Applied for IVA. Sick with worry

robbies_gal

hi judojub

im in an iva switched my bank to natwest they were quite quick and helpful had no problems opening an account

like oters have said read through all the clauses notes etc make sure you know where you stand and ask questions if youre not sure

its a relief when they do accept it and makes you budget better

my iva also has the 10% disregard on top of the normal wage bravcket was is handy as my husband sometimes gets a little extra at work

judojub

Yup, thanks Gabby and Foggy.
I did ask our IP about wage increases etc and she did tell me that we can keep up to 10% of whatever extra we earn and they take half of whatever is left, she also explained about the mortgage clause and that if we have over 5k we will be expected to try and release it, if not then we finish after the 5yrs as planned or extend for further 12mths.
Just keeping my fingers crossed that the creditors meeting goes ok!
Thanks again all

judojub

Ok. Most worried....again...no surprise there really.
My details for new account still haven't come through:mad:. Was hoping I would get them in post this morning but nothing:(. Its pay day on Monday and my direct debits start coming out next week!!!! That means money will start coming out of an account we are not supposed to be using. Do I pay my wages into this account and try to cover the DDs? Should I cancel my DDs now and start making emergency phonecalls on Monday? If so, what do I tell them? It's going a bit pear shaped. Left it all too late:(

FoggyBrain_2

Don't panic !!! You are OK using the old account for now, assuming you haven't fallen into arrears with anything that would tip them off.

judojub

And so it begins......... It is 8:15 in the morning and we have just had our first phone call from a creditor. My heart has just dropped to the pit of my stomach
I am actually shaking!! I do hope our meeting comes along soon

Charco_2

You'll get a few of those I'd wager but you don't have to take any crap!

Some if them will even be understanding. Explain that you are having difficulty and cannot pay, and that you are entering into an IVA. If they say anything other than "sorry to hear that, I'll note it on the file and we'll wait until we hear from your IP", then you simply say that "theres nothing more you can do, goodbye"

It will get easier!

judojub

Thanks Charco.
The sense of guilt I feel is unbelievable. For months I was robbing Peter (the overdraft) to pay Paul (the credit cards):(.
Maybe I deserve a bit of c**p from them! I tend to try and explain myself a bit too much whereas my OH just says it and that is the end of it! Guess I'll need to try and grow a pretty thick skin over the next few weeks:o

FavDaughter1

Big hug, now this is where the saying comes "it'll get worse before it get's better" BUT, It WILL get better. i found this bit so stressful,we got some awful threatening letters too, the creditors will just try to squeeze you for money for the next few weeks.

stand firm. i didn't ans. the phone for weeks,i couldn't cope with it,others do - have what you're going to say ready - don't let them bully you into payments,save,save,save for your emergency fund now.

our IVA was only accepted last week so i do know how horrible this bit is but you really will get there. post as often as you need to for help and support, not long to go and you'll have the creditors date set,remember you're not alone,hug;)

judojub

FavDaughter1 wrote: »

Big hug, now this is where the saying comes "it'll get worse before it get's better" BUT, It WILL get better. i found this bit so stressful,we got some awful threatening letters too, the creditors will just try to squeeze you for money for the next few weeks.

stand firm. i didn't ans. the phone for weeks,i couldn't cope with it,others do - have what you're going to say ready - don't let them bully you into payments,save,save,save for your emergency fund now.

our IVA was only accepted last week so i do know how horrible this bit is but you really will get there. post as often as you need to for help and support, not long to go and you'll have the creditors date set,remember you're not alone,hug;)

Thank you so much. This forum has become my obsession of late. I check in every day and try to store as much info on IVAs and BR as I possibly can.:)
I am, at the moment just waiting for our proposal to drop through the letterbox. Once the ball starts rolling, it rolls pretty fast!! I do wish myself and OH had done this a lot sooner rather than putting myself through the emotional torture of the last god knows how many months:(
I just hope the proposal is all ok and above board and more than anything else I hope it gets accepted!!
Thanks again. Knowing we are not alone on this forum is a huge comfort to me. I just hope I don't become too much of a posting pain in the bum!;) x

FoggyBrain_2

Judo ... my wife simply refused to answer the security questions (after all -- how can she know they are who they say they are!?) so the call couldn't continue. I am afraid I used to play with them (knowing my finale was "I am entering an IVA speak to my IP" ).