I have just applied today for an IVA with Payplan.
The official paperwork is now being put together by them to offer my proposal to my creditors...I am so worried.
A little about me.....
I am 38 years old, divorced, no children and living in rented property, the rental agreement is in both names as is the council tax but we are going through a rough time at the moment and he is not currently living here so I can't include his wages on my plan, he makes no contribution when he does not live here.
I have almost 40k of debt over 7 credit cards, all up to date even though I have been drawing money off cards to pay my bills and living expenses, stupid I know.
Anyway Payplan have said to offer £300 a month to my creditors, split over the 7 accounts. My car is with 3K which is the only asset I have.
I am scared creditors will refuse the IVA offer or make me sell my car as if they make me do that and get a cheaper car I will be not able to afford repairs, my car is in good order, also what if they refuse the IVA.....will I end up in court???
So terrified and worried that it is going to be 6 weeks before I find out. But I had to do something and get my debts sorted.
This sounds very straightforward and I would highly doubt if creditors would want you to get a cheaper car. If you can afford the £300 it seems an IVA is a good solution and best of luck for the meeting of creditors. If you have any doubts you could take another opinion and see if your payments would be lower but if you are happy with the payments it should be accepted.
don't worry about your car.mine was worth £4500 when I went for iva and that was ok.dont forget to include every little thing on your I@e sheet so you don't struggle after its accepted.they would not put forward your proposal if in did not have a really good chance of being accepted.this is prob the worse wait you will have but trust me we have all been there and got the t-shirt as they say.you have done the hard bit of getting help so try and put it out of your mind until you get your date for chairmans meeting(which you wont have to do anything but wait for the outcome on the day)im with payplan and got just 2 weeks to go before im across the line and its not plain sailing sometimes but its a million times better than the position you are in at the min.
good luck and keep us imformed of your progress.
cc received 6th January 2014 now upwards and onwards
Your story sounds very familiar to me - roughly same amount of debt and offer of payment similar (I am however married but de t was mine only). I am sure nothing I say will stop the worry you will have over the next few weeks but rest assured that it is worth it in the long run. I still realise the level of debt I had (mostly without my husbands full knowledge) but the gut wrenching feelings of despair and self loathing have gone. Be strong and good luck xx
I know I am a good person, I just need to start believing it
Hate to ask the question but if you are in rented accommodation with your only asset being the car why did you not consider BR. You would be better off financially over the five years..
Since the Tories came to power the value of a car that you can keep has dropped to about £1,000. The price of bankruptcy has gone up to £700 at the same time so that is probably why the poster is concerned about her car.
your level of debt is lower then mine was, your repayment are better then mine. I was allowed to keep both my motorbike and car and was a flat holder.
Like you I was worried they would say no, But got a yes.
IVA now over and was best thing I did.
GOOK LUCK. but you wont need it.
Last edited by kev59 on Sat Oct 12, 2013 11:45 am, edited 1 time in total.
IVA now over with and it was worth it.
now starting my life again,
I did read about Bankruptcy but at some point in the future I would like to buy my own house, not yet of course and certainly not until the IVA is finished, if it gets approved and then of course I would need to save for a deposit. I am also not really happy about telling my employers about my situation, which I would probably have to do if I went down the Bankruptcy route.
My car is worth between 2.5 and 3k depending on who you use to value the car, but this is my only means of travel to work and I could sell it and get a cheaper car but then I would not be necessarily get a car as good as mine, bought from people I knew had kept it well maintained and serviced, mileage not too high. If I bought a cheaper car then I could end up being left with repair bills that could easily amount to far more than I can afford as the offer put forward for my IVA takes up all of my spare income after my budget, which doesn't allow an awful lot for repairs.
