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spurs

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Post by spurs » Tue Sep 21, 2010 9:19 pm
Hi all, well I have sent back my IVA proposal back to DFD just wondered what happens now? I take it their will be a creditors meeting, do I need to keep paying my credit card bills of which I am really struggling to pay. Any help much appreciated!
 
 

kallis3

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Post by kallis3 » Tue Sep 21, 2010 9:23 pm
Hi Spurs,

Now the proposal has gone back you should get a meeting date fairly soon.

If you cannot afford to pay, then stop or just make a token payment.

You may start getting lots of calls and letters but you're on the downhill stretch now.
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
 
 

nepensioner

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Post by nepensioner » Tue Sep 21, 2010 9:37 pm
Hi Spurs

If paying your creditors now will be a real struggle, have you thought of using that money that you would normally pay now,to build a little contingency for when your IVA is accepted, or have you car serviced or do the things that will need doing in the next couple of years now to prepare yourself for the times ahead
F & F Accepted 19th Oct 2010
 
 

Broke of London

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Post by Broke of London » Tue Sep 21, 2010 9:58 pm
Many people stop paying their creditors once the iva ball is rolling and it doesn't affect how they vote. I'm surprised your ip hasn't advised you to stop paying as I thought this was standard practice. This is a chance to build up a nest egg in case of emergencies over the next couple of years. Hope your date comes thru soon and best of luck.
 
 

Lou74

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Post by Lou74 » Tue Sep 21, 2010 10:33 pm
I just sent my proposal back today as well! I haven't made any payments for the last 2 or 3 months whilst the IVA has been set up. I've also had to send my first IVA payment off with the proposal, so not making payments to creditors has funded that! The phone calls really stepped up a notch today as well. Barclaycard, in particular phoning at least 5 or 6 times. I've been told that I will now have a date for the creditors meeting, once my IP receives the proposal, which will be in the next 16 days. Not long now!
 
 

kallis3

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Post by kallis3 » Tue Sep 21, 2010 10:39 pm
It'll soon be here Lou!
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
 
 

Broke of London

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Post by Broke of London » Tue Sep 21, 2010 11:33 pm
Many people stop paying their creditors once the iva ball is rolling and it doesn't affect how they vote. I'm surprised your ip hasn't advised you to stop paying as I thought this was standard practice. This is a chance to build up a nest egg in case of emergencies over the next couple of years. Hope your date comes thru soon and best of luck.
 
 

Sinking Fast

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Post by Sinking Fast » Wed Sep 22, 2010 8:33 am
If you are struggling to make any payment to your creditors then why not channel this money into a savings account for future needs.

As stated; a lot of proposers choose not to pay creditors, and the outcome of the vote will not be dictated by this action.

What will happen is the letters and phone calls will begin, assuming you have kept up minimum payments. We notified all our creditors that we were proposing an IVA, and the majority acknowledged our action.

There will be a creditors meeting called, once you have discussed your proposal in full with your IP; usually by telephone unless self-employed - in which case a face 2 face is necessary.

Gd luck and keep asking the questions.
spurs wrote:

Hi all, well I have sent back my IVA proposal back to DFD just wondered what happens now? I take it their will be a creditors meeting, do I need to keep paying my credit card bills of which I am really struggling to pay. Any help much appreciated!
 
 

kallis3

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Post by kallis3 » Wed Sep 22, 2010 8:56 am
I'm sure we just read ours, signed it and sent it back. We had done the discussions before hand.

Once the proposal was back it wasn't long until we had the meeting date.
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
 
 

spurs

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Post by spurs » Wed Sep 22, 2010 9:10 am
Thank for all your help, the only reason im trying to pay all the cards at the moment is because I hate receiving these phone calls. Oh well thanks for your kind replies.
 
 

kallis3

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Post by kallis3 » Wed Sep 22, 2010 9:54 am
Don't let the calls get to you, just treat them as an annoying nuisance that will go away eventually.

Either don't answer them, refuse the security questions or just give them a script, don't let them interrupt and then put the phone down.
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
 
 

St75

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Post by St75 » Wed Sep 22, 2010 2:18 pm
Good luck with your creditors meeting, when it comes along and as suggested above, you could use this month's payments to build up a contingency.
regards
st75

Started lump sum IVA in Aug 2010 - received certificate of completion April 2011, thanks to Melanie & team
 
 

Declan at DebtFreeDirect

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Post by Declan at DebtFreeDirect » Mon Oct 04, 2010 9:54 am
Hi Spurs
Sorry for picking this up late .The guys are correct, if you are struggling to pay your normal repayments, just pay what you can afford.
The phone calls will happen, but your just one step way from entering the IVA so trey and remain positive.
Thanks
Declan Murray
Debt Advisor
Debt Free Direct - the UK's largest IVA provider.
http://www.debtfreedirect.co.uk/iva/
 
 

Goosed

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Post by Goosed » Mon Oct 04, 2010 4:42 pm
Hi spurs,
Your creditors have to be given sixteen days notice of a creditors meeting date, so as soon as your IP receives your signed proposal, they`ll probably set the meeting date.
I never paid anything to my creditors for the three months or so from starting IVA proceedings to my creditors meeting and all but one of my creditors voted in favour of my proposal, I`m glad I didn`t because the contingency fund I built up has already been virtually diminished due to car repairs and home appliance breakdowns.
I wrote to all my creditors informing them of my decision to propose an IVA and gave them my IP`s details. I did get calls, especially from Barclaycard and Halifax (Barclaycard are vigorous in their pursuit), but I kept my ringer turned off and just deleted the messages they left.
Good luck spurs, all will be fine soon enough
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".

Eric Cantona
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