Starting

[Simbel]

Thanks pennyless I'll try (but its so hard) - I've chosen my IP (he knows who he is and I am confident in him) but something new keeps coming up and it is just getting too much for me now - I couldn't bear the thought of losing the house as well.

Thanks to everyone for all your support, hopefully one day soon i wil be able to return the favour to you and others! X

[Shining]

Simbel honestly just by posting others read who choose not to post and their answers are found as we always have potential posters looking in and some just want the answer they're looking for without posting so any query is a potential answer to someone else so keep on posting. x

[Pennyless]

Simbel as Lesley says just keep posting your questions....on these forums your never far from an answer, either from those of us more experienced or even the experts who frequent the boards...but please dont let "questions" build up and cause you worry, if you cant speak to your IP, just raise your concern(s) here...these boards really are 24/7 lol.

Main thing to remember is your not alone and we are all here to help and support eachother.

[kallis3]

Simbel, your IP is there to answer any queries about your proposal, so don't worry about pestering them.

We can try and help on here as well.

[Simbel]

Hello everyone. Today has been really tough but hey both me and the husband managed to finally open a joint Easy Cash Account with the Halifax. We went out this morning with this mission and went to about 4 banks, Halifax was actually the last resort which to be honest I didn't think we stood a chance with as I have previously posted I had applied on-line and they had advised that it was going to take at least 7 days before they got to our application. However once in the branch the lady was brilliant and opened the account for us very quickly. The other 3 banks made me feel like I was a criminal - one chap actually said "we have to make sure that you are a responsible borrower, not make debts here and there and everywhere and then walk away from them"

So now we are waiting on some other documentation to come through before we can send our pack to our IP, hopefully by mid November everything will be with him. I have also informed our close relatives ie parents of what is happening - this was really hard, but they have been great, very supportive. I'm very tearful at the moment but just posting this to you all is making me feel better, letting you know that all your support and knowledge is not falling on deaf ears - many thanks to everyone of you. Hope you are having a nice weekend.

[Skippy]

I'm glad you've got your bank account sorted out, that's one less thing to worry about.

It's understandable that you're feeling tearful, it's a horrible time for you at the moment but at least there's an end in site xxx

[kallis3]

So glad you have the bank sorted Simbel.

You are bound to feel down, but you should not let these other banks get to you - you are doing your best to sort yourself out.

I am so so pleased that your parents have been supportive, I have never dared tell mine.

Good luck with your application.

[Shining]

Account opened and parents told, would be an emotional day for you, hope you're feeling a little more settled now, you've come a long way already and with the account up and running and the information won't be long before it's sent to IP, so fingers crossed for a quick positive result.

[Pennyless]

Simbel thats great news. Little steps as they say. At least your parents are being supportive which should make you feel a lot better. My wifes parents think my debt is a disgrace and that after 25 years marriage they feel she should divorce me, so not sure what reaction they'd have if they ever discovered I was in an IVA lol.

In any event you seem to be moving forward which is great to hear and I look forward to watching your progress. It's so good to read about people picking themselves back up, after so much worrying about debt.

Regards

Pennyless

[kallis3]

My parents would kill me!

[Simbel]

Another couple of questions! I'm trying to fill out all the paperwork now and looking at my bank statements there are a whole lot of things which basically I don't need - insurances for computers which I didn't even know I had taken out (this really is disgusting isn't it - I have got myself into this debt and I've literally been giving away money - with these I shall just cancel the dd's) with regard to mobile phones I hold three contracts with Vodafone (for myself, husband and son) these are on 24 months and 18 month contracts respectively and add up to a substantial amount - I have asked for the insurances to be taken off and also downgrade my line but my husbands and my sons can only be downgraded next month. The final figure will be a little over what it should be on my form. If I cancel then this too would go to the IVA - but I need a mobile for work and to contact my children (I also have a mobile contract for my daughter £15 with 3G) - what is my best cause of action. Oops nearly forgot - is it imperative that I get a valuation on my property done. There are a couple of identical properties on the market on the same estate - can I not send in their details with my pack (may be this is a silly question??)

[Shining]

I would get a free valuation done Simba, make out you're selling to relocate and they'll want to put your property on the market, that's how I got mine!

With resepct for the mobile phones I would put down what you pay and then you may have to find the excess of the bills from another pot so to speak in the interim before they can be cancelled I would imagine, I'm sure it wouldn't be beneficial to cancel due to the penalties.

Cancel all the DD's that you don't require and just transfer the ones you do. You're getting there and soon this transition period will be over and done with and you'll feel the benefit.

[size5]

Lesley is giving you sound advice there Simbel, as usual of course. Whilst creditors have every right to expect you to cut your cloth accordingly, there are things that can be done in even the most complex of cases. For example staggered payments to reflect high but justified expenditure now, followed by an increase when a contract finishes.

Regards.

[Simbel]

Hello - wonder if anyone can help me, I'm gathering all my paperwork together now and I have read on the forum about token payments - I don't understand what a token payment would be or how much I could consider giving as a token payment, for example with my loan to Egg which is £17,500 - how much should I consider giving them as token payment and with my MBNA card which is currently £11,950 - what would be a token payment to them etc. I'm so confused...... Can't wait to get all my paperwork sent to the IP (sorry folks I know I sound very dull and dizzy - I'm usually not like this at all and quite clued up, but all this is so scary and timing all this is confusing as I haven't defaulted on anything as yet - all loans and credit cards are via dd's) as soon as I default on one - will the calls/letters start? Can anyone please answer my questions - Many thanks.

[size5]

It is your choice as to whether to make token payments or not, it will have no bearing whatsoever on your creditors meeting.

If you do decide that you want to make token payments then do it fairly if you can by dividing it up on a pro rata basis. Some people prefer to make token payments as they can ease the pressure a little whilst your IVA is being prepared, others pay nothing and use the breathing space given by that to help with the whole transition, changing banks etc. There is no right or wrong, just personal preference, as I said before they will have no real effect one way or the other on your proposal.

Regards.