Scared

[Soashamed]

Hi, I'm new to the forum and the iva process. Iv just opened my new bank account and waiting for the meeting with creditors to be set up.
I'm with financial support systems not sure if anybody has any opinions on these?
My partner is unaware of anything, my debts, the IVA anything!!
I'm so scared I'm going to have envolopes with big red final demand letters on or even worse people knocking at the door.
Do I carry on paying until its all set up or do I follow the advice and stop all payments?
Would love someone to talk to about this but I am so ashamed of my situation.

[luluj]

Firstly welcome, and please don't be ashamed.
You have done the hardest thing in seeking help to resolve your debts.
My best advice is to sum up courage and to tell your partner. A difficult conversation but one that will release a huge amount of pressure for you and enable you to be "you" in the next few weeks/months ahead.
Stop paying your monthly amounts now and build this as a small contingency to use in your iva is my advice.
Your chosen IP should be looking to ensure your proposed monthly payment is set at a fair amount that allows you to still continue to live.
Your partners income should be considered to ensure your share of household expenditure is set correctly against income, which in turn informs your iva payment.
We will be here to support you so feel free to ask your questions - you are not alone.

[Foggy]

As Luluj says, "you are not alone". In fact there are around 3 million people currently in the same boat and, I fear, quite a few more soon.
FSS do not get mentioned a lot on here, which is a good thing

[Ben93]

First of all don’t panic yoire not alone. And as scary as it sounds it’s better to tell your partner now as the stress of hiding it from them will make your life harder and it’s better to come from you than them find out another way. As it normally takes a few months for letters to stop after the Iva is set up.

Also make sure you slightly give yourself more wiggle room on your monthly expenses as you don’t want to make living impossible if too much goes into your Iva.

But welcome and good luck

[Foggy]

I would also advise you to seriously consider and research the other debt solutions out there, before committing.

[Soashamed]

Hello all thank you so much for your replies. Unfortunately telling my partner is something I just feel I cannot do. There are circumstances as to why.
As for letters is it likely that it shows on the envelope what it is I have had a couple saying action required but I have visions of big red capital letters on the envelope.
Also bailiffs are they likely to show up?
I'm so scared!!
Foggy As I have already signed the papers have I not already committed? What other options could there seriously be for me!!

[Foggy]

Foggy As I have already signed the papers have I not already committed? What other options could there seriously be for me!!

You are not committed until the creditors meeting has taken place and the IVA has been accepted. Other options depend on your debt levels and individual circumstances and should have been discussed with you by your provider. These include Debt management plans -- suitable if your debt can be paid in full over, say 5 or 6 years. Debt Relief Orders -- for smaller debt if you have very little surplus income with which to pay and no assets ( a bit like a watered down bankruptcy). Bankruptcy -- if you have no assets to protect and your employments allows.

[Soashamed]

Foggy I think you may be right, I have been at work all day today so iv not really had time to think about it but I do remember step change mentioning a DMP at some point only taking 6 years.
Basically total amount is a little short of £10k across 8 creditors.
Maybe I should call step change again tomorrow and see what their suggestion would be.
I just had a panic 1 day and decided I can't live like this anymore so contacted the first company I came across.

[Foggy]

StepChange are good with DMPs -- as well as their relationship with creditors being good, they do not charge fees on a DMP ( unlike with an IVA ). Definitely worth a chat.