www.iva.co.uk

i have sent all that is required to DFD, as requesed incoming out going what we owe to who ectect.
what happen in mean time if i get phone calls and letters, i dont no what to do?
reading another post i have an idea that my iva may be refuesd any way which worrys me more i have a debt of 5000 to black horse that is under 12mths old, i have got defaults on things and im worried that im gona get court orders next. i no some 1 meantioned as our debt were just above 17000, that iva may not be best course but we surposed to pay 400 over what we get in each mth over what we get in and at min im managing with 4 kids on the basics shoping wise n ectect. this hasnt happen over nite i no that my hubby came out of wrok and for 5 week we had 100 a week to manage on n we didnt do it, my husbnad just found out as id tryed to keep it a secret from him. and try to soret it on my own. wrote to company and got payment plans but bofered them more than i could afford again cause i was scared.but he found the hiden letters, so now we want a fresh start and it just see the iva as our best way out.. so we can hope live again.... im just stuck inlimbo not knowing what to do next and what can i do if it gets refusd and how soon wil i no? and if the iva is refused wil the companys i owe money to change there attitute to me black horse are very pushy on the phone as it is and many time i been scared in to makling a payment im stil so scred about everything any help or advice please.....sorry for any spelling mistake and sorry for the questuons

Hi lisa

You probably need to take advice from your IP, but they should have written to your creditors confirming their instructions, and also advised you to send a letter to your creditors directl explaining that you are in the process of proposing an IVA.

Lisa, it is possible that Black Horse will reject your IVA, but talk to your IP directly about this, as I am sure that they will not want to propose something that it is likely will be rejected.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Lisa
As Melanie states speak with your IP and make sure that you fully understand the response that DFD give to your questions.
To any one contemplating an IVA make sure that you ask questions and get the required answers before committing to the IVA.If you are unsure then post your concerns/questions on this site.
Good luck Lisa

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

Hi Lisa

The first thing you should know is that there is very little your creditors can really do to you at this stage, especially if you are entering an IVA.

About the worst that could happen is you might get a CCJ, and if you are entering an IVA the IP can prevent any enforcement action being taken on this anyway.

It's a general rule of any debt situation that you shouldn't be forced to pay more than you can afford.

If your IVA doesn't work out, don't worry. Just go back to a payment plan and offer only what you can afford to pay. If it is supported by proper income/expenditure statements, your creditors will accept suprisingly small amounts, at least for a time whilst you look at your other options.

In the meantime your creditors will probable continue to moan loudly. Whether you speak to them or not is unlikely to make a jot of difference to the outcome of your IVA. Some people will tell you you need to be nice to them, but remember your creditors definition of someone who is nice to them is not someone who talks to them, it is someone who pays them.

Your IVA company/IP will probably tell you not to pay your creditors. However I can't see any reason why you can't pay them very small token amounts until the IVA takes effect. It also puts you in a better position if the IVA fails, and is about the only thing that will have any effect in keeping them off your back.

And when I say token payments I don't mean pay them when they ask. Don't. This will cause more problems than it solves. If you're going to do it and can afford it make a single small payment to all your creditors once a month at a time of your choosing.

Creditors are a lot like dogs, they bark loudly when left unattended, but can be trained to behave reasonably well.

-Best

Please view my blog at www.go4broke.blogs.iva.co.uk

'6 years sticking my head into the Lion's mouth of debt !'

Hi
Best to take advice from your IP regarding token payments or not.If you do pay them then do this on a pro rata basis according to the amount that thet are owed,for example pay £5 to a creditor that you owe 5k and £10 to one that you owe 10k etc etc
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

Agreed.

£1 per thousand probably isn't a bad guideline either, meaning the most you would pay is £17 per month.

If your IP does recommend you don't make any payments, please ask them why and post the reply here.

-Best

Please view my blog at www.go4broke.blogs.iva.co.uk

'6 years sticking my head into the Lion's mouth of debt !'

I agree with Go_4_Broke and Andy

If you feel that making token payments to your creditors will help reduce the collection demands you receive from them, then there is no reason not to do it. However, if you decide to give a token to one, you should really do it for all. Try not to treat anyone preferentially.

I would also say that in my experiance, looking at examples of whether someone has made a token payment or not generally makes little difference to the outcome of their IVA.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk