So we have started the IVA process yesterday and just waiting for the information to be wrote up for us to sign.
We have got huge amounts of debt which was fine as we could afford the payments but then my husband got made redundant in September from off shore working and we had to start using credit cards to live as his new job didn't pay half as much as his old one. We don't get any help from benefits and I don't work due to having a 3 year old and 1 year old... our childcare costs would be more than my wage.
We are both suffering hugely from depression mainly because of this debt and me more so since my son was born.
Anyway the lady on the phone was lovely.... but there are some questions I have got......
she said the meeting date should be about the 26th May.... we have cc and loan payments to come out before then, do I cancel them? When I asked her she said she couldn't tell me if I should or shouldn't. My worry is if I cancel them and my IVA is regected we are then behind on payments....not that we can afford the payments anyway.
Also the meeting date is when we are away abroad....will this be a problem? Why are we abroad when we have such huge debts?! well my brother died unexpectedly last march at the age of 21 and my sister who lives in gibraltar is getting her baby christened.... we have payed for the flights back in January and my parents are giving us the spending money (they don't know our situation only that we can't afford to go now)
I just want to cry all day, I am so scared our iva is going to be regected as its such a large amount of debt and I just don't know what we will do.
I have enjoyed reading all your stories and getting to know you from your posts I just feel so lost
Firstly - we have all been where you are at some point.
You don't need to make any payments to your creditors but I do advise if you have any online accounts you go in and remove contact details as they will try and contact you..
Please make sure you are happy with your company before signing anything.
Don't worry about being abroad - already done and dusted. Which company is it?
How long either side of the guessed meeting date are you going to be away ? Just tell the IP to arrange the date when you are here. Although it makes little difference, you do need to be available on the day in case the creditors want to negotiate any points.
We need to sort out a new bank before they will put the form forward and then 16 days from then
Ask the IVA Experts a QuestionSimply complete form and you will get an answer from our IVA Experts (multiple replies within an hour *)
* Any use of this forum is conditional on you having read and agreed to our terms and conditions.
* If you enter your phone number, Vincent Bond and Co Ltd will give you a courtesy call to ensure that your question has been answered.
* The question will be posted on our forum, we will email you the location