Hello. I am just sorting out my options to clear my debts of £64000. I contacted payplan who want me to go to newark for an options meeting soon. My question is if i am offered an iva , how long will this take to set up as i am at my wits end.....ps im self employed.
After years of trying to pay off debts and developing a serious illness i decided ' no more ' living with absolutley nothing and working seven days a week .!!!
Welcome to the forum. Well it looks like you have made the hardest decision, and that is to finally accept that you need help. Please don't feel bad, we have all been there, done it and got the T-shirt, so to speak. Talk to a few companies before making your final decision, as you will need to work with this company for 5 or 6 years, so you need to comfortable with the company you choose. The length of time to set up depends on how quickly you can gather all the necessary information, and how soon the proposal can be formalised. Mine took a long time, 5 months, however I don't think this is the norm. I am sure the experts will be along soon to give you more information.
Hi and welcome to the forum from myself too. I agree it's best tos peak with 2 or 3 companies to ensure case specific impartial advice. A face to face meeting as you are self-employed is necessary with any IP or senior person in their team.
There will be a solution for you and you'll know when you've found the right company to represent you. Your health is important and I hope this improves very soon.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi Wherediditgo - welcome to the forum - glad you found us if you are at your wits end - its time to get your life back.
A good Ip will have things under control while your application is being processed so will deal with anything that comes up frmo the creditors but typically it should take about 8-10 weeks. Having an IP who is experienced in self employed cases is beneficial as they will know what to look for and how best to propose your circumstances.
Only proceed when you are comfortable but I know the temptation is to just get on with it but as KayKay says, its a long term relationship throughout the IVA which, when you're self employed needs to be doubly reliable as lots can happen with your business.
regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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Hi
Get on the phone when you read this to an IVA compnay have aread through in here for a good choice You are in a mess now so time to get it sorted you dont want to be getting deeper and deeper into trouble and working 7 days a week is not fair to have nothing Maybe the IVA will give you some extra cash per month
Your IVA compnay once you start will take over the reins for you and then in 2 months you will be back on the right track
Dont worry about the amount you owe or worry about not getting accepted If the IVA compnay take you on then you are pretty much sorted If they dont then you have other options If you go Bankrupt is it that bad as a last option The IVA works both ways so is more reasonable
Stay strong now and get this sorted now
been there done that and soon be out
hy im not sure if it helps but my hubbie was self emplyed when we strated and we were with a firm in south yorkshire .if you make me a frugal friend wherediditgo im happy to tell you which firm and how it went etc.good luck if you wanna stick with the place at newark
I'm with Payplan and have had no problems with them so far. Good luck with your meeting which is just a formality.
Hopefully shouldn't be long before you get a proposal sorted.
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's very difficult to make that first phone call and ask for help but please do it now. I'm with Debt Free Direct and cannot praise them enough. They won't judge you and will go through your options. My IVA took around 3 months to set up and DFD were in touch with me the whole time. It's still a worry being in an IVA but it's a much smaller one and at least I have a realistic budget to live on and know that my debts are being taken of.
KAYKAY wrote:
br]Welcome to the forum. Well it looks like you have made the hardest decision, and that is to finally accept that you need help. Please don't feel bad, we have all been there, done it and got the T-shirt, so to speak. Talk to a few companies before making your final decision, as you will need to work with this company for 5 or 6 years, so you need to comfortable with the company you choose. The length of time to set up depends on how quickly you can gather all the necessary information, and how soon the proposal can be formalised. Mine took a long time, 5 months, however I don't think this is the norm. I am sure the experts will be along soon to give you more information.
Having sat with a client today for 3 1/2 hours in my office, whilst I wrote their proposals for them almost from scratch due to severe time pressure placed upon us by HMRC, I can seriously recommend a face to face meeting with your IP as this will help both sides to understand each other, and you will get a far better appreciation of the issues surrounding entering into an IVA with your creditors. Time most definately well spent in my book.
