www.iva.co.uk

Hi all,

I am in the very early stages of my IVA , that is I am just about to say go ahead to step change. So my question is now how long does it take now.... they said that it could take 2 to 3 months, if so I suppose this is the worst part of chasing by creditors, which worries me , but I know its all part of it.

Any advice , tips etc would be greatly received.

Thanks in advance

Due to volume of cases and number of IP's Stepchange aren't the fastest kid on the block ( but speed isn't always everything). From you saying "Go ahead", after the proposal has been drafted and sent to you for approval, should take a few weeks only, not months. Refer any creditor calls to Stepchange to deal with, do not get into any discussions with them and bear in mind that the calls are probably from a call centre and they will often say anything to get a payment from you.

Thanks Foggy,

I am happy to ignore the calls, and if I do take any will refer them to step change.

Good news it should take weeks...

Thanks again.

Hi

Ours took about 3 months in total but very quickly the calls stopped once creditors were made aware.

Must say StepChange were faultless in our opinion, the IVA side works like any private company.

Our debt was huge with loads of creditors but we are so glad we chose them as we had no real difficulties and our allowances were good.

Does help if you can introduce extra income once set up

No PPI to bother about because they don't force the issue at the moment

Good luck

Regards

Oh and it gives you more time to save up, don't pay anyone a penny

Regards

Use this time to build a contigency pot of money. Don't pay any creditors - once they have been informed of the pending iva they will stop contacting you !

It is like a waiting game and it is the hardest time of the iva as you are not yet committed to the iva but you are missing creditor payments - it will all work out for you I am sure and in 3 months time you will be secure in your iva with no looking back only forwards.

If you have given them all the information they need it should only take a couple of weeks to produce your proposals and then call the creditors meetings.

3 months is a joke.

I was with Payplan and it was eight weeks for me from start to finish.

Doesn't matter if it takes 3 months if they are thorough and you end up wiping out most of your debt.

The more time you have to save up the better....

Thanks everyone,

I put the wheels in motion today... so here we go... I love this forum , has put my mind at rest.. I do have some more questions but will look on the forum to see if they are covered anywhere before I ask them

Any savings built up in the meantime might have to be paid into the IVA.

We were always told that any savings made from not paying the creditors should be used as a contingency fund just in case.

I agree -- we have always been told that modest savings accumulated during the run up to the IVA were allowed to be kept as a contingency fund. I am talking in the hundreds, not thousands.