When you enter into an IVA do they request Bank Statements etc

ZOVI

When you enter into an IVA do they request Bank Statements , copies of Bills etc etc ?

doelani

ZOVI wrote: »

When you enter into an IVA do they request Bank Statements , copies of Bills etc etc ?

I had to supply these when we entered IVA

ZOVI

Ok I wasnt sure thing is the debts are mine I dont want to get my partner involved but we transfer money to each other all the time as couples do and I am worried they will ask me if I am in so much debt why have I been buying clothes etc

I have loads of old debts from a previous relationship and they are all coming back to haunt me

POSSETTE

I dont know if they will judge you on that...but i have to ask were the clothes REALLY needed! You admit yourself it sounds bad you are buying clothes when you could prioritise debts first.

ZOVI

I I've ignored my debts for years like I said they were from a bad relationship and I defaulted on them all and I just left it at that, I moved alot and I even forgot what debts I had I was that bad when I was younger, I now have a baby and am older, so I guess as things are starting to come up, yes I am not thinking I need to sort this out, everyone makes mistakes but yes for the last few years I havent been concerned about my debts

But I need to sort it out and yes my bank statements will show I would have had some money to contribute to them, but I can no where near afford the total payment.

We all make our mistakes for different reasons I was unlucky and a fool and got finance all in my name for men! so I ignored it

Its a shame really as I have a great job, great career, lovely family now, but these things really open your eyes too

althas

When I did my IVA, I was 100% honest with the IP. You MUST do this. Also be 100% honest with your partner (if not already). It is a scary and hard thing to do, I know as I have been in the same position

The IP have to draw papers up for the proposal to your creditors, and include information on how you accumulated debts (I had to write this in my own words) and such. For me is was a historical thing, starting with gambling debts and then generally living beyone my means, due to depression (which was diagnosed a long time afterwards). This was all included within the statement to creditors, and my IVA was accepted. It is impossible to say what will and will not affect things, all you can do is be honest, do not cover anything up or try and dodge the issue

I had bought a few things a month or two before I went for my IVA (a bike was one of them), and this did not seem to affect the outcome, so hopefully it should not for you

I hope you have gone to a good IVA firm. If you have one in mind, look at www.iva.com and read the reviews of them on there BEFORE you commit to anything. NEVER EVER pay anything upfront to a company for them to advicse you. And like anything, shop around for the IVA, talk to a few places before you decide. You WILL be dealing with these people for potentially the next 6 years so you have to be comfortable with them, and trust them to work for YOU. The IP I chose (with the help of iva.com) was fantastic. I can not fault them in any way at all (I am 12 months after I started). So trust the reviews on there, they are done by the clients

But Can I just say WELL DONE to you for admitting the problem and the fact you are doing something about it. It was one of the hardest things I have done, so applause to you. Now you have started, keep going, it DOES get better, honestly

ZOVI

Thank you so much for you post it means alot.

I'm abit confused as to whether I should do an IVA or Bankruptcy?

This is my big decision now.

My partner knows everything and is being very supportive, in a way BR is appealing because I clear all of my past but I am not sure I want my employer knowing and also my landlord will have to find out, now its a long term let and I know they wont throw us out so I have somewhere till

Also its £600 fee for BR

A Big chunk of the debt is for a car which I took out for my ex as he had two children and he pressured me into selling my owned car and getting this Mercedes well when he cheated on me ofr the 2nd time I left him and he gave me no money for anything cleared our joint bank account of everything I had and left me with £10

So I had to give the car back for them to sell, well a few years later last week I get a letter saying you still owe us £10k so this is a large part of the 24k debt I have which makes me think BR would be better as I would not be paying large payments for something I dont even have and the company are just taking the !!!!!

Arrrrrgggghhhhh so confusing!

xx

Charco_2

Can i just ask... you say you've ignored the debts for years... How many years?

ZOVI

Charco wrote: »

Can i just ask... you say you've ignored the debts for years... How many years?

Well my first boyfriend was when I was 18 young and they defaulted in roughly 2001.. then I have made small payments every now and again to them now just make token payments of £1

Then in 2006-recent years I've had a couple of other defaults from my other ex (well I took it out so my fault I agreed)

So a few years but I have made payments here n there.. now its just the £1 token payments

Really confused as to whether or not to go BR for a fresh start..

Charco_2

I was only asking as they may have been statute barred by now... if you haven't acknowledged a debt in 6 or more years (completely ignored it, no paymets etc). But if you've made token payments then that rules that out.

If you have nothing to lose, certainly look at BR... it's not easy but it's not impossible either. Speak to a few companies about the solutions they offer, INCLUDING AT LEAST ONE IP. They legally have to go through all your options with you so you can then decide which one suits you...

If you decide on a DMP then you MIGHT be better off going to CCCS coz it's apparently free. If you decide to do an IVA then don't pay up front fees and DONT PAY ANYONE FOR ADVICE! If you decide to go BR then a good IP would also give you a little bit of help in that direction too.

ZOVI

Thanks Charco

I've decided to go into an IVA, I think its best all round Its going to be hard as at the moment I am only giving my debts token payments well now I will have to give £180 a month

But I know its for the best and I should of done this a long time ago