IVa almost set up when to expect to make first payment

tatty1985

Hi

I have almost finished finalising the budget and sending over the last bits of paperwork they are requesting. Once I have done this I assume I am sent the proposal to sign ( does the proposal get posted or emailed to you?)

Once I have signed the IVA agreement (Proposal what ever its called) how long is it before the meeting takes place to find out if the creditors agree to it? and also when will I likely be making my first payment?

I get paid in a week and a half should i be keeping that wage to pay the first instalment or will it likely be the end of December payment? also boyfriend who is in joint IVA with me has hammered the overtime for this months wages so we can have money for xmas will this need to be declared?

lastly I get £1000 bonus in my xmas payment should i declare that now or wait till IVA is set up and then tell them when I know my first payment date?

not going to lie the thought of handing over half my bonus is a killer :-(

foxy-stoat

I would wait until next year so you wont be doing anything wrong. In fact if it were me I would stop paying creditors and stalling the IVA and do the PPI reclaim thing first.

Have you guys done that already?

tatty1985

I am not stalling anything I have been sending in all the information as it has been requested, the figures We have now agreed on and are happy with. They are just making sure they have all the creditors information.

What is the PPI thing?

someone else suggested looking at the pay day lenders giving refunds as they shouldn't of borrowed to us both. They would pay myself and partner into same bank account etc. haven't looked into it as wouldn't know where to start.

foxy-stoat

Have you not heard of the PPI complaints and the refunds that people get even though they didnt know they had PPI?

irishgeal1

From my experience (not sure if all IVA's are set up the same) we were advised to stop paying creditors a month or two before our IVA was even drafted even thought we'd never missed a payment on anything ever. (The logic was our credit rating would be decimated anyway)

From the date we agreed our IVA (paper work submitted, breaking down of costs, etc) it took 4/5 weeks for creditors to meet, and then everything was agreed a week after that. We actually had a choice when we wanted 1st payment to come out (as long as it was withing 2 months of date IVA was agreed.

In summary it looks like you'll be grand for Xmas.

tatty1985

irishgeal1 wrote: »

From my experience (not sure if all IVA's are set up the same) we were advised to stop paying creditors a month or two before our IVA was even drafted even thought we'd never missed a payment on anything ever. (The logic was our credit rating would be decimated anyway)

From the date we agreed our IVA (paper work submitted, breaking down of costs, etc) it took 4/5 weeks for creditors to meet, and then everything was agreed a week after that. We actually had a choice when we wanted 1st payment to come out (as long as it was withing 2 months of date IVA was agreed.

In summary it looks like you'll be grand for Xmas.

Thanks this is sort of where i was coming from,

I plan on using the extra money this month and next hopefully to get work done on the house as we have damp (they say condensation) and with being in IVA there is no way I will be able to afford to get this fixed for some time. With having little one as well I am so worried it is going to make him sick.

I will not be using it to go crazy at Christmas ( i just need that little bit of emergency money to get this and anything else fixed)

Hopefully have everything sorted by end of the month so then be end of December for creditor meetings and that should mean first payment end of Jan lets hope it plays out that way.

Did you sign a paper copy of the agreement or was it emailed copy?

tatty1985

foxy-stoat wrote: »

Have you not heard of the PPI complaints and the refunds that people get even though they didnt know they had PPI?

Ive heard about it but not sure if I have ever had it. and if you try to look you get bombarded with calls off people so I just left it and never bothered checking.

Which is the best way to check ??

sourcrates

Enjoy the coming festive season, don`t worry about declaring the bonus, you will be lucky to have your creditors meeting before Christmas, which means your first payment will be one calendar month later, so most likely in the new year.


Up until its approved, you are not bound by its terms, even if you were, i still would not declare the bonus so near to starting a new arrangement, its in nobodies interests to do so.

sourcrates

tatty1985 wrote: »

Did you sign a paper copy of the agreement or was it emailed copy?

Its a legal document so is always in the form of a written letter.

Craig1981

your first payment is usually a month or so after the IVA is finalised and accepted
so as an example... accepted 17th November 2018, expect payment due date form end of December 2018 - this can be altered to fall in line with your wages. so if payment to start 15th December, and you get paid on the 1st of each month, this would start from 1st January.

PrettyKittyKat

Once your signed copy of the proposal is received by the IVA company they will set a creditors meeting, which is usually 14 days later. After the creditors meeting the first payment is usually required within 30 days.