Awaiting meeting advice needed

[Worried2021]

Hi,

I am awaiting my creditor meeting on Friday. I have approx £40000 from creditors such as first direct, very, aa loans and lending works. My IP has put a proposal together for £180 pm which seems very low and I am very concerned it will be declined. IP said they are very confident. Any advice would be fab x

[Foggy]

I have seen much lower offers accepted and your IP would not be putting in the work if they were not confident.

[Worried2021]

Hi Foggy,

Thank you! I have seen you are very active on here and seem to know your stuff so can I ask.....
1. Do you know if my creditors usually accept iva?
2. How long after the meeting should it take to hear the outcome?

Thank you in advance

[Foggy]

I can only go by experience and what gets reported here. Of your creditors, I had a £20k+ loan with AA Finance and they voted yes and I have seen mention of Very voting yes as well.

As for when you will hear the result of the meeting -- this is a "How long is a piece of string" question and varies from firm to firm. In theory they should be able to tell you within an hour or so of the meeting, but, it seems, some firms actually seem to forget they have a client waiting and leave you hanging. Generally, I would wait for a couple of hours and give them a call if you have heard nothing.

[luluj]

Good luck on Friday

Every iva is different, and circumstances that lead up to it play a huge part in the decision making of some creditors.

Hopefully you'll know by end of business day on Friday but if it were me I would maybe schedule a call for 3/4pm time to try and see if they have an update before close of business that day.

Ask your questions on here - there is normally one or two of us moderators about day and night

[Worried2021]

Thank you luluj. Would you advise I cancel my loan repayments? My meeting is 12pm on Friday and DD due to go out on Monday. I know they take a couple of working days to cancel.