How quickly do IVAs happen??

Charco_2

If the company you use is any good, it should be done and dusted within a few weeks, not four months... There is obviously a statutory waiting time of 16 days where your proposal is sent to your creditors and they must have time to read and decide upon it. The rest of the time depends on you - how quickly can you get your information to your IP? Bank statements, verified debts, wage slips, ID...

Can i ask, those people who said it took four months - did you pay up front fees?

Regarding your house, the fact there is no equity now would not really have an effect on your proposal... you are proposing to pay what you CAN afford! Take note that there will be a fourth year valuation though where your IP will check to see if there is any equity then and you would have to bring that into your IVA if there was any.

robbies_gal

thanks for the advice charco

my husband has told me the the ip said around 6 weeks which sounds fair to me

i thought 4 months was quite awhile

doelani

Charco wrote: »

If the company you use is any good, it should be done and dusted within a few weeks, not four months... There is obviously a statutory waiting time of 16 days where your proposal is sent to your creditors and they must have time to read and decide upon it. The rest of the time depends on you - how quickly can you get your information to your IP? Bank statements, verified debts, wage slips, ID...

Can i ask, those people who said it took four months - did you pay up front fees?

Regarding your house, the fact there is no equity now would not really have an effect on your proposal... you are proposing to pay what you CAN afford! Take note that there will be a fourth year valuation though where your IP will check to see if there is any equity then and you would have to bring that into your IVA if there was any.

Just had a look back on paperwork, from first appointment with the IP to date of meeting was 10 weeks, probally took us a few weeks to get all the paperwork together for them that they needed.

We did not pay any fees up front.

cerig1977

Thanks everyone for your input.

cheapround

Hi, we were still getting calls from debt collection agencies for about 4 months after our IVA was agreed, it took MBNA forever to get the hint! They have all stopped now and they only time the phone rings its the parents!! lovely.

robbies_gal

im still getting calls atm coz ours hasnt gone through but am i right in saying i can now tell them weve applied for an iva?

cheapround

gabbyevs wrote: »

im still getting calls atm coz ours hasnt gone through but am i right in saying i can now tell them weve applied for an iva?

Hi

Yes you can tell them and also give them the IVA company details and phone number, if they hassle you too much then sometimes the IVA company may call them for you.

I ended up with an answerphone and only picked up the calls I recognised. It helped to tell my friends that I was getting lots of unwanted calls and they would start talking until I picked up.

It drove me mad but its so much better now, just look forward to the future!

Good luck

robbies_gal

thanks very much cheap yes i do ignore most of them now but i thought maybe telling them would stop them calling i suppose it wont hurt

robbies_gal

as an update the meeting with the creditors is due the 30th we should have an answer then-id say thats pretty quick really

fingers crossed!

robbies_gal

we got ours aproved yay! 4 said yes 2 didnt vote so it went through really pleased and all the phone calls have stopped aswell now