I forgot to ask this with my last post too. What happens when you decide to go into an IVA - when do you make your first payment to the IP and when do you stop paying creditors? Do you only pay the IP when the IVA is accepted and make token payments to creditors? Thanks!
Most companies only ask for a payment once the IVA has been approved. Really its not worth paying creditors(token payment or otherwise) once you have decided that an IVA is the right way forward. You could do worse than save up what you would be paying creditors into an emergency kitty to use during an IVA as money is often rather tight.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I never made any token payments to my creditors and the first payment was made two weeks after approval.
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
It depends from firm to firm - so if you are in the process of putting forward an IVA it would be better to ask this question directly of the IP you have selected to represent you.
Hi Melanie, Thanks for your advice (and to everyone else too!). I have looked at your website and will hopefully be phoning your office soon for a chat. I see that you like to meet your clients which is nice, but we live in the Midlands. Would that be a problem or do you only have clients in that area? Also, I have been ringing debt management firms as advised by the forum and I asked about a joint IVA which I thought was a seperate IVA each but one income/expenditure assessment linked. All our debts are in our sole names, not joint and my husband owes more but earns less and I was worried that an IVA wouldn't be accepted because he wouldn't be able to pay as much to the pound as me and I was wondering if because I earn more the essessential expenditure would be worked out say 75/25 so his creditors get more. But one firm told me that in a joint IVA it doesn't matter if the debts are his or mine, all the debts "go into a pot" and are all added up together and dealt with as one. Could you advise me if that is correct, and if not, would we be able to split the income 75/25 so that out of my husbands wages his creditors get a better deal? (as although some debts are in his name I feel responsible for them) Thank you
Jenni, I'm with Melanie and didn't meet Melanie prior to my IVA, I have since met her though and can confirm my initial feeling of what a lovely down to earth lady she is. You'll not go far wrong with Melanie and her team that's a fact.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi Lesley, thanks for the response. Melanie sounds like someone I can relate to and trust during this difficult time. I can see how much time she puts into the forum along with being a busy IP -she is certainly dedicated!
Hi Jenni
I am with Melanies team too and live in the North East so am unlikely to meet her anytime soon.. I communicate with her team by phone letter and e-mail and have had no problems. Good luck
Being self employed, regardless of which firm you use, you will have to have a face to face meeting with your chosen IP.
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
Welcome from me as well, it seems I am just a few days ahead of you on the IVA journey, I did a fair amount of research, starting out with CCCS and ending up with a IVA proposal with Melanie Giles.
I felt comfortable when I first spoke to her colleagues, and having spoken to Melanie directly yesterday I feel even more I have made the right choice to guide me through what no doubt will be a very rocky road.
Hi Jennib - I will be delighted to assist you once you decide to seek some advice from my firm.
Meeting up in the Midlands iks never a problem as I hail from the Midlands originally and am an ardent Derby County supporter. I also have an office in Birmingham if that helps.
I also get to the North East quite a bit too - being half Geordie - so nepensioner if you want to meet on a face to face basis that opportunity is there as well for the Newcastle area.
Thanks to all posters on this thread for their kind comments - both old clients and new - and at some stage I am sure to be able to meet up with all of you.
