Scared stiff - 101 questions - please help!

bunnygirl007

Hi

I have a telephone appt with PayPlan later this afternoon. The girl I sopke to intially said I needed to have all my account numbers and details to hand - not just amounts I owe.

So last night I finally pulled my head out the sand and used the SOA calculator - I didn't even get everything on there and it already showed things were dire so now I'm worried they will tell me my only alternative is BR.

Over night these questions among many others have been rattling round my head. Please some of you lovely people can you help me answer them? I'm startig to really panic now. :eek:

My questions:

• Why at this early stage do they have to have account numbers? I haven't agreed to them handling anything yet its only advice I'm after and after reading some threads on here I'm not sure I'll choose them over say CCCs.
• I read on a site somewhere that creditors will only accept a minimum of 50% pay back on an IVA - is this true? If so my IVA will need to be for about 20 years
• Does the IP ask for all your bank / CC statements a long with explanations of why you owe so much and what you've bought?
• Do they access your credit report to see who all the creditors are and check you've included everything?
• If I have to do BR - does it go in your local town paper or the bigger county paper and for how long?

Thanks

Useless_with_wonga

bunnygirl007 wrote: »

Hi

I have a telephone appt with PayPlan later this afternoon. The girl I sopke to intially said I needed to have all my account numbers and details to hand - not just amounts I owe.

So last night I finally pulled my head out the sand and used the SOA calculator - I didn't even get everything on there and it already showed things were dire so now I'm worried they will tell me my only alternative is BR.

Over night these questions among many others have been rattling round my head. Please some of you lovely people can you help me answer them? I'm startig to really panic now. :eek:

My questions:

• Why at this early stage do they have to have account numbers? I haven't agreed to them handling anything yet its only advice I'm after and after reading some threads on here I'm not sure I'll choose them over say CCCs. No they don't need them at this stage but they will just be ensuring you have all the information to hand correct balances,amount of creditors etc
• I read on a site somewhere that creditors will only accept a minimum of 50% pay back on an IVA - is this true? If so my IVA will need to be for about 20 years. IVA's run for 5 years with an equity release clause in year 4 if you are a home owner. If this does not apply or you can not remortgage in year 4 then the IVA will be extended by another year.
• What creditors accept vary but the 50% you quote is not correct some will accept less all depends on circumstances/creditor etc
• Does the IP ask for all your bank / CC statements a long with explanations of why you owe so much and what you've bought?
• No they do not. You will be asked for a brief written account of how you came to be in the situation that you are but that is not asked for until you are further along in the process of proceeding with an IVA proposal. There is no requirement to account for your debt penny by penny. All that is required is a general overview of your circumstances. Your Bank statements and other statements are not required for inspection.
• Do they access your credit report to see who all the creditors are and check you've included everything? No. It is however in your best interests to include ALL of your creditors so they are all included in your IVA and therefore ALL bound in by it's terms
• If I have to do BR - does it go in your local town paper or the bigger county paper and for how long?Unfortunatley it is likely to appear in your local rag but it is printed next to births deaths marriages and only the very sad and other people in financial dire straits tend to look at it :-)
• It also appears in the London gazette and your name will be added to the Insolvency register which is accessible to all on the internet however i did not even know of it's existence until i too got into trouble and started exploring options as you are now so dn't worry about that as most folks are ignorant of it's existence and would not even know they could look such stuff up.
• Thanks

All the best for your Payplan apppointment. They will be able to answer your questions better than i but hope my observations help until the phone rings.

natalouie

It is unlikely payplan will herd you toward BR because they will lose the lovely money they are making out of your IVA. I know people are wary of companies offering BR help for a fee but everyone is out to make a living. I paid a company to go BR they did everything I had NO worries and my hand held on the day. It was professional and exactly as planned. BR is a big step and may not be for you but please do not be scared by threats from an IVA company. You are trying to repay your debts and that is great. I believe BR is advertised in financial papers I certainly did not see it myself or any one I know. Be very careful that you make the right decision re IVA or BR. Do You have assets? Own your own home? Do not commit until you are really certain and get your advice independantly. Good Luck!