Money For Living Before IVA Is Agreed

chirpychick

Hiya.
Hubby and I have decided to go for an IVA after filling in the forms on the CCCS website, it says an advisor will call us back within 48 hours to speak to and IP?
Anyway we literally have no money to survive until payday and while this gets sorted out and we have been livivn off credit cards for too long. Is it ok if we take out some cash today that will see us through or will they think we are running up even more debt for the sake of it? We really dont want to get into any trouble and need this IVA to work as its our last option. We cannot borrow from anyone and are used to living of £50 a month food and have cut back everywhere else thanks to :money: but we do need some money to get us by.

I just wanted to check that this wont go against us as we havent yet spoken to an IP and the money is needed to live. Obviously we wont spend anything else.

Its so scary i cannot believe it has come to this we are both devestated. dont know where the money has gone or what it has been spent on but we have been living off a credit card because our money is swallowed up in repayments and obviously that has made everything worse. But until its sorted thats the only way we can live. So we thought if we took out £100 to get us through the IVA people would understand?

trudij

oh pet - dont panic !! you have been very very brave getting this far. I'd be really suprised if you got turned down on the basis that you used the cards - the end amounts rarely tally with what you think you owe, and to be honest,whats another hundred or two onto the end amount.

There was a thread on here recently by someone asking if they should buy the school shoes and new glasses they needed before they wouldnt be allowed cards any more - to be honest, I dont see this as being any different.

that is only my opinion though - but Im sure im not the only person who would say this to you !!

x

mtgg

Evening

I understand where you are coming from as this was my husband & me 5 yrs ago.
We have now completed our IVA & awaiting for our completion certificate.
We had £86K in debts and no equity - we had to borrow off the cc's to live and that was right up until the iva was agreed. Our bank OD was extended by £500 a few weeks before we went into the iva and this was never questioned - we had to live.
You have made the 1st move and things will get better. Maybe not straight away, but they will in time.
Keep your chin up & there is light at the end of the tunnel.

MTGG xx

Charco_2

Totally understandable, don't think about it as running up further debt, simply not maintaining your current debt while you try to come to an arrangement/solution. Ok so you paid some money off these cards perhaps last week or two weeks ago but you couldn't afford to and you just want that money back!

The companies that vote on IVAs for the banks rarely know about individual transactions anyway, simply the headline news (ie total debt). Don't go mad but don't panic either. Hopefully you'll have more spare cash when your attachment in place (well, not spare but not scrimping every month either)

chirpychick

Thank you very much guys, we went to asda, got a bit of food for the next few weeks and withdrew some money to keep us ticking over. Hopefully we wont need to use anymore. Ive heard it can take anywhere between 8 wks to 5 months to set up. I REALLY hope it doesnt take longer than 8 weeks otherwise i have no idea what we will do!! When do we stop making payments to the creditors? I really appreciate your advice thank you again

Charco_2

Taking five months would be nothing short of criminal.

CCCS have only one IP so I wouldn't be surprised but they do claim to be quicker than that.

There is a statutory waiting time of just over two weeks so realistically it could be done in four weeks - its just a matter of how quickly can you gather your documents!?

headstuckinsand

As soon as I spoke to my IP they advised me to cancel my direct debits and stop paying the full amount to my creditors and just make token £5 payments until the IVA is agreed.
This gave me 3 months where I was able to save up a reasonable sum to tide me by for any unexpected expenses that may crop up.