www.iva.co.uk

Hi I am new to this forum and I have been sat here reading different posts for about 3 hours. I have recent sought advice and help to deal with my debt and been advised that an IVA was the best course of action to take. I have now signed my proposal and going through the dreaded wait of the creditors meeting which isn’t for another 18 days I am very very worried that it will not be accepted as one of the loans I had only taken out recently just to help with day to day life and getting by. Will this have an effect on the final outcome of the creditors meeting ?
I am 17k in debt to around 9 different creditors. I am struggling so much with dealing with it all, not eating or sleeping and I just wanted to reach out to other going through the same

Ginger42 - welcome to the forum. Your proposal has been written by your chosen IP as the best solution for your situation. It's hard not to worry at this stage but rest assured your IP will not have suggested this option had it not been viable and they believe creditors will accept.

I really do hope so I’m just such a worrier at the best of times so this is really sending me crazy. I have spent all night reading through different posts looking for success stories in hopes that mine will also be one to post. I’m frustrated with myself for getting myself into this position but I am glad I’ve reached out to get help I suppose that is the first step to life becoming normal again I will keep updating on here as I feel as though this is the only place I can talk about it and looks like I will get plenty of positive support along the way

You will get plenty of support on here. We are a friendly bunch.

I understand what you are going through was in same position 2 years ago .I had taken 2 loans out stupidly the previous 3 months before mustering the strength to apply for an iva ! My proposal was succesfull as the only other option was bankruptcy .To which creditors would get nothing ! Its a worrying time but stay positive you have made the first steps dont dwell on it too much .My iva so far has helped immensley taking a lot of pressure out of my life and the realization that you can live on no credit and the ammount of money you are saving each month on credit card interest is well worth its weight in gold good luck .

Can I suggest you create a new post to update us on rather than continue to update a post linked to another forum member that is over six months old.

Update : New thread created and posts moved across --Foggy

Will try and figure out how to do that lol was a bit confused when I signed up on how to work it all

**POSTED FROM ANOTHER THREAD BUT ADVISED TO START NEW TOPIC**Hi I am new to this forum and I have been sat here reading different posts for about 3 hours. I have recent sought advice and help to deal with my debt and been advised that an IVA was the best course of action to take. I have now signed my proposal and going through the dreaded wait of the creditors meeting which isn’t for another 18 days I am very very worried that it will not be accepted as one of the loans I had only taken out recently just to help with day to day life and getting by. Will this have an effect on the final outcome of the creditors meeting ?
I am 17k in debt to around 9 different creditors. I am struggling so much with dealing with it all, not eating or sleeping and I just wanted to reach out to other going through the same

Hopefully it won't make any difference and your IP would not be putting forward this offer if they didn't think it had a good chance of being accepted. It is a worrying time and we all felt like that whilst waiting for our meetings. Try not to worry - it will soon be here.

Your IVA firm should have warned you if there may be problems because of a recent loan. Is that debt a large one in your IVA?
Do you have assets to protect eg a house with equity or a car?
How much are you paying a month?

Hi again,

The loan was for 2k so not the largest one. I do have a car but that is on HP which I will be paying for separately so that is not included in the IVA.
17k worth of debt and I will be paying £120 a month so I think it works out about 22 to each £.

That seems reasonable - I don't think the loan will be a problem and your IP company obviously don't either otherwise they wouldn't be putting the offer forward. Not long to wait now.

Morning All,

Today’s the day of my creditors meeting. Wish me luck, I’m thinking positive but I’m still nervous. I will update you later

Best of luck !

Thinking of you - hope it goes well.