Help please

[maya]

Hi

My IVA was approved yesterday !! So i'm hoping its the right thing that I have done.

Thanks again for all the help, support & advice .

Will keep reading posts & willing to help .

Take care

m

[scaredkez]

congratulations maya i am pleased for you
kerri

[maya]

Thanks Kerri
m

[Skippy]

Congratulations Maya!

Onwards and upwards!!!

[jannette92]

Congratulations Maya.
It worries me that people are having to pay up front. We haven't been asked to pay a penny, we started our IVA on 20th Dec and have creditors meeting for 19th Feb.
We were initially told by debt management company to pay £5 per creditor which we did for 1st month, then early jan when we had our IP they told us to pay nothing no use giving good money after bad. So we haven't paid a penny since early Jan. This worries me if IVA doesn't go through but we are hopeful.
At the moment we are optimistic and mananging to feed ourselves but it could all go pear shaped next Tuesday.
Will keep you informed and if successful definitely recommend our debt management company and IP who have been totally professional and exceptionally speedy about the whole process.

[Help-Is-Here]

Maya, Congratulations firstly!!(Yey!)

Now if I have understood you correctly, you are with debt free direct? I used to work for them so could hopefully give an insight as to why you have paid some money up front.

DFD try to get all IVA's passed at meetings. They use your early payments as leverage. Basically saying, look, there is no requirement for her to pay contributions before the IVA starts but she is, because she really wants to pay you back she just can't afford it. This 9 times out of 10 did have a positive reaction from creditors.

Also, I know work at debtmatters and the reason they accept early payments(they don't demand early payment they just advise it) is so that if your case passes, and you have paid in two months payments already, if you have a bad month or are off work, you don't have to get worried about your payments as you know you have a two month safety net there.

I hope this helps people to stop worrying. The thing is, some companies may well not have a good reason for askin for early payment, just ask, I am sure from they're reaction you will be able to tell whether they are being honest.

If you are ever in doubt just drop the experts a quick line...better safe than sorry!!

Congratualtion again Maya! xx

[maya]

Thanks Help-is-here. Fortunately after all the hassle my IVA got approved on 12th Feb & i paid the first instalment on the 15th , so the countdown has truely begun.
Just hoping that all goes well , as well can someone advise when I should start looking to buy a property than renting out ( i understand that the monthly mortgage should not be higher than the rent i'm paying now ).& does the 4 years equity release apply to purchase of a property post an IVA approval?
Just want to ensure that this time round i ACTUALLY know what im doing rather than doing it first & then understanding it or trying to
All advise appreciated & again THANKS for the help so far.
m

[neverending]

Maya
First of all well done,especially for hanging in there.
As far as property goes I actually purchased 6 months into an IVA and 2 +1/2 years later am using the equity to pay off my IVA early[fingers crossed as variation meeting is on the 9th march].
The equity release does not apply to post IVA purchase but this is something that caused me alot of worry and I had to ask many questions on this forum and got conflicting advice.In the end I read and re read the terms of my IVA until I convinced myself that my IP or creditors could not "touch" my equity.
You will need a deposit from a third party and I would aim for 20 %.
Keep reading this forum and learn from my experience.............hoping that it has a positive ending

[quegkey]

Hi and heaps of congratulations on your perseverance Maya!
and if I may add a quick question:
for Help-Is-Here.
I can see the logic of your arguments for paying contributions before the IVA meeting, but what happens if the IVA is refused?

[freelili]

hi Maya

Just wanted to say well done, really pleased for you

LILY

[Help-Is-Here]

Quegkey,

Obviously each company works differently, but from my experiences we refund the money. In most cases an IVA is free for debtors, although the IP is obviously receiving a fee for their work, it is the creditor who loses out on that money, not the debtor. So although the creditors may reject the proposal, your money should be refunded and in my experiences, it has.

Just to add a quick note, this is why you must put trust in your IP. To put it bluntly, your IP needs your IVA to pass to get paid! So you know that with most IP's, even if your IVA does get refused, they have tried their very best to get it through for you.

I hope this gave you the answer you were looking for!

x

[quegkey]

Many thanks for your reply Help-Is-Here - that's a relief to know!
But I guess its best to get this in writing just to make sure...?
q.

[Help-Is-Here]

Oh yes most definatley, as I say every company/IP is different so just to safe guard yourself, you are best to get this in writing from your IP

[maya]

Hi thanks again for all the advice. But after my IVA being approved i called my IP with a query on opening a savings account , but was transferred to another person ( apparently i now have to contact this person in future & not my IP) , is this normal practice , maybe Help-is-here might be able to answer this as I went thru Debt free me . This sort of unnerves me i.e.talking to someone completely new , please can someone advise / let me know if they follow a similar practice.
Thanks
m

[aguise]

Hi maya
I had the same. The people who set up my iva, have now given me an account manager he is the one I deal with now over queries like any overtime we do etc. I have got to know him and am quite comfortable ringing him to ask anything. Hope this helps.