www.iva.co.uk

Hi Everyone

I have just joined the forum - I have been reading it daily for a couple of months and finally plucked up the courage to post! The site has really helped me and I have picked up so much information from reading the various posts.

Anyway, about me....

I am in the process of applying for an IVA - the creditors meeting is set for 18 July. I am going through Thomas Charles/Accuma.

I am offering 41p in the pound on total debts of £43k.

I am SO scared the proposal is going to be rejected. My creditors are as follows:

Lloyds TSB: £22k (loan, overdraft and credit card)
Halifax: £10k
Abbey: 4K
Barclaycard: £3k
Virgin: £4k

(I also have another £10k in student loans but this isn't being included in the IVA proposal as I was advised they will reject).

I am worried because I owe my sister £4,000 which she has lent me over the years, I had £1,400 in a savings account which I have recently closed and I gave the money to her (she agreed to take that and forget about the rest). It is in my proposal that I have done this and I am scared the whole thing will fail because of it and I'm not sure how Lloyds will vote as I've heard mixed reports. I get letters and calls off Lloyds every day which I'm guessing is a bad sign.

Can anyone also advise if Alliance & Leicester are ok with accounts whilst you are in an IVA. I have opened up a current account with them but know some banks close accounts if you are in an IVA even if you have no debts with them.

I feel like a big failure - I have run up all this debt and I have only just turned 25. I have no real reason for it either except living beyond my means and trying to live the high life in London. I've not told my mum and dad as they would hit the roof and be so disappointed in me. I feel really alone with it all.

If the IVA fails I'm not sure what I will do.

Thank you for reading this long post, I really appreciate any responses.

Thank you.

Dear Poppy,

Thank you very much for your post and welcome to the forum.

I can understand how you feel. I am sure many people on this forum once felt exactly the same was as you do. As soon as I read your post, I remembered an article I read last week. If you don't mind, I will share that with you.

Positive Thinking Your Key to Success
by Remez Sasson

Positive thinking brings inner peace, success, improved relationships, better health, happiness and satisfaction. It also helps the daily affairs of life move more smoothly, and makes life look bright and promising.

Positive thinking is contagious. People around you pick your mental moods and are effected accordingly. Think about happiness, good health and success, and you will cause people to like you and desire to help you, because they enjoy the vibrations that a positive mind emits.

In order to make positive thinking yield results, you need to develop a positive attitude toward life, expect a successful outcome of whatever you do, but also take any necessary actions to ensure your success.

Effective positive thinking that brings results is much more than just repeating a few positive words, or telling yourself that everything is going to be all right. It has to be your predominant mental attitude. It is not enough to think positively for a few moments, and then letting fears and lack of belief enter your mind. Some effort and inner work are necessary.
Are you willing to make a real inner change?
Are you willing to change the way you think?
Are you willing to develop a mental power that can positively affect you, your environment and the people around you?

Here are a few actions and tips to help you develop the power of positive thinking:

Always use only positive words while thinking and while talking. Use words such as, 'I can', 'I am able', 'it is possible', 'it can be done', etc.

Allow into your awareness only feelings of happiness, strength and success.

Try to disregard and ignore negative thoughts. Refuse to think suchhese thoughts, and substitute them with constructive happy thoughts.

In your conversation use words that evoke feelings and mental images of strength, happiness and success.

Before starting with any plan or action, visualize clearly in your mind its successful outcome. If you visualize with concentration and faith, you will be amazed at the results.

Read at least one page of inspiring book every day.

Watch movies that make you feel happy.

Minimize the time you listen to the news and read the papers.

Associate yourself with people who think positively.

Always sit and walk with your back straight. This will strengthen your confidence and inner strength.

Walk, swim or engage in some other physical activity. This helps to develop a more positive attitude.


Think positive and expect only favorable results and situations, even if your current circumstances are not as you wish them to be. In time, your mental attitude will affect your life and circumstances and change them accordingly.



Kind regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm

Hi Poppy
Try to stay positive worrying will not change anything other than make youe feel rotten.
Bit of info we had tsb as trhe main creditor for a similar amount and we had no nasty calls or letters and they didnt vote at the meeting. You are offering a good amount back so hopefully all will go well.
All the best
Ang

Thank you iva_squirrel for the article. It has certainly inspired me to stay more positive. I have printed it out so when I feel all doom and gloom I can read it!

Aguise, thank you for your reply. It is good to know Lloyds didn't cause a problem for you. Fingers crossed they will be ok with me.

I am glad to hear it poppy. Have a great weekend.

Regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm

Hi poppy,
All the best don't worry.
I told my parents and it was a huge releif.
You must stay positive at 25 you have your life infront of you 25k isn't the end of the world.
Not much into self help more into pull your socks up typed therapy.

Best wishes
Adrian

Hi
just to confirm that A+L have no history of closing accounts to people with an IVA.
The best of luck with your IVA and I can see no reason why it would not be accepted.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Hi Poppy

Don't be afraid to tell your parents as they are always there for you through the good times and bad.

Your still young so treat this as a learning curve in the way of life...I mean.. would you rather this happen now with the rest of your life in front of you ( and you learnt from your mistakes) or when your approaching retirement and finding out that you got nothing to live on as all you got is debts..

We're all in the same boat here but its not the Titanic and no_one is sinking or drowning, we all got a life-belt for anyone who needs it.

You will be 30 by the time the iva has finished and still young enough to all the things you want, how many people do you know that are 30 and debt free?

I know one who will be.......

Keith

The long and winding road will straighten out eventually....keep the faith

Hi Poppy
Don't worry, we're all in the same boat here and you story sounds identical to mine - not enough money and trying to have a good life in London.
My main creditor was Lloyds and I owed more than you did and they voted yes, I also had a 6k debt with Virgin but they voted no but with Lloyds voting yes my IVA was accepted
Good luck

Hi Poppy

I personally would not have left out your student loan or the debt to your sister. The student loan only represents 18% of your overall debt, and whilst it is likely to reject this could be outvoted by the votes of other creditors. Also your sister's debt carries an important vote on the day of the creditors meeting - the other creditors might ask her to waive her right to receive a dividend, on grounds that she is an associate, however this merely puts her in the position that she is in already - but she can still vote!

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

Hi Melanie

Thank you for replying.

Do you think it is too late to add these? I only sent my paperwork back today. I did wonder about the student loan but was told absolutely no way to include it as it could fail the whole thing.

Poppy

Hi Poppy
Sorry to correct you Andy
Alliance and Leicester closed my account once they found that i was trying for an IVA, so did Capital one if this helps
THanks
Zoe
x

Hi Zoe

Did you have a debt with them?

Poppy

Yes
2 credit cards and a bank account.
I am now bankrupt as my IVA was rejected (not by them though) However they wrote to me to advise that as i was proposing an IVA their policy said no bank account. I now have an account with Nationwide
Hope this helps
Z
X

Thanks Zoe.

I'm sorry to hear your IVA was rejected, hope things are looking up now for you.

I have no debt with Alliance & Leicester, do you think their policy is for everyone or just people with debts with them?

I'm wondering if I should try another account now.

Thanks. Poppy.