IVA, Creditors amount stays the same

fourash

Hey all
So live the title says, I have an IVA.
But each month I check my credit report which is getting better but when I check the amount owed either on the credit site or on the creditors site its self its still saying the owed amount is the same.
Is this because something dodgy is going on or does it only change once I've fully payed the IVA?
I'm with Creditfix

sourcrates

Nothing happens quickly, your IVA will complete just fine in the long run.

Craig1981

how long have you been in the IVA?

usually the IVA will take their costs first from your payments, which is usually the first 9-12 months, then from month 13 they distribute the payments to your creditors. dependant on the company, they can send every month, three months etc.

PrettyKittyKat

Don't worry about the amounts shown on your credit file, you won't be getting credit for the foreseeable anyway!

Just worry about making sure any default dates are prior to your IVA acceptance day and, most importantly, complying with your IVA!

philster_2

Good Afternoon

i am spinning. i got divorced 4 years ago - terrible deal but i get to see my children three time a week which was to be fair, all i ever wanted. I took the settlement i got which was 15K and used it as a deposit for my little house. Over the course of the last 4 years i have had to buy pretty much everything as i left the my old house with nothing and my property did need a fair bit of work. Now i have everything in my house, but like a complete idiot and i do blame myself, ive ran up :-
£5000 loan
and approx 16000 over three credit cards!!
The monthly payments are making it very difficult to make ends meet now.
I have contacted Step change who have told me i 'MAY' qualify for an IVA for which i am now gathering all my paperwork for in order to proceed. My creditors are in for a shock as i have never registered a missed or late payment in my life!
im just wondering what people think - im petrified but i dont currently see a way out of this and im not sleeping - any advise gratefully received

PrettyKittyKat

Philster if you start your own thread with more information (without identifying yourself of course) posters will be able to give you more specific advice.