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mrsbee

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Post by mrsbee » Sat Aug 28, 2010 8:29 am
Hi everyone
After lurking on this forum and another regardng IVA's we finally bit the bullet and started the ball rolling with CCCSVA who have been helpful so far, all documentation has been sent off we are just playing the waiting game at the moment. We have around £32,000 [:I]of unsecured debts some joint, some in my name some in my hubbys name. It has been quite stressful so far and really after a bit of reassurance I suppose that what we have done so far is correct? We have cancelled direct debits got a basic cashminder account from the Co-op having all wage, tax credits paid into that, and sent letters to all creditors explaining our situation and included a £10 token payment via postal order, all sent recorded delivery. We also decided to change our home telephone number Virgin were very helpful actually we told them we were having nuisance calls, changed mobile numbers too. At the moment we have heard nothing from any creditors but they all recieved the August payments so I suppose we will start recieving letters etc during September! Thanks for reading my gibberish, would welcome any peoples experiences etc
Debt free after a successful f&f :)
 
 

Struzzo39

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Post by Struzzo39 » Sat Aug 28, 2010 9:40 am
Well done you!!! I personally think you've done the hardest bit and admitted there was a problem. Cant say the IVA is an easy one but for us its definately been the best decision we've ever made. The feeling that everything is paid for, food in the cupboard and your bank is in credit albeit maybe only pence is beyond belief. Wish we found this forum sooner. The support from our virtual friends has been amazing. You'll probably find the coming weeks will be abit of an emotional roller coaster....have we done the right thing? will it be accepted?.... Easier said than done but you just gotta sit back and leave it in the hands of the professionals now, you've done all you can. Good luck and keep us posted.
Steven & Debbie
 
 

nepensioner

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Post by nepensioner » Sat Aug 28, 2010 10:29 am
Hi Mrs Bee
Welcome to the forum. I am in a similar position to you and have sent off all my documents and my first missed payment will be in the next few days. I am told that it will take a few weeks for the IP to get settlement figures from creditors but suspect the phone calls may be due to start very soon... Its hard being patient when you have made the decision to do something about the situation however atience is a virtue they say!!Good luck on your journey
F & F Accepted 19th Oct 2010
 
 

plasticdaft

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Post by plasticdaft » Sat Aug 28, 2010 10:38 am
Welcome along.Some people rather than make token payments,choose to save up a small contingency fund for emergencies during an IVA,possibly something you should consider,as there is no clear evidence that token payments in any way influence a creditors decision on whether to accept an IVA or not.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Shining

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Post by Shining » Sat Aug 28, 2010 12:19 pm
Hi and welcome to the forum from myself too, you sound like you're doing everything 100% correctly, I hope your IVA is approved very soon and any queries/advice needed we're all here for you x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

mrsbee

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Post by mrsbee » Sat Aug 28, 2010 1:01 pm
Thanks everyone for the replies.
In response to the token payments we were advised to make the token payments by CCCSVA and I don't mind really as at least it isn't as much as the monthly minimum payments have been getting us further into the overdraft :0
It has enabled us to buy the kids school uniforms without having to rely on the plastic for the first time in god knows how many years!!!
I think that the IVA is the only option for us really apart from bankruptcy which we don't want to do because having a house and our three young sons it would be awful! Can't wait now for things to get moving so we can find out one way or another if is will be accepted or not, if not think we wil try the DMP route just until the car is paid off.
Thanks again much appreciated
:)
Debt free after a successful f&f :)
 
 

Shining

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Post by Shining » Sat Aug 28, 2010 2:44 pm
Do you have equity in your property mrsbee? x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

kallis3

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Post by kallis3 » Sat Aug 28, 2010 5:44 pm
Welcome from me as well, sounds as though you are getting things sorted.

As regards bankrupcy, if you have no equity in your house then you shouldn't lose it. You would just need to get someone to buy the beneficial interest for £1 each plus £211 costs.

Just something to think about if you don't get approved.
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
 
 

lukeofyorkshire

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Post by lukeofyorkshire » Sun Aug 29, 2010 9:10 am
Welcome Mrs Bee. I couldn't agree more with previous comments that you have done one of the hardest things yet and admitted you had a problem and are now facing up to it.

An IVA is a hard ride and that is what is great about this place as it is a fantastic place to come to for support.

Fingers crossed it gets approved soon for you!
1st payment Oct 2008, last payment Dec 2013. Certificate received March 2015 due to PPI claim.
 
 

mrsbee

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Post by mrsbee » Sun Aug 29, 2010 10:32 am
Hi lesley, yes we do have equity in the property around £25,000 which they have said we may need to remortgage for in the 4th year if approved obviously, or in case of not being able to obtain a remortgage then an extra year of the IVA. We are not to worried about that as long as we don't lose the house.
Thanks again to everyone that has replied :)
Debt free after a successful f&f :)
 
 

Shining

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Post by Shining » Sun Aug 29, 2010 10:33 am
Bankruptcy would not be the best option for you then Mrs Bee, was just wondering. It sounds like it's all been explained in full to you.

Do let us know how it goes for you won't you. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

kallis3

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Post by kallis3 » Sun Aug 29, 2010 12:18 pm
I do agree then that BR might not be a good option. Hopefully the IVA will be approved.
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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