Applied for IVA. Sick with worry

judojub

Thanks FavDaughter1. It's all a lot to get your head around when you're just starting off. You guys might just get sick of me and all my questions! But there is a wealth of knowledge on this forum and I intend to take advantage of it

I will be thinking of you today. Keeping everything crossed for you x

FavDaughter1

Hi judo, yes feeling the nerves now even though everyone says we'll be fine! getting the bank account sorted is a BIG thing. the Co Op account means you can use the post office as a your bank too,can make things easier.

yes there is a lot for you to take in,especially at first. the creditors calls & threatening letters scared me to death some days. but time has moved forward...here we are:eek:!

you'll get there! use the board lots,i have lol! there are some great people here who know just what you're going through, you're not alone, big hug x

judojub

I can imagine it must be creating some knots in your tummy, but think positive thoughts! I have a Coop not far from me so might pop in there some time this week and get the ball rolling. I am currently searching for a good old budgeting spreadsheet thingy. I am pretty useless with them so I need an idiot proof one

Will be thinking of you today. Big hugs for you too x

little_miss_muppet_face

Hi, just to let you know that i did an IVA around 10 years ago, one part of it was i also had a flat repossessed and BOscotland resold it for £30k less than i paid and i ended up owing them that too, from the minute i went to the comapny who was dealing with it for me i received no further phone calls, letters, nothing infact.. in was a smooth process.. worrying in my head but worrying unneccesarily..
anyway, i paid back £100 a month for 3 years, it stayed on my file for 6 years, and i now have a perfect credit record, no repossession shows up on my file, i applied for a mortgage end of last year and cleared the credit check okay, so just to put your mind at rest.. it takes a while to get over but for me it was the best thing i ever did.. Good Luck with it all xx

FavDaughter1

Hi, the most fantastic news! Full and Final IVA offer accepted!!!!!:T:beer::j we are still a bit shell shocked. 1 creditor didn't vote,1 voted against,the rest accepted. a lot of the Debt was with Lloyds TSB which worried me beforehand but they accepted. hubby very emotional, i cried too.

No one is ever sick of question's here - trust me i'd have tested most peoples patience. post as often as you need to for practical help but also the emotional support - i have:o. thank God this forum is here!

Judo, get cracking with the basic bank account as soon as possible,very important so your wages are safe. if you post up asking for a spread sheet on a separate thread someone will put a link up for you.

Little miss m, a very positive post, so important for us new kid's on the block ! Foggy you are another very positive poster here, good guy's x

FoggyBrain_2

judojub wrote: »

So FoggyBrain. Do you get given allowances by the IP on papaer which you follow or are these just what you filled out on your SOA? (does that make sense?!) Do I take it then that at each pay day I could take all the allowances that I might not need if I have a trouble free, smooth month and put them into a seperate account for a rainy day? And the IP won't touch it? I suppose I am worried about trying to save really. I really want to work hard to try and build some kind of nest egg (albeit a tiny one) but I don't want it taken off me. I know this is pretty much the same question just worded differently but I just need to get it straight in my head the things I can and cannot do!
Thanks again FoggyBrain. Tis much appreciated

Hi again .... right ..allowances... the IP will tweak what you have on your SOA and a list of agreed allowances will be included in your draft proposal. Some might get further tweaked by creditors. For instance I had £50 odd for bus fares (which initially I didn't claim for as I don't generally use the bus -- but my IP reckoned that, as we only had one car, one of us might use the bus every so often). Anyway, the creditors halved that (so I was still £25 ahead).

So, when the proposal is agreed you will have a list of how much was allowed for what. Basically I have (rounded for ease of maths) £2500 coming in, allowances totalling £2000, so £500 goes to the IVA. Of my allowances £1300 is allocated to monthly expenses (rent, power, child care, phone etc). So I draw out the £700 (made up of groceries, haircuts, emergency fund, bus fares etc). £400 goes in a tin from which we take to buy the weekly shop and £300 goes into a savings account, from which we dip into for haircuts (or head polish in my case) and that sort of thing.

If the car doesn't explode or anything like that we should be able to keep a bit of it in the account.

Hope that all makes sense

FoggyBrain_2

FavDaughter1 wrote: »

Hi, the most fantastic news! Full and Final IVA offer accepted!!!!!:T:beer::j we are still a bit shell shocked. 1 creditor didn't vote,1 voted against,the rest accepted. a lot of the Debt was with Lloyds TSB which worried me beforehand but they accepted. hubby very emotional, i cried too.

No one is ever sick of question's here - trust me i'd have tested most peoples patience. post as often as you need to for practical help but also the emotional support - i have:o. thank God this forum is here!

Judo, get cracking with the basic bank account as soon as possible,very important so your wages are safe. if you post up asking for a spread sheet on a separate thread someone will put a link up for you.

Little miss m, a very positive post, so important for us new kid's on the block ! Foggy you are another very positive poster here, good guy's x

In my best Cliff Richard voice .... Congratulations !!!! :T:j

FavDaughter1

Foggy, we've been celebrating hic, you sounded fully,hic, in tune hic,lol!

thankyou for all your ongoing support. i've read many of your posts to others,you have a kind heart with practical advice,sleep well - i know we will for the first time in a long time,night night x

judojub

Thank you Foggy for explaining that again for me (and being patient) lol. I really do appreciate the help and advice
Thank you to you too FavDaughter1. It means a lot to me right now when everything else is so up in the air! x

FavDaughter1

Hi Judo, we've all been there,foggy and I very recently, there's so much to get your head around,possibly a good thing as it can distract you a little while things are being sorted out for the IVA.

did you get a spread sheet sorted? if not post it up as a new thread & someone will have one to help you. hope you get that bank account sorted by the weekend- make it a priority.