How long now ?

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Anewhope
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by Anewhope » Sat Mar 31, 2018 10:33 pm
My IVA is currently at the drafting stage , and has been for around a week now , I’m trying to arrange a lump sum offer and using stepchange.
I’m wondering if anyone who has done similar could advise how long it would be until an IP begins to contact my creditors ?
Stepchange have said that drafting usually takes 14 days .
I’m asking as I’ve contacted my creditors myself to inform them of my circumstances etc and as this was done after my first appointment with stepchange , I now don’t have long left on most of the agreed breathing space time they have given me and am anxious for stepchange to begin contact etc and take over things .
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luluj
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by luluj » Sun Apr 01, 2018 6:15 am
Panic not ... your creditors will be informed of your iva intentions by the IP once you have signed off your proposal. I would stop payments now; build this money as a small contigency whilst the iva is being approved and when creditors contact you which they will I would simply direct them to your iva company for information.
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kallis3
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by kallis3 » Sun Apr 01, 2018 8:01 am
I agree - you have nothing to worry about and things will be sorted soon.
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Foggy
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by Foggy » Sun Apr 01, 2018 10:57 am
As Kallis and Luluj say .. panic not. We often over run the "period of grace" and the creditors generally agree to extend ... sometimes the call centres (who are not always "in the loop") try to get a bit pushy. Just give them your IP's details and politely bid them farewell.
Anewhope
Posts: 10
by Anewhope » Sun Apr 01, 2018 2:15 pm
Thanks all ! So when my agreed breathing space runs out , should I call up all creditors again and try and extend or should I just pass them onto IP as they contact me and ask them to deal with IP?
I have stopped payments by the way which has been a real relief in the last few weeks! But so far have only missed one payment with each creditor .
I’d rather IP deal with things if possible as the cause of a lot of my problems stem from mental health conditions so I really struggled with calling all the creditors to begin with and asking for my accounts to be held .
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Foggy
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by Foggy » Sun Apr 01, 2018 2:31 pm
Anewhope wrote:
Thanks all ! So when my agreed breathing space runs out , should I call up all creditors again and try and extend or should I just pass them onto IP as they contact me and ask them to deal with IP?
I have stopped payments by the way which has been a real relief in the last few weeks! But so far have only missed one payment with each creditor .
I’d rather IP deal with things if possible as the cause of a lot of my problems stem from mental health conditions so I really struggled with calling all the creditors to begin with and asking for my accounts to be held .


It depends on how you feel about it really. Personally I would wait for them to call ... some might not bother ... and give them the IP's details. Don't get into any conversation with them, be polite but firm. Some members advocate not answering the security questions .. without which they are supposed not to be able to continue the call. I prefer to at least inform them of the IVA so they don't get so rattled !
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kallis3
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by kallis3 » Sun Apr 01, 2018 4:39 pm
I agree - don't answer security questions or just hang up.
Itsallouttherenow
Posts: 27
by Itsallouttherenow » Sun Apr 01, 2018 8:53 pm
Hi.
We are at the same stage as you. We signed our Letters of Engagement last week and interlocking IVA now being drafted. I too am wondering how long from now!
I have estimated maybe 4 weeks plus. If my IP sends the draft proposal by the end of this week. We are not signing straight away. I will go through it over and over til im sure everything is understood, and any questions answered. Once signed the creditors have 15 days before the meeting, so im told. We shall see. Its all very nerve wracking but a huge relief to hopefully have an end in sight.
Once we had decided an IVA was the way forward, I contacted all creditors and explained our circumstances and cancelled all direct debits to them. Mostly by online secure message. They all replied being very supportive and understanding. We are now beginning to miss payments. They all have our IPs contact details and as of yet I haven't had too much hassle. With the exception of Tescos automated calls! I just don't answer them. We've had no letters yet! Let me know how you get on. Nice to knkw other's are going through the same journey.
This forum has been a massive support to me already!
FormerlyST1100
Posts: 297
by FormerlyST1100 » Tue Apr 03, 2018 6:54 am
I was with Stepchange myself in an IV which ended nearly thre years ago.

I remember it taking around 3 weeks or so for the IVA to be setup and just ignored most of the phone calls and those that I answered I just told them I was in an IVA and give them Stepchanges details.

Stepchange only have one IP but unlike one or two of the other big IVA Companies you here about on here they are quite fast in replying to emails, all of mine were answered within two days.
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