Creditors meeting 5th Jan

becbecm

Hello all,
Been watching this forum for some time now and finally ready to post about it. 

I have been struggling with debt for a while and actually came to the realisation this year mainly sped up by COVID and furlough situations etc. Anyway I have been dealing with Stepchange and they have been amazing. I can’t thank them enough tbh. 

My creditors meeting is due on Tuesday 5th January, hopefully this a positive start to the new year.... 

I am feeling very anxious about this now though and am worrying about my plan b if my IVA gets rejected for whatever reason. 

Thanks for reading. 

Lin850

Hey becbecm!
how did it go? Did iva get accepted?
i just sent my final draft signed off to stepchange yesterday, stepchange also- who i think have been amazing also! I think the next step is them arranging the meeting too! Nervous wait!

Ivabr89

Lin850 said:

Hey becbecm!
how did it go? Did iva get accepted?
i just sent my final draft signed off to stepchange yesterday, stepchange also- who i think have been amazing also! I think the next step is them arranging the meeting too! Nervous wait!

I was in an iva and was accepted but it's now failed. Just be careful some companies are a bit sneaky with fees etc. How much debt do you have 

Lin850

Hiya, ive gone through stepchange, they have been real good so far and were recommended to me by a friend who has now finished an iva thru them, 
i have just over 20k, who did you use? 
so if your's has failed what options do you now have? 

sourcrates

All IVA`s attract fee`s, they are taken from your monthly re-payments, so the amount you pay does not affect your debts, at all.

Stepchange have a sister company that just deals in IVA`s, they have one of the lowest charging structures in the industry, so good choice.

becbecm

Lin850 said:

Hey becbecm!
how did it go? Did iva get accepted?
i just sent my final draft signed off to stepchange yesterday, stepchange also- who i think have been amazing also! I think the next step is them arranging the meeting too! Nervous wait!

Hello, I’m so sorry I never replied didn’t re read my thread until now! 

Yes my IVA got 100% approved with Stepchange and I started on the 5th January. So I’m a few months in now, I found the first few months really challenging but now in May I feel really optimistic. Don’t get me wrong the journey hasn’t been easy so far, a lot of doubt and regret set in a month ago where I was kicking myself thinking have I made the right decision (a lot based my future as I’m 28 atm) but I keep seeing the light at the end of the tunnel. I had around £13k in debt. I wasn’t able to afford my 3 different debt payments month it was costing me around £500 ish monthly. But since, my salary has increased which has given me slightly more breathing room (of course I told them ASAP when this happened and luckily it’s literally a few pounds of my personal threshold before I have to pay more into the IVA)

I hope yours went well and all is going well? 

MrFrugalFever

It’s a hard slow slog but gets easier as time moves on, will help change your mindset and improve your money management skills and ultimately deliver you financial freedom at the end.

if anything doing it at 28 is better as you’re still young enough to bounce back and get life’s goals on track!