I am looking at taking out an IVA but I am so scared and at times suicidal about my position.

[wiggle1]

Denise, we have all been where you are now-wracked with guilt and fear but take the advice on the forum and you WILL come out the other end. Sending you lots of virtual hugs to keep you going.

[Hyperdrive]

Hi Denise, have just picked up on this thread, and I`m glad you have found the forum, just like me a couple years back. It`s a great place to share your worries when invariably it is difficult in your own situation, with familly, work, friends, relatives etc pressures - making it awkward to talk to anyone about your fears.
My debt is a great deal bigger than your own but in many ways that is irrelevant. It certainly will have no bearing on whether the IVA is accepted.
I went through a very bad time about 3 years ago, but with help from my wife and children, and medication, we are now happier than we`ve ever been for years and have optimism for the future. The IVA has brought us through the worst patch and going forward has given us a fresh outlook on life and what`s really important.
Once you`ve made a call to a IVA provider, take time out to congratulate yourself for the bold step you have made. Then make the same call to two others and make your mind up which one really understands you.
That`s what I did and we havn`t looked back since [:)]

[Robbieboy]

Deinse.gn you are doing the right thing, I know what you mean about feeling suicidal, I have felt like that for years because I knew deep down that my debt was just getting worse and worse. My husband didn't know the full extent and I never added it up because it made me feel ill thinking about it, I really wished I could just die then at least he would get the insurances due! I am not going to say deciding on an IVA was easy but I took a day off work and rang and I knew it was the right thing to do - even though I was scared and shaking - when I was told to stop making payments I couldn't believe that was right and the thought of creditors ringing me (especially at work) terrified me but I did as I was told and in the end I only got 3 calls and they were very understanding, I told them I was applying for an IVA and they took the details and that was it. My IVA was approved on 25th February and I am feeling so much better, I feel I am doing the best I can to get things under control and I am determined that it will work, like you I never missed payments and do notintend starting now. I lost over half a stone between the initial phonecall and approval because I was so nervous and ashamed of my situation but that is all behind me - due in no small part to reading and hearing what members of the forum had to say. It feels like having a community around to support and help, which of course is exactly what it is. Good luck with your journey and I hope you begin to feel much better soon. Xx.

[Denise.gn]

Thank you so much for all your posts - it really has helped someone who is feeling very scared and also feeling very alone at the beginning of this week. I still feel very scared and anxious, but I don't feel alone now. Thank you x

[Shining]

We're all virtual friends and you're more than welcome to the forum, the more the merrier.

[Denise.gn]

Oh dear, thought I felt a bit better about things last night but then only managed an hours sleep and feel like I am back to square one again. Appreciate I need to speak to someone next week to get all the facts rather than just worrying about what might or might not happen but I stupidly went did the same thing and went onto various websites and am now worrying myself about everything. One question - if your IP thinks your IVA proposal is sound and should be successful, once you sign the paperwork, do you then stop paying your creditors until the creditors meeting? I think this is the thing that's panicking me, (other than the IVA being refused by the creditors), as despite my circumstances, I have always paid my bills. For it then to be refused by the creditors, despite everything, are you liable for the three months interest and default notices that accrue during the three months of not paying? If an IVA is turned down despite everything, can you then automatically try a DMP? Sorry for some many questions again

[OnTheUp1976]

Hi I too fely scared about not paying my creditors in the run up o the iva being set up. I decided to send each a token payment of £10 each whilst I was waiting which made me feel a little better but the month of the meeting I sent nothing. I too was concerned that during this time more and more charges were being piled on yet my IP reassured me this would all fall into the IVA figures and try not to worry. Yes the phonecalls started but for my santity I chose not to answer them, they didnt even ever leave any messages. I just checked the numbers off the phone from google to see who had called. I got frequent letters and just filed them. Actually the thought of it all was much worse than the reality. Good luck xxx

[Robbieboy]

That was what worried me too but from my initial call it only took 4 to 5 weeks to my crediors meeting and I was assured that if the. IVA was not accepted then I could be offered a DPM (this was even offered As a stop gap until an IVAcould be proposed again). Please ring someone asap and you WILL start to feel better.

[OnTheUp1976]

PS I will just add. Once in my mind I turned the whole thing around to thinking My priorities are my mortage, my utilities and tax, feeding and clothing my family and making sure my boys were ok whats left goes to the creditors things got easier. I prioritised us over the credit card bills instead of giving them all they asked then really struggling to find money for food each week we flipped it and it was the best switch in mind set ever. Now we are in the IVA yes, we have a budget but we have more money to live on than we have had in ages. We know money is set aside for things like clothes and food and we rejuggled our allowances to even put money aside for christmas and birthdays for our children. How nice it will feel this year to pay for Christmas in cash. Yeah my boys will have less but they have had far too much in recent years anyway!
You are doing the hardest bit, If sorted this IVA will trun your life around and if it does not there is always other options for you. there is never a debt problem that can not be solved. Hang on in there xxx

[Denise.gn]

Thank you Robbie - where are you with your IVA at present or are you waiting for the creditors meeting? I am just worried as I owe several different creditors but the one I owe the highest amount to is a company that I took a successful PPI out against last year, and also had a mortgage with them many many years ago but transferred the mortgage to another bank. I still have a credit card account with this credit so they are still getting money from me, but am worried the PPI refund will work against me as they will have the majority decision I think. Also the second largest creditor is the bank I also have my mortgage with

[Robbieboy]

Denisegn, I have just started my journey. My IVA was agreed n 25th February and made my first ( weekly) payment on Friday last week. I wish I could tell you how much better I feel now. I hardly spent a penny from making the call because it didn't feel right witholding payments and spending, but that feeling has gone now - I have to admit changing my bank (as I had an overdraft) was scary but I just rang everyone and got the DD etc changed to the new account (I was adviised to go with Think Money and find them helpful and all seems to going well). So I cannot say there will not be a few more headaches to come but they are really worth it. As I was told on my first call I am not alone and he told me my situation was far from the worst he had come across ( and it is worse than yours is) xx

[Denise.gn]

Thank you so much. I have gone on the think money website and they do sound really good. I just wish I had thought of using a service like theirs years ago. Thank you for your post xx

[Til]

Hi Denise

Don't worry about the PPI from one of your creditors a while back as the section that handles PPI won't even be the same people who handle the IVA side of things.

I was told to stop making payments and it went against everything I had ever done so I ignored the advice and carried on making payments as high as I could up until the IVA was accepted. It was only after my IVA was accepted that I realised I had been VERY silly not to take the advice as I had been given as if I had I could have saved a few weeks worth of these payments up as a contingency back up fund and not paying for a month or two made no bearing on the IVA being accepted at all. I suppose it could even show your creditors how much you are struggling and certainly will nnot affect their decision regarding your IVA application.

If you are speaking to Mel's team please do follow their advice as they will certainly not steer you wrong.

Entering into an IVA is a big learning curve and a whole new world compared to the one of robbing peter to pay paul we lived in prior to the IVA. However it is also a clearer place and once you understand it and embrace the path you choose life becomes simpler and less fraught.

As others have said too ... many people read the forum but do not post - and of those many will be in your situation - so please continue posting for any questions you have as although you may not realise it you are probably speaking for many silent people standing shoulder to shoulder with you and helping them too along your way xx

[Hyperdrive]

We stopped making any payments as soon as we were able to say we were in the process of submitting an application. Any money you might have paid can then be put aside as a contingency fund for later.

[Denise.gn]

I suppose what worries me is if I stop making even the minimal payments, and my IVA is refused, then I will be in an even worse position. It really is a change of mind set isn't it? Its just the irony of being in so much debt, but making my payments on time every month worrying about not paying and defaulting but not thinking about how I am going to live off the very small amount I have left. Thank you for pointing out that there may be others reading these posts but not participating, who may be in the same position as I am at this moment, I suppose I am so wrapped up in what is happening with me, I didn't give that a thought, which makes me feel happier to continue posting even more now. Once again, I really appreciate you all taking the time to reply to me - and offer support and personal experiences - it really does mean a lot to me xx