Starting the process of an IVA

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AATKIN87

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Post by AATKIN87 » Sat Mar 30, 2019 7:59 pm
Any advice at all would be so much appreciated. I have signed the documents this week to proceed with an IVA proposal and my creditors meeting is scheduled for 15th April. I have £28,000 of debt and am offering to pay £150 per month, as there is some equity in my house I will probably complete the IVA over 6 years if a remortgage isn’t possible. After reading lots of other people’s posts I feel as though the amount I am offering is too low and will be rejected however I don’t really feel I could afford more than this. I just don’t know what I will do if my creditors don’t accept the IVA and am worried this will lead them to force me into bankruptcy which would mean we lost our house. Any advice or reassurance at all would help massively, it’s all I can think about at the moment.

Foggy

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Post by Foggy » Sat Mar 30, 2019 8:16 pm
I have seen smaller repayments on larger debts ---- if it is better than they would get in BR it is going to be looked at seriously.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Sat Mar 30, 2019 9:26 pm
Agree with Foggy - you should be fine.
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

AATKIN87

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Post by AATKIN87 » Sat Mar 30, 2019 9:36 pm
Thank you so much for taking the time to reply. That’s very reassuring x

abbiesmum2003

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Post by abbiesmum2003 » Sat Mar 30, 2019 9:47 pm
I think its safe to say that everyone one of us had that feeling during this stage. That sense of anxiety of being ‘accepted’.
Most offers arent put forward unless stand good chance of acceptance. Sometimes creditors will ask for some elements to be tweaked but usually if allowances are considerably higher than expected or IP fees are considered high.
Like Foggy said if IVA payment plan gives creditors a better return tjan Bankruptcy would then they are likely to accept. Chamce of them getting more during an IVa too with windfalls, PPI overtime and payrises!!!
Best of luck for your meeting. Let us know!

AATKIN87

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Post by AATKIN87 » Sun Mar 31, 2019 6:35 pm
Thank you so much for taking the time to reply to me. I think I’m scared both at the thought of it not being accepted and the consequences of that then at the same time the idea of entering into it and having no safety net for example if the car suddenly broke down or we had no hot water. It’s awful I know but I’ve lived beyond my means feeling ‘safe’ for a while and the realisation that I can’t continue has hit me really hard (entirety my own fault I know). For those who have been in an IVA how have you managed things like birthday parties, unexpected schools trips? I’m terrified my girls will go without due to poor decisions I’ve made although they felt like the right ones at the time. So sorry for the long post x

lisa817

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Post by lisa817 » Sun Mar 31, 2019 6:51 pm
I too have only started on my iva process.my creditors agreed on the 22nd of March 2019.my dividend was only 13p and I thought I had no chance but stick with it .I personally had no modifications but my IP did have to lower their fee to get 2 to accept.i wish u the best of luck at your meeting.the waiting is the worst time

Foggy

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Post by Foggy » Sun Mar 31, 2019 7:03 pm
Sun Mar 31, 2019 6:35 pmAATKIN87 wrote:
Thank you so much for taking the time to reply to me. I think I’m scared both at the thought of it not being accepted and the consequences of that then at the same time the idea of entering into it and having no safety net for example if the car suddenly broke down or we had no hot water. It’s awful I know but I’ve lived beyond my means feeling ‘safe’ for a while and the realisation that I can’t continue has hit me really hard (entirety my own fault I know). For those who have been in an IVA how have you managed things like birthday parties, unexpected schools trips? I’m terrified my girls will go without due to poor decisions I’ve made although they felt like the right ones at the time. So sorry for the long post x
Initially things like coping with emergencies will be, to be honest, a matter of luck ..... the longer you can go without an emergency the better .... you can try to save a little each month for such eventualities. You should have categories in your agreed allowances to cater for this (Emergenies, school trips, breakdowns etc). If such an emergency hits too soon you can ask your IP to agree a month or two's payment breaks to cover it. Any agreed breaks will be added back on at the end of the arrangement.
Soon budgetting will become second nature.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

AATKIN87

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Post by AATKIN87 » Tue Apr 02, 2019 2:58 pm
Thank you so much that’s really given me hope. I opened a new bank account with nationwide last week as I have no debts with them but do have with TSB which was my bank account originally. I have moved my direct debits across and have arranged for my salary to be paid into the new account (just hoping this all runs smoothly). I have never missed debt repayments before this month but have been advised to cancel the direct debits now as my creditors meeting is approaching. I hope this is the right thing to do. So sorry to ramble on lots, I have only really told my mum about this and feel much better for this forum and hearing I am not alone in this.

Foggy

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Post by Foggy » Tue Apr 02, 2019 3:04 pm
Many of us cancelled DD's as soon as we were set on the iVA route ... further payments are really wasted money now and you can set a few quid aside for emergencies.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Tue Apr 02, 2019 3:58 pm
I would go into online banking and remove any contact details.

I agree with Foggy - keep your missed payments as an emergency fund.
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

AATKIN87

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Post by AATKIN87 » Sun Apr 14, 2019 8:33 pm
My creditors meeting is tomorrow morning and I feel so worried and tearful. Please keep your fingers crossed for me x

kallis3

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Post by kallis3 » Sun Apr 14, 2019 8:40 pm
Fingers crossed!
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

Foggy

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Post by Foggy » Mon Apr 15, 2019 8:30 am
Best of luck.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

AATKIN87

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Joined: Sat Mar 30, 2019 7:47 pm

Post by AATKIN87 » Mon Apr 15, 2019 7:34 pm
Just wanted to let you know my IVA was approved this morning with no modifications. The meeting was at 10 and I had the phone call by 10.20. Still feel a little in shock but at the moment very grateful for the lifeline I’ve been given.
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