iva advice

dotty_girl

i have just applied for an iva i feel sick with worry ,,but i know its my only way out

i have opened a new back account so thats in place

what i need to know is do i still have to keep paying my depts (the ones i can ) or just stop paying everything until its all in place

judojub

Hi Dotty.
I would now stop paying all your 'non priority' debts such as loans, credit cards etc and try and build up a little contingency fund. Make sure you keep up with all your priority debts though. Mortgage, all of your utilities and any HP agreements as these can't be included in an IVA.
I am fairly new to this myself and I am sure somebody else will come along soon with more ( and possibly better) advice.

dotty_girl

thank you for your advice ,,i am in the process in changing dd over to my new account and get payments into my new account changed ,,god its a mindfield and its only just begun :eek:

judojub

It is quite an emotional rollercoaster of a ride, or at least it has been for me. My creditors meeting is on the 4th April so I am still at the beginning of a very long journey.
The fact is you are now doing something about it and that is the main thing. As things progress it will start to get easier. Best of luck and keep posting for support!

FoggyBrain_2

Hi Dotty. What Judo says is correct. It will make no difference to the votes on your proposal if you pay or not. Some make token payments, but, to be honest, the money is more wisely used to get your self a small contingency fund.

You will get (or might get --- I had very few) phone calls from the call centres who will tell you all sorts to get any form of payment out of you. Don't give in to them. One of the overriding aspects of an IVA is that all creditors in the IVA are treated equally (in proportion to their debts) and get the same pence in the pound back as each other. If you pay one now, you will have to pay them all, or be favouring one creditor over another.

It is definitely a rollercoaster, but, once the IVA is agreed, you will be able to sit back and enjoy (if enjoy is the right word) the ride.

Best of Luck :0)

dotty_girl

thanks again ,,i already feel better knowing i am facing this head on rather than dragging it on and making myself ill with worry ,,and as i am already on medication for depression this is the last thing i need ,,i have tried to keep on top of things but it has just all caught up with me and can cope no longer ,,,its lovely being able to talk to people who are in the same boat

judojub

Hi.
Yup. The sense of relief you feel when you start the process is quite overwhelming.
As Foggy has said, you might start getting phone calls from creditors which could get rather annoying. Just be polite yet firm, tell them you are entering into an IVA, give them the details of your IP and reference number and send them on their way. Don't worry. You will be on the road to debt freedom before you know it! x

dotty_girl

that's the bit I'm not looking forward to ,,might just get hubby to answer the phone and tell them I'm not available ,,or is that just being a coward :eek:

judojub

dotty_girl wrote: »

that's the bit I'm not looking forward to ,,might just get hubby to answer the phone and tell them I'm not available ,,or is that just being a coward :eek:

Not at all! Some people choose to ignore the phone calls altogether althought I think this just makes them more persistent! I was dreading the phone calls too but to be fair we haven't really had that many (not compared to others I read about). I did have a most annoying call from Barclaycard last week and I did end up losing my rag a little bit as no matter what I said to her she still insisted I pay something. I hung up in the end before I said something I might have regretted!
Perhaps you could try sending each of your creditors a letter explaining your current situation and that you would like contact by letter only.?

dotty_girl

i will try and be strong ,,it wont happen for a week or so before the phone calls start coming

judojub it was your post that made me face up to thing i have been reading the forum to get some ideas of where to turn and it was after reading your difficulties that made me make that step so a big thank you to you

judojub

Ooh dotty. Well... thank you very much for that. I am a bit lost for words. If my posts have helped you to face your problems and start tackling them then that is a BIG result.
You will find inner strength you never knew you had. I am glad that you have finally posted and I certainly hope you continue to do so. I said before that I am still very new to this but this forum has been a huge help to me and it will be for you too!
Keep us informed and if you are anything like me you will be posting about anything and everything that you might be concerned about. Tis why the forum and the good peeps are here after all x