Anyway I have set up new bank account and cancelled all my direct debit as advised, I have called all creditors and advised them of my financial problems and asked them to put my account on hold and to be fair all have been fine except Motonovo who got a little shirty with me but I think that was more the individual than the company and Vanquis who were fine but do not hold accounts.
I am going to make a token payment to both of these companies.
I have sent all required information to Payplan and am waiting for them to draft the proposal so things can move on.
I am very nervous now having taken a month to come to the decision to look for help, funny thing is I am not in arrears with any of my creditors which confused them all when I called them to advise of financial difficulties I suppose they are used to people defaulting before looking for help.
And so the journey begins !!!!!!!!
Question is how long will the process take from now on as my 30 day clock is running ??? because the thought of them constantly calling me is not filling me with joy.
Foggy wrote:Most arrangements take a couple of months to get up and running ... Payplan maybe a little longer, but it shouldn't be too much. If and when a creditor calls just tell them you are going into an IVA and to contact the IP for information, should they require any. Do not get into any further discussion --- many creditors chase from third party call centres who are solely out to get a payment, some of the call handlers do not even know what an IVA is and will say anything to get that payment.
I have changed my home number and if needs be will use my company mobile instead of my own until the arrangements are hopefully made.
I suppose the only thing I will have no control over is the calls to my work which I'm hoping will diminish once I wont confirm their security information by verifying who I am ( ideas anyone )
TruckerT wrote:I am sure I have read somewhere that if creditors keep calling you at work once asked to stop that you can complain about the creditor is this correct or do you think that an email to the creditors before the calls start stating that no calls will be excepted at my place of employment due to the possibility of getting disciplined.
Doubtful .... between you defaulting (missing a payment) and getting the IVA accepted you are fair game ... you owe them money .. they want some back. As long as they act "reasonably" ("reasonableness" is difficult to pin down until a court rules) and don't phone late at night or early morning, or divulge personal details to whoever answers the phone.
TruckerT wrote:Thanks for the support guys, I will update as we go.
They told me they may need to ask me some questions between now and the meeting is this standard procedure ?
would it be the creditors asking questions before the meeting ??
Sometimes a creditor comes up with a question before the meeting and sometimes at the time of the meeting.
So my creditors meeting has taken place and although my payments have been increased by £100 per month due to my budget having some high cost which were above guide lines its been accepted
No more sleepless nights for me I think.
Now I thought about it and ultimately if I were to refuse the payment increase request then I would be left with offering a DMP which I figure would cost me more in the long run due to some creditors adding interest for a while and doing the maths could take me 7.5 years at a guesstimate to pay off, plus they could hassle me along the way
I am happy they didn't ask to increase the payment to 72 months so all in all I am happy and will be counting down the 60 months to being debt free I know it is going to be tough a times but I'm sure its better than having sleepless nights and dark thoughts and I know you lot will have advice for me if required.
I shall be on and off the site as I am sure there will be pit falls along the way and I dont feel as isolated as you lots have either been through this or are going through it
Thanks everyone for your input upto know at least I know where I stand and time scale involved
One thing I have noticed is that the chairman's report mentions modifications to the background stuff about IP charges etc for which there are 12 but doesn't mention the required modifications to my budget which has pushed up my payments £100 per month is it normal for this modification to be omitted from the report
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