New IVA question

jedi82

Hi,
I have posted on the debt wanabee board but have just done my online form with CCCS and they have suggested an IVA. I tried to call and go to online help but they are either engaged or unavailable at the min so wondering whether one of you could help?

1. I have missed my payments for a couple of CCs (part of the reason I have actually done something about the debt!). Will this be included and they won't say no because I am currently behind in payments? Probably a really stupid question but I have my child benefit going in tomorrow and instead of trying to pay a bill I was going to do some food shopping!

2. What happens if we go for an IVA and our wages increase (DH poss pay rise in Sept) or decrease (me potentially losing job in March)?

Thank you so much for your help. How have I got us into this??????

Jx

Charco_2

1. Yes all unsecured debts will be included in the IVA, generally this WOULDN'T have an effect on whether they agree or reject your proposal. The people in collections are not the same people who would be voting - it's not like you'll have pee-ed off some guy who'll be waiting for revenge somewhere down the line. And credit cards are much more relaxed about it anyway... as an observation!

Do your food shopping, things like that are your essential bills, repaying your credit cards and that should only be done out of money you can afford now - regardless of how many phonecalls you receive about your debts!

2. If your circumstances change at all (up or down) during the course of your IVA then you call and speak to your IP who will be able to go through another Income and Expenditure with you to see how it affects your disposable income. That's what he's there for, supervising your case! You'll be expected to pay what you afford - no more and no less! It would RARE if your circumstances DIDN'T change at some stage during your IVA - no-one has a crystal ball to see into the next five years - but if you keep in contact with your IVA company and keep them informed of your situation then they will be in a better position to help you adapt!

"Thank you so much for your help. How have I got us into this??????"
Ha ha, i wouldn't beat yourself up over it too much. How did Northern Rock get themselves into it? Bank of Scotland? Lehman Brothers? And many hundreds of thousands of others!