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How quickly do IVAs happen??

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My husband and I have pretty much decided that an IVA is our only way forward, we've got a mtg with CAB in a wk to discuss further.

We've got approx £50,000 of unsecured debt on loans and credit cards and no equity in the house. We both work and just managing to pay everything but left with nothing for food and have had to borrow off his parents to feed the kids!

I was just wondering how quickly these things move and if anyone has any regrets from doing an IVA or any general advise.

Thanks

Ceri
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Comments

  • lou756
    lou756 Posts: 31 Forumite
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    if it helps at all mine took amost exactly 4 months. there are lots of very helpful people with lots of IVA experience on here who will be able to help and support you. Good luck
  • cerig1977
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    Thanks Lou756, it's nice to know we're not alone! :o)
  • balmk
    balmk Posts: 624 Forumite
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    I started the process in April and got everything approved by August (should have been July, but there were some delays at their end), so about 4 months is a good guide.

    To be honest, it was the best thing that I could have done. It's difficult begin with as there is a huge shift in terms of your accountability; you go from only being accountable to yourself/each other to having to declare this, that, and the other to complete strangers. On the plus side, there is also the adjustment in terms of not having to handle the letters and phone calls chasing payment as your IP will normally request that they be referred on to them to be dealt with.

    The trade-off is so worth it though - going from constantly worrying about money and phone calls to the calm that comes with knowing that in a couple of years it will be gone (and the time will fly by).

    Ensure that the budget that you agree is achievable and reasonable; there tends to be allowances for various things such as food, clothing etc.. Your IP will guide you as to what to include, and always bear in mind that they are working for you to help you to resolve your situation; if you need information of advice the they should be your first port of call.

    Good luck with everything!
  • doelani
    doelani Posts: 2,576 Forumite
    First Anniversary Combo Breaker
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    We had first appointment with CCCS second week in February, see IP the next week and IVA agreed first week in May so around 3 months.
    TOTAL 44 weeks lose. 6st 9.5lb :T
  • lou756
    lou756 Posts: 31 Forumite
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    Hello Ceri

    Just wanted to say don't be emabarrassed: as hopefully even a quick look on this forum will show you there are lots of us here in the same position, and sounds like you are on the way to sorting things out.
  • robbies_gal
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    i was wondering this myself does it really take months to sort out?

    weve sent in alll our documents i didnt realise it would take so long though

    do they get in touch with the debtors straight away and tell them not to contact you?

    as we're still getting letters and phone calls
    What goes around-comes around
  • doelani
    doelani Posts: 2,576 Forumite
    First Anniversary Combo Breaker
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    gabbyevs wrote: »
    i was wondering this myself does it really take months to sort out?

    weve sent in alll our documents i didnt realise it would take so long though

    do they get in touch with the debtors straight away and tell them not to contact you?

    as we're still getting letters and phone calls

    Once the IP gets all your figures etc they draw up agreement and arrange creditors meeting, I think they give them 4-6 weeks notice for the meeting.

    Unfortunetly you will still get calls and letters but check with your IP when you can start referring your creditors to the IP.
    TOTAL 44 weeks lose. 6st 9.5lb :T
  • robbies_gal
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    ok thanks im worried though coz one of the letters said its now been referred to a debt collection agency can we tell them weve applied for an iva?
    What goes around-comes around
  • doelani
    doelani Posts: 2,576 Forumite
    First Anniversary Combo Breaker
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    gabbyevs wrote: »
    ok thanks im worried though coz one of the letters said its now been referred to a debt collection agency can we tell them weve applied for an iva?

    You should forward any letters to your IP but they need to confirm when you can tell creditors/debt agency you ahve applied for IVA.

    when we did ours a few years ago the application was registered with court before the meeting details where sent to creditors then it stopped them from taking any legal action against us until the meeting took place. This was in 2005 and I am not sure if it still works like this.
    TOTAL 44 weeks lose. 6st 9.5lb :T
  • robbies_gal
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    ok thanks i shall forward all letters to them then

    i was also wondering as we have little to no equity in the house would it affect the decision for an iva?
    What goes around-comes around
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