www.iva.co.uk

Hello, I came across this site and you all seem a friendly bunch so I thought I would ask a few questions.

I consulted an IP and they are currently drafting a proposal for me, in the meantime I am getting many calls and letters from my creditors. How long will this last now? What if my creditors get so fed up that they take me to court before the IVA is arranged? I thik the only step for me to take if this fails is bankruptcy, although I dread having my name in the newspaper and having to tell my employer.

I have feelings of guilt mainly because after all of my credit, £48,000 worth I don't really have much to show for it, I'm even staying with my family because I cant relly afford my own place! I have a good job and earn good money but I'm embarrassed because I still don't really have the money o settle my debts! This interim period seems to be a very scary time.

Firstly try not to let the guilt get on top of you. You are not alone and are literally just one in thousands who are in debt difficulty in the UK. What is done is done and now the important thing is to move forward to the solution of your debt problem. Concentrate on the light at the end of the tunnel that an IVA can provide.

Once your IVA proposal is drafted your IP can liaise with your Creditors and put an Interim Order on any possible court applications until the creditors meeting. The calls and letters from your Creditors will no doubt continue but rest assured that once your IVA is accepted it will be legally binding on all of your creditors and the calls and letters should eventually stop. In the meantime simply tell anyone who rings you that you are in the process of proposing an IVA and then give them your IP's details. This should be enough to get the majority of creditors off your back.



Hope this information is of use

Regards. IVA Experts

i feel like im in limbo my creditors meeting has been adjourned until the 17/10 as my ip said there was not enough votes he didnt even let me know i had to ring him about what will happen now??? I DONT WANT TO GO BANKRUPT is there any other options for me if i dont get approved i have paid this company 900 quid already and my third payment comes out the 22nd so i just feel im in limbo

Firstly start a dialogue with your IP and find out exactly what is happening with your Proposal. Just because the meeting has been adjourned this doesn't necessarily mean your IVA won't be accepted in the long run.

If your IVA isn't accepted then you could consider a Informal Payment Plan as an alternative to Bankruptcy. You or a company working on your behalf would need to negotiate an informal arrangement for you to pay off your debts with the money that you have disposable currently.



You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

ok cheers how many more times can he adjourn this meeting its just very scary at the moment next week im going for a break next week to see some relatives up north just to get away from it all i just hope when my ip next rings which will be next tuesday his words are yes it has been approved your iva is now in place if not im in limbo again.if not im going to go for an informal payment plan

I'm afraid that this is an indefinite period. However, rest assured that your IP will be working on your behalf to get your case accepted. Your IP has a vested interest in your case being accepted and is unlikely to have taken it on if they felt it did not have a good chance of being accepted.

You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

my IP does not charge upfront fees

by the time the 22/10 comes round they would have had 1,350 pounds of my money as i have my 2nd creditors meeting on the 17/10 i just hope my proposal gets accepted all this closing my bank account and ive also stopped paying my creditors ages ago and i have not got an iva to show for it my debts are 35,000 if this iva dont go through can i go into a debt management plan as i dont want to go bankrupt is this normal that at the first creditors meeting that the ip doesnt get enough votes????

Hello Gaborkiraly,

Unfortunately the question you asked regarding the normality of cases being adjourned for lack of votes, does not have a definite answer.

This is simply because each IVA case is as its name states Individual. This makes it difficult to know what it normal because different creditors are involved.

Good advice was given by Thomas Charles "Your IP has a vested interest in your case being accepted and is unlikely to have taken it on if they felt it did not have a good chance of being accepted."

Try not to stress too much about an outcome that has not yet been decided.


Hope this information is of use

Regards. IVA Experts

HI I MUST CONFESS TO KNOWING NOTHING BUT IT SEEMS TO ME THAT YOUR COMPANY HAVE LESS INCENTIVE NOT TO DELAY THINGS,IF THEY ARE GETTING PAID ANYWAY, AND ITS RESULTING IN A LOT OF STRESS FOR YOU. IS IT POSSIBLE TO CHANGE THE IVA COMPANY AND IP TO A COMPANY THAT DOES NOT CHARGE UP FRONT FEES, WHAT HAPPENS TO THE MONEY YOU'VE ALREADY PAID IF IT IS NOT EVENTUALLY ACCEPTED, OR YOU BECOME SICK OF THE DELAYS. SURELY THE IP HAS A MORAL DUTY TO REDUCE THE STRESS. I KNOW WE ARE ALL ULTIMATLEY RESPONSIBLE FOR OUR DEBT. ISNT THIS WHOLE PROCESS STRESSFUL ENOUGH? IT WOULD BE SUCH A SHAME TO HAVE TO SORT THE WHOLE THING OUT YOURSELF AFTER ALL YOU HAVE DONE AND BEEN THROUGH TO GET THIS FAR.

I REALLY HOPE THAT YOU GET A RESULT SOON

GOOD LUCK

LILY

thanks free lilli the creditors letters have started to creep in again mbna is my opinion i think there is lack of communication there end all my creditors are aware of my proposal for an iva anyway hopefully on the 17/10 IF my iva gets approved they are not allowed to hassle me anymore the waiting game is a nightmare if it doesnt come off im going to start an informal payment plan with my creditors this is gonna be my back up plan if all fails.