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And so it begins

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  • FoggyBrain_2
    FoggyBrain_2 Posts: 1,121 Forumite
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    I am thinking of applying for an IVA through this company has anyone used them before I have loads of conflicting information about IVA's and the amount that I would have to pay into them. GP say £214.00 a month for a debt of £27,000.00. Also I have 7 creditors and 3 of those are Lloyds TSB are they likely to accept it ??? any help/advice is appreciated

    Thanks

    Hi. I suggest you have a word with a couple of the companies on https://www.iva.com ... see who you get a "feel" for. Your payment will be based on your disposable income (some IP's have slightly different criteria, but most use CCCS guidelines, so should come in with similar amounts)
  • Isis_Black
    Isis_Black Posts: 266 Forumite
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    Our IVA offer was accepted so we begin payments as of 27th May :-)
    Lloyds were our main creditor so they must have aggreed with it, no idea if the others did or didn`t, but thats not our worry now as it was all accepted :-)
    so much weight has been lifted off of our shoulders and we can relax now :j:T
    I love War Of The Worlds:heart2:
    Justin Hayward Rules with Forever Autumn:smileyhea
  • FoggyBrain_2
    FoggyBrain_2 Posts: 1,121 Forumite
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    Well Done Isis, that's great news ( I was getting a little worried there!). You will get a copy of the Chairman's Report (minutes of the meeting), which will give you all the details. Any modifications in that report supercede the proposal, so it's an importnat bit of paper. Best of luck on the journey :0)
  • debtfree2016
    debtfree2016 Posts: 325 Forumite
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    Well done Isis, I also was getting a bit worried then...
    Never make assumptions always ask questions>>>>>;)
  • judojub
    judojub Posts: 276 Forumite
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    Congratulations Isis! You're on the way now. Lloyds were our main creditor and they voted yes to everything. Not that it matters so long as it goes the way you want it to!
    Well done x
  • FavDaughter1
    FavDaughter1 Posts: 300 Forumite
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    isis,great to hear the IVA was accepted:beer:, now you can move forward! x
  • Isis_Black
    Isis_Black Posts: 266 Forumite
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    got the minor modification letter through yesterday and some bits on there was interesting, we have to get permision before we sell the house! we have to get permissiomn to repalace stuff that breaks (washing machines etc) and permission to make any big purchases!
    some of that i think its a bit bad, thety give you an allowance of what you should be allowed yet you cannot manage that to a point where you can save up a bit for something??! will take a while to save up for anything big
    will also have to get permission to sell my heap of a car for a smaller one thats cheap
    guess will have to go along with those rules but not overly impressed with that but its what the creditors wanted
    I love War Of The Worlds:heart2:
    Justin Hayward Rules with Forever Autumn:smileyhea
  • judojub
    judojub Posts: 276 Forumite
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    Isis_Black wrote: »
    got the minor modification letter through yesterday and some bits on there was interesting, we have to get permision before we sell the house! we have to get permissiomn to repalace stuff that breaks (washing machines etc) and permission to make any big purchases!
    some of that i think its a bit bad, thety give you an allowance of what you should be allowed yet you cannot manage that to a point where you can save up a bit for something??! will take a while to save up for anything big
    will also have to get permission to sell my heap of a car for a smaller one thats cheap
    guess will have to go along with those rules but not overly impressed with that but its what the creditors wanted


    Hi Isis.
    If you haven't already received one then you will get an RX1 form through the post from them for you to sign. This is simply a restriction on your property meaning that you cannot sell it without prior consent from your IP. This will be removed when your IVA is completed. As for replacing things, I have the same kind of clause with mine. I really wouldn't worry too much. I think if its replacing something small it really won't make any difference especially if you manage to save from your allowances. I think though that if your bathroom needs replacing for example (as mine might in the future) then this is something you would have to discuss with your IP.
    Unfortunately it's the case that some want to know the ins and outs of a ducks !!!!!
    Just remember to contact your IP if you have any major hiccups.
    You can ask for payment break which would probably just be tagged on to the end of your IVA, they do have the power to reduce your payments up to 15% without calling another creditors meeting (if that is stated in your proposal).

    It will be a hard slog but compared to the alternative it is an improvement.
    Keep posting hon. If anything I have put in this post is incorrect I am sure somebody will be along soon enough to put me on the straight and narrow! x
  • Isis_Black
    Isis_Black Posts: 266 Forumite
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    yeah we have that form just got to sign it and get it posted but will leave posting it now till monday :-)
    I love War Of The Worlds:heart2:
    Justin Hayward Rules with Forever Autumn:smileyhea
  • FavDaughter1
    FavDaughter1 Posts: 300 Forumite
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    hi, getting out of this mess isn't easy but at easy you can't have any more interest etc added on now. look for the positives to keep you going,hug.

    strange about re placing this like a washer! i've seen another post where someone had had a holiday paid for by a relative and had a washer given as a gift as the old one broke,she said the ip said that was fine.

    onward & upward now hug x
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