I just wondered if I could ask your advice about the timescales in setting up an IVA.
I spoke to a company on Tuesday and we completed I&E over the phone and a statement of affairs was produced. The lady I spoke to advised this would be passed to the IP and I would be asked to send in some documentation.
What is the timescale on IVA's? How long before I am asked to send in items? How long until a creditors meeting would be set up?
The reason I am getting anxious is that I get paid this coming Friday and my DMP payment will be taken out on the 29th, is it correct the IVA payment needs to be ready for the creditors meeting? If so, is this likely to be before 26th Sept?
Dreaming of the day that I'll finally be debt free!
It took my firm about 6 weeks from start to finish -- but this was fast because I had most of my paperwork together anyway. Usually you would be looking at around 8 weeks. It will take at least 16 days from your IP getting your signed proposal back from you to set up the meeting.
I had my first month's payment waiting on the day of my creditors meeting, but my IP didn't want paying until 30 days after the meeting. However, I paid early as I had the money there. Soem IP's want to have that first payment in their account ready. Depends upon your IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Unless there is anything complicated then it is usually between 6 and 8 weeks from start to finish. Start getting statements so that you are ready to send them in.
Have you been advised to stop paying your DMP? Some people are told to do that in order to build up a bit of contingency but be guided by your IP.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Every company is different Ruth. With my IVA I had up to 6 weeks from the date of the creditor's meeting. You really need to discuss this with the lady you are dealing with. Usually the documentation is required very promptly by the person acting for you - they need all of that in order to put together a suitable proposal. How many different companies did you talk to before deciding on the one you are proposing to use? Just make sure that you are really happy with the people you are dealing with x
Thank you, my concern is paying my DMP as normal with my wages next friday and then needing the iva money before I get paid again. I am reluctant to not paid my dmp as this will trigger all the phonecalls and letters and if my iva isn't accepted then I will need the dmp again anyway. Aiming for a smooth transition.
Dreaming of the day that I'll finally be debt free!
You will be fine with Mel - what has the company advised about the DMP payment?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Suggested that I don't pay it but as its due next week and this is the very beginning of my IVA set up I feel concerned to not pay as I will end up with a load of calls and letters.
Dreaming of the day that I'll finally be debt free!
It is up to you Ruth - if you don't pay then you will get letters and calls but if you do, then you won't be able to build up a contingency allowance.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Personally, I would stop all payments to your DMP. Build up a contingency fund. That's what I did.
My IP firm dealt with it all. They contacted all the creditors and stopped any harrasment. Mel's one of the best. She knows her stuff. She'll have everything in hand.
I was in a DMP prior to the IVA and I didn't give my company any notice at all - I just stopped paying.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Excellent thank you, I have just been on the CCCS website and because its a direct debit I will need to phone and cancel it. That will have to be Monday as they do not open at the weekend. I think I will ring Tina on monday and discuss with her before I actually cancel it. Thank you for all your advice it really helps x
Dreaming of the day that I'll finally be debt free!
hiya ruth
i wasnt in a debt management plan before my iva, but once i had spoken to tina of mels team and decided an iva was the way forward, i stopped making payments to all of my creditors and saved as much money as i could.
of course its up to you, but i would reccomend doing this, you never know when something might break down during the course of the iva and you will be in need of some cash.
and when you compare the possible hassle of taking a few phone calls for a month or two from your creditors, to the peace of mind from having a back up fund, well i know which i would choose.
good luck.
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
