Great stuff icap, congratulations for seeking advice.
Whichever IP you decide on will talk you about all your options again and require that you read the R3 document "Is a Voluntary Arrangement Right For Me?", so you might want to get a head start on that here:
I am sending my creditors letters out tomorrow, i am not behind with payments and my next payments are due in 2-3 weeks, do you think my appointed IP would have contacted them before then? im hoping to not get too many phone calls!!
kallis3 wrote:
It normally takes between six and eight weeks from start to finish.
liamjames wrote:
Great stuff icap, congratulations for seeking advice.
Whichever IP you decide on will talk you about all your options again and require that you read the R3 document "Is a Voluntary Arrangement Right For Me?", so you might want to get a head start on that here:
They may have written, but to be honest it will probably not make any difference to the amount of phone calls you get.
Some people speak to them, others don't, the choice is yours and it makes no difference to your application which you do.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
thefsg wrote:
Welcome to the forum icap9912. Keep us informed and don't hesitate to ask any questions if you need help or opinions on anything. Good luck!
Everything done with National Debtline, they have now passed my application to Payplan, i hope everything goes smoothly!
Had a look at the reviews and they seem a good company.
C
Good luck icap. Its a tough road but the initial relieve upon acceptance is huge. Lots of sacrifices have to be made and many times you will be frustrated and feel trapped but when you do just just remember how bad it was before and you will soon come round. Plus there is always the light at the end of the tunnell getting ever nearer. Done a year and half and it really has flown by.
mole wrote:
Good luck icap. Its a tough road but the initial relieve upon acceptance is huge. Lots of sacrifices have to be made and many times you will be frustrated and feel trapped but when you do just just remember how bad it was before and you will soon come round. Plus there is always the light at the end of the tunnell getting ever nearer. Done a year and half and it really has flown by.
Please ensure you are COMPLETELY happy with your Expenditure. As I had never budgeted I really didnt know how much I needed just to get by. I seriously underestimated and missed things off. There are allow amounts for all sorts of things. Also, to avoid big mainteance payouts get home cover for things like drains, boiler, CH, plumbing, etc. The cost of this insurance can be included in your IVA and will avoid paying out a large lump so. Also include little things that you may have thought you could not claim for (e.g. Pets, dry-cleaning, sports, tobacco, hairdressing, house repairs, social, dinners at work).
IF you legitimately spend money on these things then include it. Please keep us posted on your progress
Hi icap,
Welcome to the forum, you`ll find invaluable help and advice on here and great support too.
My debts were 62k when I decided enough was enough and after my I&E was worked out the dividend proposed and accepted was 36p/£. The dividend you say you can afford is extremely good, so I`d say make sure you thoroughly examine your expenditure.
My IVA took 13 weeks from sending off initial paperwork to approval.
Good luck on your journey out of debt.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
Goosed wrote:
Hi icap,
Welcome to the forum, you`ll find invaluable help and advice on here and great support too.
My debts were 62k when I decided enough was enough and after my I&E was worked out the dividend proposed and accepted was 36p/£. The dividend you say you can afford is extremely good, so I`d say make sure you thoroughly examine your expenditure.
My IVA took 13 weeks from sending off initial paperwork to approval.
Good luck on your journey out of debt.
Hi Icap9912
We have been in our IVA for 12 months with Payplan and I must say they have been very good,they give you the chance to go through every thing and explain it properly.
I would recommend that when your IVA is approved go on the comparison sites and start getting the best deals for everything, We managed to save nearly £200 in one afternoon,
Good luck with your application and I sure everthing will go through ok
Thanks
We really appreciate the support from everyone on this site!!!!
Special One wrote:
Hi Icap9912
We have been in our IVA for 12 months with Payplan and I must say they have been very good,they give you the chance to go through every thing and explain it properly.
I would recommend that when your IVA is approved go on the comparison sites and start getting the best deals for everything, We managed to save nearly £200 in one afternoon,
Good luck with your application and I sure everthing will go through ok
Just a quick update.
I decided to phone 3 of my credit card companies yesterday to advise them of my situation, they were very helpfull and i told them that i was going through the process and that my IP would be in touch soon, they made a note on my account and told me that when my next payment was due and it isnt paid then i would go into arrears and may incur charges, they appreciated letting them know, and told me that i did the right thing talking to Debtline and sorting my problem out before it gets out of hand.
I have also followed up my call with a letter to confirm my situation.
Im not sure if calling them early makes a difference but it takes a weight off my shoulders to confront my creditors and be straight with them. i just need to call my loan companies now, ive not been in this situation long but the only asdvice i can give anyone is not to sit there affraid of the phone ringing, i know some people are not too good on the phone but it does your worry a world of good to speak to the enemy, has anyone else found this approach beneficial?
C
icap9912 wrote:
Hi
New to the forum, its nice to see people in the same position as we are at the moment.
We are £51000 in debt, accrued over the last ten years due to my wife taking a pay drop, having our second child amongst other things, we used to hide the debt in the back of our minds and just plodded on using credit cards to get us by.
I feel that we have made the first big step and finally accepted that we cannot go on this way, so i contacted the national debt line who were very understanding and helpful, we agreed that an IVA was the best bet and they sent me all the info.
I posted my budget and creditors list out yesterday and opened my "safe" bank account, just in the process of transfering my direct debits and cancelling my credit card & loan direct debits, i have written all of my letters for the creditors and plan to send them this week, hoping they will get them before my next payments are due, its very scary and im not getting much sleep at the moment!!
I was advised that i will be able to pay back my creditors back about 70p in the pound which enables us to financially breathe again!
I am told it shouldnt create many problems in the decision process.
I will keep you all posted.
C
So long as it makes you feel better, that is the main thing. And well done for finding the courage to fact your debt demons head on - creditors always tell me that they appreciate direct and honest communication from account holders in financial difficulty.
I'm pleased that you have had such a positive response from your creditors, it makes a refreshing change.
I didn't speak to mine, I really didn't want the hassle and intimidation so I just wrote to them.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
