How long do i wait from signing the proposal before I hear something back?

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tia
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by tia » Sat Apr 14, 2018 6:51 pm
I am taking out an IVA with credit fix. To avoid racking up more debt i have informed my loan provider i cannot make payment (this would be my first payment as I had a 2 month payment holiday) ( I'd usually live on credit cards until payday AS I use my wage to pay minimum payments and what would of been my loan payment.

My question is what impact will this have as I've never missed a payment on any of my credit will it affect my IVA? They also asked for a reference number for my IVA .. what is this? Should i provide it? also how long do i wait from signing the proposal before I hear something back??

Thank you
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Foggy
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by Foggy » Sat Apr 14, 2018 7:18 pm
tia wrote:
I am taking out an IVA with credit fix. To avoid racking up more debt i have informed my loan provider i cannot make payment (this would be my first payment as I had a 2 month payment holiday) ( I'd usually live on credit cards until payday AS I use my wage to pay minimum payments and what would of been my loan payment.

My question is what impact will this have as I've never missed a payment on any of my credit will it affect my IVA? They also asked for a reference number for my IVA .. what is this? Should i provide it? also how long do i wait from signing the proposal before I hear something back??

Thank you


Most of us missed a payment or two once we had decided to go for an IVA. It will not affect the outcome. Not all insolvency firms use reference numbers,some use your name! If you have one you can provide it, otherwise just give them details of the firm and the name of who you are dealing with. From signing the proposal to the creditors meeting is usually 2 - 3 weeks ... most firms arrange the meeting within a few days of getting the signed proposal and then have to give 16 days notice. Generally Creditfix are quite fast with this (sometimes too fast!).
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kallis3
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by kallis3 » Sat Apr 14, 2018 7:28 pm
I did not pay any of mine. I doubt they would know what a reference is.
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tia
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by tia » Sat Apr 14, 2018 9:44 pm
What do you mean too fast? Surely the quicker its all sorted the better? Im only 22 and managed to gain 17k debt :cry: its exhausting, have been paying £600 to keep my head above water for the last 4 years JUST to my debts, tried the debt consolidation loan option which failed miserably :roll:

And okay they said after my first missed payment they will send me a letter and after i need go give them a call.

So far my experience with creditfix has been good, some people's reviews scared the crap out of me and made me think I had done a terrible thing.
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Foggy
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by Foggy » Sun Apr 15, 2018 7:58 am
tia wrote:
What do you mean too fast? Surely the quicker its all sorted the better? Im only 22 and managed to gain 17k debt :cry: its exhausting, have been paying £600 to keep my head above water for the last 4 years JUST to my debts, tried the debt consolidation loan option which failed miserably :roll:

And okay they said after my first missed payment they will send me a letter and after i need go give them a call.

So far my experience with creditfix has been good, some people's reviews scared the crap out of me and made me think I had done a terrible thing.


We have had quite a few posts where the intial meeting by CF has been adjourned ( which is unusual in itself). In some cases it was for them to garner votes from creditors that hadn't bothered and they managed to sway an overall "no" into a "Yes", which is to be applauded, but, in a few cases, as reported by CF themselves, the creditors have complained that they have had insufficient notice or not had paperwork at all ... so it's just a case of "less haste, more speed".

When things are going well, CF do seem to run an IVA fairly well .... you do have to keep an eye on them though as they are dealing with arrangements from different sources ( they buy in a lot) and with slightly different terms --- they have been known to try to apply the wrong terms, but always, so far, have been open to being shown the error of their ways when challenged. Communication is not their strong point either, so you need to be tenacious :-)
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