www.iva.co.uk

Hey all,

I had my telephone conversation with Melanie this afternoon (Melanie Nicholas at Melanie Giles's office). All went well, gave all info etc. She was lovely, put me at ease about my situation. Obviously I have to wait until restaurant sells to see how much I will have to offer full and final but at least all the paperwork can be done.

One thing she did ask for was a complete background of how I have ended up in debt. I just wanted some advise on how detailed this should be. Should it be pages and pages or very brief. I know what I am like and when I get started I might put down irrelevant stuff that maybe important to me but make no difference whatsoever in the outcome of the iva proposal.

I want to be thorough but if it goes to my creditors, I don't want them to fall asleep reading it!

I feel guilty as I read about some of your problems on the forum that lead you to be here and mine really comes down to bad financial management, spending what I didn't have and a failing business that I didn't want to let go of.

Any advise would be greatly appreciated.

Viki X

At least four or five short paragraphs will be fine - but if you want to write more that is fine to. The guidelines I use are generally:-

When did you start borrowing money?
What was it used for?
Are there any key events which have made you rely more heavily on money - illness, separation, children, loss of employment?
Trading difficulties encountered
What you have done to try and deal with the situation
Why you feel an IVA is the appropriate way forward.

And we will not be waiting for the restaurant to sell before proposing your IVA - it will be done on the back of a forced sale valuation with the expectation that a sale can occur within 12 months.

Thanks Melanie, Melanie said that we would have to wait to see what it sells for but she did say she would speak to you and send me an email with all info on so that's even better if we can proceed. I will write my background info tonight. Appreciate the reply.

We did speak, and I have explained to her my strategy. I am sure she will be in touch tomorrow.