Thank you to all those that have asked questions and contributed - it's put my mind to rest massively. But I've got a couple of questions still...
IVA proposal is drafted with CF, creditors meeting is scheduled in over a fortnights time (28th april - which seems like another lifetime to go).
Can the creditors vote before this date and can a decision come into force earlier than this date?
Originally with CF it was organised that my payments would be on every 4th friday, the first to be scheduled on the 16th April (would this be expected before the creditors meeting?)
Now that the proposal has been set and the creditors meeting organised should I continue to try and pay my debtors if payments are due?
They can vote beforehand but you do not necessarily know the result beforehand.
You do not need to pay your creditors -they will already know about the IVA proposal. You can save this money as a contingency fund. If you have online accounts I suggest you delete any contact numbers so they can't contact you via phone.
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
Your worries are natural - nobody knows how these things go, but, with the current climate, I am sure you will 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
As Kallis says, some creditors will lodge votes before the meeting deadline, but the results cannot be declared with certainty until after the 'meeting'.
Most firms do not expect the first payment until after the meeting ( usually within 28 days ) but some like to have that first payment in hand so that the clock starts counting down right away. CF, as you will discover, like to do things differently that most. Might I ask why payments have been scheduled 4 weekly ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014