www.iva.co.uk

Only just starting on the road to my IVA, I found this site a couple of weeks ago and it has been fantastic, and it really helped me to summon up the courage to contact someone to discuss my debts and the possibility of an IVA. I am at the stage where all the required paper work has been returned to the IVA company and I am now waiting to hear. I was starting to feel quite postive, i found it initially a huge relief to admit my debt problems as I have never been able to discuss them before. But I am getting very stressed just waiting to hear. I am not sleeping very well, I cant concentrate at work and I look a total mess.
I have read on the site that some IVA's have been rejected recently and I really feel for these people,I know everyones case is different but it has started my brain off again and it just wont shut up with the what if's etc. (I have NR as my biggest creditor)
Any tips for coping?

Regards

Pippa

Hi pippa im sure you will be fine just remember your ip would not be proposing an iva if they felt it wasnt viable they work very hard and as long as they are putting a proposal of 40p in the £ forward i cant see NR having problem.
Even if some iv'a are failing each case is based on its own merits,try and think positive at all times im sure you will be fine.Everybody copes in different ways my advise would be keep busy i always have a spring clean when im stressed you know what they say out with the old in with the new.
Hopefully it will be a new start for you.
Good luck keep posting we are always here to give as much support and advise as you need.

Tracy

Me to i spring clean, although since my IVA was accepted my flat is looking decidely messy! haha.

Pippa, just hold in there, tracey is right your IP wouldnt have put your propsal forward if it didnt stand a chance, its in their benefit too for it to work out (ie their fees!)

My iva was rejectedo n the first go but my IP put it forward again and we succeeded! so hang on int her.e

It felt to me like i admitted the problem to myself ..started the processes, then it goes quiet (its just your IP geting it all sorted!) then you get you creditors meeting date and its all go again!...

Keep posting !

Thanks both

Have just eaten a box of chocs and am now feeling too sick to worry anymore today! although best I stop now, if I keep this up I reckon I will need to join the weightwatchers forum too!
Did my ironing last nght and I never do ironing so at least if nothing else I have clothes to wear that i havent seen for a while.
Have already cleaned the house within an inch of its life.
Best I do it again tomorrow to work off all that chocolate

How long was it before you both heard from your IP after summiting your docs?

thanks again

Pippa

Hi Pippa

Your creditors will look very keenly at your IVA proposal and probably judge it of the following basis:-

1 When you borrowed the money was there a realistic prospect of you paying it back?
2 Does the proposal you are suggesting represent the very best offer you could make?
3 Does the proposal have a realistic prospect of achieving its aim over the proposed duration?

There has been a lot of adverse comment about banks and lenders on the forum over recent weeks. Can I just say that in my experience, the majority of creditors make appropriate decisions on a case by case basis, and I have very rarely been faced with a rejection which was not properly explained or made without good commercial reason. It is right that creditors are perhaps looking a little more closely at the viability of IVA proposals, at a time when there has been a lot of media interest in the marketing and promotion of personal insolvency products and the costs of running such cases, but if you are putting the right proposals forward, and have managed your finances in a responsible manner, then you ought to get the right result on the day of the creditors meeting.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Thanks Melanie

As always your advice is very much appreciated

Pippa