Hi.....
Well my husband and i have after two years of juggling one card off another decided enough is enough and contacted McCambrige Duffy for advice. They advised we both apply for individual IVA's which we have now done. The application process has all been very quick and straightforward. Our initial enquiry was made on Jan 14th, our creditors meeting is to be held next week so all in all its taken more or less exactly a month!
I am offering 27p per pound, my husband 25p per pound. How does this sound to those of you more experienced than us? We have nearly 90,000 worth of debt between us (so embarrassed to admit this ).. Has anyone any experience using this company? Im so nervous now as we've just gone with the first company we spoke to and have no idea what we'll do if its refused! How common is it for those we are in debt to, to contact the IP before the meeting to demand changes and does this normally happen before the meeting takes place or on the day of the meeting? Thank you, i look forward to any advise!
First of all ... for a "stab in the dark" you have struck lucky ! We always recommend chatting to a few companies to see who you gel with, but McCD are a very well respected company who run a fair IVA.
Your proposed dividends look healthy enough. It is impossible to predict if and when creditors will make any changes, but these will not be considered until the appointed time, as some changes might conflict or the creditor proposing them could get outvoted.
Advise - wise, just read and re-read your proposal and make sure that you understand your responsibilities --- then, have a cup of tea and do it again Be open and honest with your IP and tell them of anything that changes as time goes on, to avoid any surprises on either side. Then budget, budget, budget !
Best of luck with the meeting.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Ahh great, we did feel very comfortable speaking with McCD so its a relief to hear others have a good opinion of the firm too !
Another question please, do IP's normally contact you to let you know if any change reqests have come in beforhand or won't we know till after the meeting?
Its all abit like heading into the unknown but we have read the proposals to death and contacted the firm with any questions we had. This forum has been great for filling in any blanks and although I know its going to be a very hard five (maybe 6) years looking forward to being able to sleep rather than waking up worrying all night!
Thanks for your prompt reply Foggy and hopefully ill be back with good news and updates over the next five years x
You will not generally hear anything until just after the "meeting", but they will contact you if something drastic is being proposed. Usually creditors amendments just tweak expenses a little or involve fees, which don't concern us.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree with Foggy McD are one of the 'far better' companies that administer IVA's. 27 and 25p as a dividend isn't too shabby either, my initial proposal was 27p and my wife's was 14p neither of us had an issue at the creditors meeting and other than the PPI issue didn't have any problems with our IVA company even though they got slatted by members on this forum. We didn't know about the forum until we started our journey. Good luck.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
Ahh thank you both, you have put our minds at rest a little. Thank you for the good luck wishes, we'll keep everything crossed until next week. We just want to get started, buckle down and get back to some sort of normality without a great weight hanging over us!
).. Has anyone any experience using this company? Im so nervous now as we've just gone with the first company we spoke to and have no idea what we'll do if its refused! How common is it for those we are in debt to, to contact the IP before the meeting to demand changes and does this normally happen before the meeting takes place or on the day of the meeting? Thank you, i look forward to any advise!
Be open and honest with your IP and tell them of anything that changes as time goes on, to avoid any surprises on either side. Then budget, budget, budget !
x
