 110%. I have taken a massive step towards dealing with my debts but I need the support from my family and employer to do this.
I would also like this to be treated highly confidential. The shame and embarrassment I feel about this couldn't get any worse, but I wouldn't want everyone to know about

kallis3

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Post by kallis3 » Thu May 27, 2021 6:29 pm
What a lovely heartfelt letter and I am sure they will be fine with it.
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
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