Newbie and scared

Get expert opinion. This is the place for new questions to be posted.
  • 1
  • 2
17 posts Page 1 of 2

 

User avatar
Clairbare
Posts: 117
by Clairbare » Fri Jan 29, 2010 11:44 am
Hello
I am very new to this but have read a few of the forum subjects. Here is my brief situation.

Own a house (mortgaged interest only with no equity)
Husband employed, me self employed
2 children under 5
£64k in debt and drowning

We have approached the CAB who put us in touch with Payplan - an IVA has been decided is the best route (a DMP would take 26+ years)
We are so new to this we havent even had the authority letter to send.
This will be the first month of missing any payments to our creditors - we have spent almost a year using our credit card to live off after using our salary to pay our debts and have therefore spiralled out of control - i am sooo scared i am not sleeping and my husband thinks this is just the tip of the iceberg (as in it will get a lot worse!)
I have, as discussed with PP, just cancelled all our direct debits to the creditors and will send them token payments.
My biggest fear is what if the IVA gets rejected - and the 8 weeks it takes to get it agreed (or not) will i not be sleeping all that time or can it be done quicker??
out of the £64k approx £48 of it is with one creditor (albeit split over 4 accounts)if they say no, job done!!
OMG OMG how did we let this happen!!! I know we are not alone but cannot talk to family and friends - only between me and hubby and even that can be hard as we never argue but have been quite tetchy with each other.
Sorry - this was meant to be the short version I will stop now
Any help and advise will be greatly sought after - thank you xx

 

User avatar
orange
Posts: 1183
by orange » Fri Jan 29, 2010 11:58 am
bless you its a scary time...just think you arnt alone...although you think you are till you find this site...keep strong together.x im sure one of the experts will be along soon this site is a god send to us thanks x

 

User avatar
size5
Industry Expert
Posts: 3072
Contact
by size5 » Fri Jan 29, 2010 12:11 pm
No IP would put forward a proposal unless they believe there is a very high percentage chance of it being accepted. Whilst this isn't a guarantee of course, it may help to reassure you a little.

The timescale can be shortened considerably by yourself. Eight weeks is a typical figure, but if you get the documents returned quickly and with nothing missing, then the validation and drafting stages can be done very quickly, thus shortening the timescale down from that typical figure.

It is natural that you worry, but you can do no more than you have done by asking for help in the first place, and you should not beat yourself up about trying to reach a fair and reasonable deal with your creditors. The alternatives, more borrowing or no payments at all, would surely be far more worrying for you.

Good luck and regards.
Last edited by size5 on Fri Jan 29, 2010 12:12 pm, edited 1 time in total.

 

User avatar
Clairbare
Posts: 117
by Clairbare » Fri Jan 29, 2010 12:20 pm
Thank you both xx
Size5 - what sort of information/documents might i need to get together - i have asked the inital person at PP but he said they will send it all out in the post - unfortunately I am not patient enough and feel if i am doing something it might help.
I am so glad i found somewhere to talk because as much as i love my hubby and we are both in this together - outside advice is brilliant

 

User avatar
size5
Industry Expert
Posts: 3072
Contact
by size5 » Fri Jan 29, 2010 12:29 pm
There will be a checklist for you to follow, or there should be, but things you may want to get together, in advance as it were, would include last 3 months wage slips and bank statements, accounts of course for the self employed. Latest c/card and loan statements and of course any other debt, proof of tax credits/child benefit, property valuation (this can be done if necessary by your provider) mortgage, and any subsequent charges on the property, statement, council tax bill, vehicle finance agreement (if applicable) and details of any other assets.

There are other bits, but that should be enough for you to be getting on with over the weekend.

Hope this helps.

Regards.
Last edited by size5 on Fri Jan 29, 2010 12:29 pm, edited 1 time in total.

 

User avatar
Tina Shortland
Posts: 2950
by Tina Shortland » Fri Jan 29, 2010 12:48 pm
Hi Clarebare, glad you found the forum just when you need it most.

As an IVA is a legally binding arrangement it is especially crucial that everything is done properly and all detail is fully assessed which is why it can seem like ages. Hopefully you are being fully informed and advised along the way so as to put your mind at ease, even at this early stage. It is important you can always pick up the phone to whoever is looking after you so you can ask what questions you need, check progress and sometimes just to keep in touch if you want to.

It is worth speaking to a few companies so you can make sure you are making the right decision and are comfortable with who is representing you. Hope you get a better night's sleep tonight.

Regards,

 

User avatar
Michael Peoples
Industry Expert
Posts: 15188
Contact
by Michael Peoples » Fri Jan 29, 2010 1:24 pm
Hi Clairbare and welcome from me too.
Adding to what the others have said it is also important to have any outstanding tax returns submitted even though you will not be paying any monies due. If you have not submitted 08/09 try and get it in as quickly as possible and the same applies to any VAT or PAYE returns.

You will also need to supply a background story explaining the causes of your financial problems so it would be worth listing a few bullet points detailing the relevant points. Good luck with your proposal.

 

User avatar
kentmikey
Posts: 69
by kentmikey » Fri Jan 29, 2010 1:32 pm
Hi and welcome Clairbare. Firstly you have made the best decision of all in joining this website, so much useful information is provided which I really wished I have found this website before I jumped into an IVA. Secondly, as has probably been already said, you are not alone adn you will get plenty of support from here.

Best of luck clairbare

Mikey

 

User avatar
Clairbare
Posts: 117
by Clairbare » Fri Jan 29, 2010 1:59 pm
Thanks everyone, am feeling a little better xx a long way to go but there seems to be plenty of support here

 

User avatar
thefsg
Posts: 182
by thefsg » Fri Jan 29, 2010 3:20 pm
Hello Clairbare and welcome!

I went through this same process at exactly this time of year a year ago, and it is very new and daunting but at the same time exciting knowing that there is a solution out there.

We have a situation where my wife is not in an IVA, only me and there are some complications with that. However Melanie Giles and her team got us to the starting line, and we're off and running.

One of the things that perhaps is obvious but we didn't quite appreciate, is how the whole process has completely changed our outlook to money. It's now really worth something and we always look for ways to spend more wisely.

Yes, our lifestyle had changed but to be honest do I miss it? No! If anything we seem closer as a family and much happier. Interesting, eh?

So, good luck with your IVA journey and try and relax. It can be a pain with the constant pestering from creditors before the IVA comes into force but if you remain calm and firm then you might not find it too hard.

I trust you're in good hands and, once the IVA is up and running, are looking forward to the future.

 

User avatar
steppingstones
Posts: 161
by steppingstones » Fri Jan 29, 2010 7:50 pm
Hi Clarebare. I can appreciate exactly how you feel as I am exactly at the same stage as you. I'm just waiting for my engagement letter from Melanie, in the mean time I am gathering my cc statements and bank account info so I can send it all in once I hear from Melanie. I'm also only just missing my first lot of payments and my stomach churns every time the phone rings, but once this initial stress is over it will have been worth it as I know I will be on a good road to getting my finances sorted out. These forums have been a lifesaver to me over the last couple of weeks and I still can't get over how supportive and understanding everyone is. Hang in there and we will get through this together [:)]

 

User avatar
MelanieGiles
Industry Expert
Posts: 47612
Contact
by MelanieGiles » Sat Jan 30, 2010 12:46 am
I think that rather than getting documents in the post, or following checklists, that it is better to talk this through with your IP firm so thatyou understand what is needed and why it is needed. Your IP firm can then help you to collate all of the documents required, and then be in a position to make an early proposal to your creditors.

 

User avatar
Clairbare
Posts: 117
by Clairbare » Sun Jan 31, 2010 10:27 am
Hi Steppingstone
Good luck with everything and thanks for your kind words. Who is this Melanie that i keep hearing about - maybe i do need to speak to more than one company - so far we have only had advice from Payplan and they seem very good but ,maybe its worth talking to a few before taking the plunge xx

steppingstones wrote:


Hi Clarebare. I can appreciate exactly how you feel as I am exactly at the same stage as you. I'm just waiting for my engagement letter from Melanie, in the mean time I am gathering my cc statements and bank account info so I can send it all in once I hear from Melanie. I'm also only just missing my first lot of payments and my stomach churns every time the phone rings, but once this initial stress is over it will have been worth it as I know I will be on a good road to getting my finances sorted out. These forums have been a lifesaver to me over the last couple of weeks and I still can't get over how supportive and understanding everyone is. Hang in there and we will get through this together [:)]

 

User avatar
Nat14
Posts: 32
by Nat14 » Sun Jan 31, 2010 10:55 am
Hi Clair,

I totally understand what you are going through, we were in pretty much the same situation as you....our debt was lots more too!! Living off credit cards and everything spiralled. Most of our debt was with one creditor too. Our IVA got approved and we now only have 11 payments to make on it. Don't get me wrong it has been so tough and we have had to be so disiplined but I can sleep at night knowing we are doing our upmost to make things right again. I can't wait to be debt free and never ever want another credit card again!! I wish you the best of luck and fingers crossed. Our IVA is with Grosvener Partners, in London. I would highly recommend them. Let me know if you want any contact details for them.

Nat x

 

User avatar
Max
Posts: 2789
by Max » Sun Jan 31, 2010 10:57 am
Clarbare I will tell you who Melanie is - she is, in my view, a pre-eminent IP who does not go the extra mile for clients but rather runs the marathon for them - she puts their interests and thos of their families first. 7/8 coys, most of whom told me rubbish, but more importantly said I would never get an IVA Melanie got through for me a very complicated IVA at first attempt; her after service is as good as her pre-service - she and/or her staff are available whenever wanted. What is more, if Melanie gleams of any hic-cup she offers help before it is asked for. My major creditor decided to help because in their words, "Melanie Giles is an honourable IP". I hope this short note answers your question.
  • 1
  • 2
17 posts Page 1 of 2
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 12 guests