A few questions ref IVA

jones160312

So after having a heart to heart with the dh we have decided that I will go ahead with an IVA as we know we can do it I'm not naive and know it will be tough but i got myself into this mess and i need to get out of it.

Just a quick question though, currently my husband and I have a basic bank account that's not linked with any of my creditors. Is it best for me to get my own and not be linked to my hubby or does it not matter with an IVA?

If i send off the paperwork this week, is there a set time ut usually takes Step Change to get a meeting sorted (or is that a 'how long is a piece of string question')?

This is so scary to think that i'm actually doing something, and i know i won't stop worrying until everything is in place but it will be so nice to not panic everytime my phone rings or the dooe knocks.

FiatFan_2

I don't think it'll matter that you have a joint account and being in a non-creditor bank is a bonus.

SC are pretty quick on the turn a round and once they've got your stuff won't take too long to get back in touch. IIRC there is a short 'cooling off' period too just in case you change your mind, but getting to this stage you'll likely know you've done the right thing.

Good on ya for taking the big step

cheesedoffwithdebt

I agree, there is no reason you cannot have an account with a non creditor bank, but if you need to prove your income and outgoings then an account of your own may help to do that- I think if you asked a number of people though you would get a different answer though!
The process for assessing the IVA would be that Stepchange will need to verify the balances on your debts and prepare a proposal to creditors- I am assuming you have discussed affordability, and know roughly what the IVA proposal might be?
The "meeting" isn't a real meeting- they ask the creditors for their vote by a certain time on a certain day, and depending on the balance of votes a decision is then made. It's three years ago now since my IVA started so I cannot remember exactly, but I contacted the IP Mid May, and the creditors meeting was at the beginning of July, so it's about 6 weeks.
As long as the proposed monthly amount is enough to pay back a good proportion of the debt it ought to be fine- Stepchange in the proposal have to show why an IVA is better than bankruptcy, the reason for that is that the IVA will yield better results.
Hope that helps.