I'm beginning to wonder how likely my IVA will be accepted by my creditors because I've been paying my bills on time up till now. Therefore I don't actually have a bad credit rating or anything adverse against me at the moment.
My original thinking was that I will start the IVA before anything like phone calls or demands for payments happen, because they will soon as this month I'm over my overdraft limit at my current bank and the direct debits will start to be refused and cheques will bounce.
Should I give it another couple of months of not paying my creditors and getting a bad credit history to enable me to be in with more of a chance of being accepted? As at the moment all my creditors are being paid their full amounts and aren't going to accept a lesser amount from an IVA all of a sudden!
If you are insolvent in that your liabilities exceed your assets or you are unable to pay your bills in full when due - then an IVA is probably (subject to appropriate advice) for you.
You credit rating will be tarnished either way - so not worth waiting for all the harrising phone calls and get the ball rolling now.
Last edited by David Mond on Tue May 05, 2009 8:36 am, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Have you been paying the bills by "robbing Peter to pay Paul"? If so, then you are insolvent and there ought to be no reason why your IVA should not be accepted.
Have you appointed an IP to represent you yet? I would not continue to struggle onwards - there is no point, and you are likely to make the situation worse - for creditors and yourself.
Hi Helpme27, I was in your position, excellent credit upto the point that it got to much. My recommendation would be to act now and fast when the calls start they are relentless.
Take a look at www.iva.com for companies, but I can recommend The IVA Advice Bureau as that is who I am with.
The quicker you act the quicker your stress will be eased.
You have made a good start by being on this forum!
Approved 3rd June 2009 first payment made on the day.
Offer made and settled - happy days
76.5k debt creditors:- Northern Rock, MBNA, Barclaycard, LloydsTSB and Capital One
I have been robbing peter to pay paul, have been doing that for the past year. Been managing to juggle my finances in such a way that I have managed to pay all creditors but my bank account is constantly overdrawn. Its wearing me down all this "juggling". Have started contact with Debt free direct who have given no idication that an IVA wouldn't be accepted.
If you are declined an IVA can you ever apply for one again?
I know where your at, juggling between 0% deals when all your creditors either stopped offering them or reduced your available credit limits, and increased your interest rates... Slowly your overdraft increases and increases before your finally think it can't go on.
Approved 3rd June 2009 first payment made on the day.
Offer made and settled - happy days
76.5k debt creditors:- Northern Rock, MBNA, Barclaycard, LloydsTSB and Capital One
You should therefore have a chat with another IP and give him/her details of all your personal and financial circumstances and particulars.
Visit www.iva.com for reviews on firms and practitioners and select one or two to have a chat with.
They will give you the appropriate advice and it is free and you might feel more comfortable with one of them.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Tele2002 you have hit the nail on the head. That is exactly the situation I'm in.
I do meet the criteria, so I've been told. I have £46000 of debt with 5 creditors, my monthly outgoings are probably £200 more than what me and my partner earn a month. I own a house and 2 cars so dont really want the bankrupcy route, especially as I have a 20 month old daughter as well.
Then as David has said have a chat with one or two others, David's firm or Melanie's both get rave reviews and seem very proficient in getting the job done.
But honestly act now as the stress was really getting to me so I know how you must be feeling.
Approved 3rd June 2009 first payment made on the day.
Offer made and settled - happy days
76.5k debt creditors:- Northern Rock, MBNA, Barclaycard, LloydsTSB and Capital One
Just wanted to add i was the same i hadnt missed anything, i didnt even stop paying while i was going through the process (as i was not advised of this... god i wish i found this forum 1st) and my IVA was approved with no modifications
