Nervous!

[apog]

I have got my first meeting with my IP today. Really nervous because i don't know what to expect. I am still very wary of the whole IVA programme. Never thought i'd get this bad and always thought i had it under control but clearly didn't.

I had to get everything ready last night today. I was opening letters from 10months ago demading money, i just shut it out back then. I don't know if this is the day my life goes on hold for 5 years or the begining of a new one.

Still got alot of questions spinning around in my head. Will i ever get a morgage? What happens with overtime? Will i ever be able to save? Have i got the right IP? Will my IVA be accepeted, i couldn't face BR! etc. And also i have personal questions i.e If people close to me find out, how dissapointed will they be? Can i ever trust myself again?

My brain is working overtime at the moment and just wish this debt never all started!!

[aguise]

Hi there and welcome. Dont be nervous you will be fine. One thing I did was to write down all the questions I had and there were two full pages, they were exactly the things you are saying about overtime etc. I sat and asked every one. Make sure you understand everything and if you dont ask again. Forme it was a new beginning or at least better than the way we were surviving before, and now one year in and it has flown.
All the very best let us know how you get on.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[cr15py]

Hi apog, and welcome to the forums. I have recently gone through the same experience, and got my IVA approved on Friday.

You have made the biggest step of all by admitting your debt problems, and working out a way to try and resolve them. I have had letters from 12 months ago when I first started missing repayments, so I know how that feels. I managed to shut out the letters for a long time, but once they reached a certain "threat level", I couldn't sleep, so I knew I had to do something. That's when I started researching my options, and approached my IP who was superb.

I too have not told anyone of my situation, not even my partner or parents. I know my parents especially would be disappointed with me if they found out. It was a tough decision for me to make, but I have decided against telling them; but I know that doesn't work for everyone.

The five year period is definitely a step forward into a new debt-free life. Yes, the 5 years will not be easy, you will have times when you feel down, but then I bet you will have more down times if you continue to let the creditors pressurise you into charging orders, CCJ's, bankruptcy petitions, etc.

I think of the positives of an IVA - I am buying everything from money I have earned, I get no further letters from creditors, etc.

I had a list of about 20 questions when I first spoke to my IP, I must have asked another 40 since then as well. As aguise correctly says, understand every one, and seek clarification if you need to. You can even come and ask us for our opinions as well.

Finally, may I wish you the best of luck with your meeting, and you have taken the first, and probably most difficult onto the bridge towards a debt-free future.

Visit my blog at http://cr15py.blogs.iva.co.uk

[apog]

thank you so much.

I have not told my parents. But my partner is very supposrtive and has offered me alot of help. But i think this is something i need to get through myself otherwise i will never learn. But i am so nervous because i'm so young and have been so naive in the last 3 years.

One quick question - I'm currently banking with HSBC. I am going to start up my new basic bank account with Nationwide. Should i change my income salary to the Nationwide straight away? or do i do it once the IVA is well under way or approved? All my creditors all try and get their money out of my HSBC bank account plus i owe HSBC the most money, so if i move my income salary they won get paid at all?

Apog x

[aguise]

I would move your income now, to make sure, and move your household debits etc as well, that way you know they will be paid. You have your IP coming so confirm with them what to do about payments. I let my loan to the bank just default, I didnt cancel it. Another question to add to your list. I cancelled debits online and then rang and changed the household ones, it was quite useful as I changed some of the going out dates to better suit me.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[cr15py]

Yeah, I agree with aguise - change your bank account over now. HSBC have a habit of freezing your account once they find out about the IVA. Your IP will probably tell you to stop paying your creditors, which you can do by cancelling the direct debits. I used this money to create myself a small contingency fund up, and I also used part of it to fund my Christmas presents.

Just out of interest, can you let us know the amount you owe your creditors, split between each one, and the amount of monthly disposable income you have before creditors repayment?

Visit my blog at http://cr15py.blogs.iva.co.uk

[apog]

HSBC Loan - 13,500
HSBC cc - £5,500
Halifax - £800
Mint - £1,500
Northern Rock - £2,000
HFC - £1,100

Total - £24,400 approx

If i pay all my minimum payments. I have no money left over from my salary. So i have to do an extra 55+ hrs overtime to pay for my car, rent, phone bill, travel. I have no money for going out.

All is not well!

[aguise]

We were exactly the same if we didnt do huge amounts of overtime we couldnt have made the minimum payments. I made sure oue income was assessed only on our basic wages, as overtime was being threatened and also any illness would mean we would be struggling. We happily pay our 50% overtime over as we get the benefit at least of the other half which before the iva we just managed to eat.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[apog]

Would i have to offer 50% of my overtime? So now in the IVA do you put money in savings? or is it still really tight and have to watch every penny you spend?

apog

[aguise]

Most proposals have a 50% clause for overtime. Yes we manage to save and it has helped greatly a few times if you read my blog and also let us have a little hol as well. Again ask your Ip about this. A lot of us save a bit here and there from out of our budgets for the odd emergency. It doesnt mean you can save thousands but when you have no credit it is sensible to try to put a bit aside for things going wrong, and if you have overtime it allows you to do this. We never got to spend out overtime previously it just went to surviving.
The thing with an iva is to pay back as much as you can but to be still able to live at the same time, yes if you do overtime the creditors get more back in the end but it does make your life a little easier too so both get the advantage.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Skippy]

I think everyone feels the same way at the beginning - I can remember how nervous I was when I first realised I had a problem. I didn't even realise how much I owed at the time and it was a nasty shock when I added it up - I burst into tears!

One thing I would say to you is make sure you feel comfortable with the IP, and with their support staff - you need to be able to have a good relationship with them for 5 years.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[lily]

Hi Apog

I had HSBC as a creditor and tried to cancel my loan DD and they wrote and said I cant, they wont let you cancel the DD.

I agree with what everyone else has said, dont be too hard on yourself, we all make mistakes.

Make sure you understand what your other options might be before dismissing them out of hand. I realise that BR is very scary but if youre anything like me, I was terrified of it, read some of the bloggs on this site as without assets it might just be the best option.

I know that you want this problem to be dealt with as soon as possible and right now youre willing to get overtime, etc to make it work but 5 years is a long time and if you over commit to the IVA now, it just isnt going to work. Make sure you are realistic with what you need to live on, its easy to agree to anything when youre feeling so down on yourself and desperate. Make sure you are happy with the IP and company, check out feedback on IVA.com from other users.

Good luck, youre not alone, we do know how scary and black these first steps are but the most important step has already been made. I understand that you do not want your parents to know but if you were one of my kids I would be very proud of you for facing and dealing with a mistake that so many people make.

Good luck

lily