www.iva.co.uk

I have taken the first step!!! After reading lots on here making a few calls and getting lots of advice i have decided to go with clear debt, so far they have been really good and michael has ben very good and patient with my persistent questioning!

i am now in the process of finding all the relevant paperwork... the drawer that we shove all paperwork in is a black hole i am sure!

I am now really worried though that more of the debt is in my name (we are going for joint/ interlocked) at the time it was taken i was in full time employment but now i am part time (due to having two small children) so essentially my husbands wage pays much more than mine... will creditors (his) look unfavroubly on this? I hope they will see that if we go BR then they would get nothing as all our bank accounts and assets are joint? I feel really stressed by all of this and i feel really guilty that we have now cancelled all of the direct debits to creditors. one good thing with stress though i might loose some weight!

My final question is regarding the reviews i know my ip will talk me through all this but i am so impatient. What kind of things are looked in to?? are bank statements monitored? I am planning on drawing out money on a weekly basis e.g my £100 food allowance so that i will know exaxtly how much i have left? is this ok or does it need to be shown what i am spending where?

sorry to ramble but so much is whizzing round my head at the minute!

Finally (finally) is it still ok to buy clothes and things?? not for me but my children are at the age where stuff fits for 6 months and then they neeed new my daughter is 18months so has no summer clothes at all.... in the past i have relied on my next directory which is now obviously a no go!

Thanks

Well done for making what is always a tough decision. Cacelling the direct debits always feels like a massive,no turning back now,kind of moment.

We have a similar black hole of a drawer(well we had!!),containing all the financial paperwork.

Each company has their own requiremens for reviews but taking out your £100 so you know what you have isnt going to be an issue.

As for clothing,like everything else there are allowances. Put down what you spend just now(dont short change yourself just to make your figures look better),your IP may suggest what is acceptable to creditors and what you may be asked to reduce.

We still use next directory but we make a payment right away so we never take on credit.

Paul

Thanks plastic draft! I am actually fearful and excited about the whole process in one way i cant wait to be in control of finances again and in another i feel a bit scared that my overdraft and credit card "safety nets" willo be removed!

I will keep updating then hopefully people in the same position can find answers from my experiences!

Well done!!

I wish you all the luck on your IVA journey!

His creditors are unlikely to look unfavourably on the proposal just because you have more debt and less income. Sometimes it works for creditors and sometimes against.It is a valid query but one not to be concerned about.

Do not worry about how you spend your money. We do not request bank statements at the annual review although I am not sure about Cleardebt but regardless they will not be concerned about how you spend your allowances.

Thanks again for all the kind advice, I no longer feel like a criminal..... however i dont think i will be able to enter my local lloyds tsb incase they lock me in and make me sell my children or something .... haha

hi beans on toast , well lloyds never locked me in or kept kids ( unfortunately )and i used to work for them !!! ( nurse now ). we all know how you are feeling and once up and running the relief is tremendous. we are nearing the end and i must say the time has gone quickly . all the best ,
xx