www.iva.co.uk

Hello...my husband and I have creditors meetings next Tuesday (8th) and I feel everything has changed since the initial few phones calls with the IVA company.

Initially we were told that we were perfect candidates for an IVA and that all the creditors we listed were good to deal with. They were very helpful throughout the whole process, I was told to call anytime (which I didn't abuse, only contacting when I had a relevant question)...so after much deliberation, my husband and I signed the papers.

Then....after receiving the papers confirming the date of the creditors meeting, I had a query and tried to contact the person I was dealing with but in the course of a week and despite 2 voice messages and 2 emails, they did not come back to me. A simple 3 minute call would have answered my query but instead I descended into a pit of stress and stomach churning worry when contact seemed to be cut off.

I finally got to speak with them today (although I know it was reluctantly) and they are now saying about the possibility of one of the creditors (the main one) perhaps being a little sticky, the fact that the meeting will probably be adjourned, and then Bankruptcy was mentioned as being the only option to an IVA. I had initially been told due to there being no equity in our house that this would not really be viable.

I am trying so hard to stay calm but, due to other family pressures at the moment, I am finding this extremely difficult. I feel as though it was all about the chase from the company - the moment we signed the papers and jumped off the proverbial cliff, we have been left to free fall alone. I just don't know what to do. I feel sick.

You can still cancel the meeting if they cannot allay your fears, depending on your terms of engagement. I note that NRAM are one of your major creditors ... they will, most likely, ask to make it a 6 year IVA, with the possibility of still extending in lieu of equity.

Which firm did you go with in the end ? There are a couple who seem to put a lot of their available resource into setting up IVA's and severely under resource the running of them. They also compartmentalise everything so there is no sense of continuity -- everythimng is dealt with by automomous "departments" who do not seem to communicate with each other!

Please stay calm - Bankruptcy is not the only option - you could do a temporary DMP in the meantime while you decide what to do if your IVA is halted for some reason.

Thank you both for taking the time to reply...truly.

I feel nervous about mentioning the company here as they are one of the ones you have recommended in previous posts... and I really cannot fault their friendliness up until this point - it's just that now when I feel we need the support and reassurance, I feel we have been left high and dry. Perhaps I have expected too much....I don't expect anyone to hold my hand but it's just this shift in their advice at this late stage that me so worried. I had just wondered if anyone else had experienced this in the lead up to their meeting...

Kallis - thank you for your advice regarding the DMP - I am guessing this is something I could look at after the meeting if that did not go well?

Partly due to juggling finances for so long, I recently hit a brick wall with depression - perhaps this is why I am struggling with this so much.

Meech wrote:

Thank you both for taking the time to reply...truly.

I feel nervous about mentioning the company here as they are one of the ones you have recommended in previous posts... and I really cannot fault their friendliness up until this point - it's just that now when I feel we need the support and reassurance, I feel we have been left high and dry. Perhaps I have expected too much....I don't expect anyone to hold my hand but it's just this shift in their advice at this late stage that me so worried. I had just wondered if anyone else had experienced this in the lead up to their meeting...

Kallis - thank you for your advice regarding the DMP - I am guessing this is something I could look at after the meeting if that did not go well?

Partly due to juggling finances for so long, I recently hit a brick wall with depression - perhaps this is why I am struggling with this so much.

You will go through all sorts of emotions -- it is a bit of a roller coaster at the start.

It is a roller coaster ride - remember though that we are here for you.

Thanks again to you both - I will perhaps seek further advice on here depending on how the meeting goes.

Meech wrote:

Thanks again to you both - I will perhaps seek further advice on here depending on how the meeting goes.

You are welcome to ask anything at anytime. Best of luck with the meeting.

How did your meeting go?

How much equity do you have?

Meeting was rejected and there are some mods.