In process of applying for a iva

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ashbock123
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by ashbock123 » Fri Sep 08, 2017 7:59 pm
I am in the process of going through a meeting with creditors at end of month for a iva. They have said a payment of £170 a month for 5 years towards my £18000 debt will they be willing to accept. As am getting a bit worried about all my debt. :(
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Foggy
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by Foggy » Fri Sep 08, 2017 8:33 pm
That is a healthy amount to repay on an £18k debt and your IP wouldn't put it forward if he wasn't confident. Best of luck with the meeting.
ashbock123
Posts: 64
by ashbock123 » Fri Sep 08, 2017 9:33 pm
That is what I have left from outgoings and I am 29 so don't know how these things work are they quite straight forward and everything I don't have any missed payments or anything just not able to keep up my payment of nearly £300 a month and that mostly minimumon credit cards and £286 on a loan so it's really getting me down
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Allywally
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by Allywally » Fri Sep 08, 2017 10:03 pm
You wont regret it, just follow the rules and you will realise what a great step you have taken. Good luck
ashbock123
Posts: 64
by ashbock123 » Fri Sep 08, 2017 10:08 pm
Thank you just have 3 young children and having the debt is getting me down so much.hardly have any money to buy food at the moment my loan and that is due soon on the 19th and my netting is the 22nd shall I pay or will it not matter if I don't pay them the next payment as have never missed any
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kallis3
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by kallis3 » Sat Sep 09, 2017 7:27 am
It won't make any difference but you may find the creditor will start chasing. I suggest that if you have an online account, you go in and remove any contact numbers so they won't be able to phone.
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Foggy
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by Foggy » Sat Sep 09, 2017 8:15 am
IVA's are quite straightforward, once you get into the nitty gritty -- but it will be a steep learning curve ( which is where we can help). Some providers need more careful handling than others and the main thing is for you to carefully read and re-read the proposal to make sure you understand what you need to be doing (again this forum will help you). No question is a silly one so make use of us all here whenever you need to.
ashbock123
Posts: 64
by ashbock123 » Sat Sep 09, 2017 9:47 am
I had gone through money advisor on Tuesday this week and had passed it on to creditfix to do the rest and meeting with creditors is the 22nd just worried what happens if my loan company don't agree to it. As I owe then £10000 still took out a 10k loan at 12.5% so in 9 months paided them nearly £3000
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Foggy
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by Foggy » Sat Sep 09, 2017 9:51 am
ashbock123 wrote:
I had gone through money advisor on Tuesday this week and had passed it on to creditfix to do the rest and meeting with creditors is the 22nd just worried what happens if my loan company don't agree to it. As I owe then £10000 still took out a 10k loan at 12.5% so in 9 months paided them nearly £3000


My only concern is that this is being rushed through and things might be missed -- have they explained everything to you? Are you happy you understand everything ? Have they discussed other options ?
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kallis3
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by kallis3 » Sat Sep 09, 2017 9:52 am
CF wouldn't put it forward if they didn't think it would be accepted. It is rare they are turned down now.
ashbock123
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by ashbock123 » Sat Sep 09, 2017 10:06 am
One of creditors is my loan can I cancel my iva application before the 22nd occurring no cost didn't know if could ring loan and ask them to increase the amount and how long have to pay it back would they be able to help do you reakon
ashbock123
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by ashbock123 » Sat Sep 09, 2017 10:15 am
If anyone could let me know if could cancel the iva now or is it too late
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kallis3
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by kallis3 » Sat Sep 09, 2017 10:26 am
You can cancel if you want to. I don't know if CF charge fees or not. It's your choice.
ashbock123
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by ashbock123 » Sat Sep 09, 2017 10:32 am
Is it worth giving my loan company a call and seeing what they can do
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kallis3
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by kallis3 » Sat Sep 09, 2017 11:01 am
You can try but I imagine they will already be aware of your upcoming meeting so I don't know what they would do. Again - it is your choice. Just think carefully.
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