www.iva.co.uk

I know, all i seem to do is post and moan, i am usually such a happy person!

We got the proposal back today and again it has hit me what is happening.

Firstly, we have to send our first payment to our IP before the date of the meeting, not a problem the money is there but our new bank account does not have a cheque book and this is what they ask! It is wee daft things like this.

Also, what if the creditors say no? What happens? Can we appeal? I am just all over the place about the whole thing.

I thought i had it all straight in my head!

I am reading my through the whole forum to just try and learn as much as i can. It also gives me massive strength reading that others have been through the same things and are living it and coming out the other side.

I wish i could fast forward 4 weeks and then hopefully it is all settled.

Thanks for listening to me moan again!

N

Hi NS,

Your feelings are quite normal.

If you can't send the first payment back with the proposal then you need to speak to the IP and tell them. We had a similar problem and just set up the first payment after approval.

If the creditors do refuse then you can do a DMP or go bankrupt.

I'm sure things will be ok though.

Hi NS we're at a similar stage (creditors meeting next Wednesday, nails chewed off half an hour before!) We have a bank account that hasn't got a cheque book either, we're with Melanie and her team and it just took a phone call to get bank details to make a direct transfer through the internet banking.
Hope this helps

Jon

Thats what this forum is here for - to get it all out!

As Jan says, your feelings are absolutely normal and I bet nearly every poster on here who has been through it felt the same way.

Your IP should do everything they can to give you the best representation and that includes on Creditors Meeting day if the creditors push unfairly. Decisions can be appealed against and deferred but your IP will explain all this to you and if they don't ask them. You are entitled to know as much as you want to know - this is a legally binding arrangement so you need to be clear and comfortable to what you are signing.

With regards to your first payment, if you have stopped your payments to your creditors and are living within the budget you discussed then you should be able to generate at least one month's IVA payment - this is what our clients do, so that it gets them in the habit of living to their budgets in preparation for their IVA.

Use this forum for info and support as much as you like...and before you know it, 4 weeks will have passed!

Best wishes,

We didn't make first payment till after meeting either. All these nerves are completely normal I remember them all too well. Good luck xxxx

Oh we have the money, it is just the logistics of getting it to them.

We are still paying the creditors at the, we have never stopped. It is just that we were getting more and more into debt keeping up the payments.

We are with a good company, it is just me. I am a worry wart and would rather have just put my head in the sand and worry about it later.

Thanks for your replies and i appreciate anything else anyone wants share !

I never made any payments to my creditors once things got moving, saved the money to make sure we had a bit of contingency behind us and enough to make that first payment.

You could try just making token payments to your creditors so that you are able to manage your priority payments.

Im not as far forward as you yet, but I know two things; one, my hubby and I will be feeling exactly the same when our turn comes round, and this forum gives me so much strength to. Wwe are going with Melanie and her team and thanks to their wonderful help so far we are living our first month as if we were in an IVA. We have stopped paying creditors, which is a hard pill to swallow as we wern't in arrears before, just using most of our income to pay everything then hitting credit cards to live modestly . We have used our 'extra' money to pay off our rent arrears this month and that alone feels SO good! Ive also spent under budget on food so I can alreay see how I can save little bits from my budgets for xmas. Once we have got round to paying our first month we will have the first payment.

You are not alone....even though I am sure you will end up giving me a pep talk at some point![:)]

You're not alone and all the feelings are you're experiencing are what I experienced. Any questions/queries or you just need advice/support we're always here for you.

Can you do a bank transfer for the payment? x

I remember this time all to well. All will be ok hun, dont worry. When i found this forum i was well into my IVA - wished i had found it sooner though. All round fantastic support on here. You can moan and rant and rave as much as you like - you'll be supported every step of the way.

New Start, you should be able to send the money via a bank transfer. Contact your IP and explain your situation. I`m in the same boat as you regarding sending my first payment (no cheque book with new account), I spoke to my IP and they told me it won`t be a problem.