jUST ABOUT TO APPLY FOR IVA

bluelewis

hi all,payplan have helped me decide to go for an iva,
ive now been told to set up a bank account which ive nearly done just got to send some paperwork to barclays,paypaln said to just pay token payments to all creditors even if its only £1 each and to let each creditor know,can someone explain how easy it is to talk to creditors im just a bit confused now.
any advice would be gratefully recieved
cheers

immoral_angeluk

Can I ask why you're going for an IVA over BR?

bluelewis

to be honest the br scared me alittle and didnt want other sections of family knowing or to lose house so an iva seemed better option im not taking decision lighlty

immoral_angeluk

bluelewis wrote: »

to be honest the br scared me alittle and didnt want other sections of family knowing or to lose house so an iva seemed better option im not taking decision lighlty

IVAs are generally a bad idea unless you are trying to protect otherwise potentially realisable assets in Bankruptcy or the restrictions etc would cause problems, such as with work. An IVA will still be listed on the insolvency service website so your family could still find out. In all honesty I wouldn't recommend going ahead with an IVA if that's your only reason, your family will be unlikely to find out unless you tell them or read the London Gazette, and IVAs can be very difficult to maintain and have a high risk of failure. I would recommend getting a second opinion from someone like CCCS or the CAB as often BR isn't as scary as it sounds, if you ignore the stigma.

bluelewis

it was actually cccs that advised me to start with we were going for a dmp but decided iva was more managable
thanks for your advice though

immoral_angeluk

bluelewis wrote: »

it was actually cccs that advised me to start with we were going for a dmp but decided iva was more managable
thanks for your advice though

Fair enough.
As for dealing with your creditors, there are template letters on national debtline's website, which you can send along with a financial statement which shows your income and expenditure.

FavDaughter1

Hi, we're at the start of the path too. have had one meeting at the CAB,now waiting to see a money adviser. we are hoping to take the IVA path to sort our mess out. my husband works,i'm registered disabled. we have very little equity in the house if any but don't want to loose it if we can help it.

with our situation and ages if we loose our home it is un likely that we'd EVER manage to get a deposit together for a home again. BR scares me/us but we have to wait and see what the money adviser has to say. i understand it's the best thing for some people even though it must be so stressful . good luck.

Charco_2

If its not going take very long to set u the IVA - a few weeks just - then don't bother with the token payments. Waste of your time and your creditors!

The IVA should take 3 maybe 4 weeks to set up, start to finish. Even if it takes two months I wouldn't bother with token payments. You'll get a few phonecalls for missed payments but you'll get those anyway with token payments.