creditor meeting how do you think i will get on

[lesley]

My creditors are: halifax, mint,marbles,barclaycard,mbna and capital one how do these fair with ivas.
I owe a total of £55000 60% with mint and halifax how do you think i will get on at meeting i earn £830 a month and am proposing £420 I can just about manage if there is light at the end of the tunnel

[MelanieGiles]

MBNA are the most difficult creditor in your collection. The others are generally very fair.

Before you try an IVA, do see if they will accept an offer of reduced monthly payments. They generally will not, but you can then confirm that you have tried this option when your IVA is eventually presented. Alternatively, if they represent less than 25% of your overall debt, they can always be outvoted , in the event that they do reject.

If I were your IP, I would have concerns that your IVA payments are over half your salary, leaving you little room for household and personal expenses. Do you live at home with your parents, or are you being supported by anyone else through the IVA?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[lesley]

I live with my ex partner because we have children and although he wasn't happy when i told him of my debts he is willing to help me keep up payments. The debts are all unsecured and in my name until recently he knew nothing about them but has been more supportive than expected. We may be able to salvage relationship once this pressure is sorted out

[MelanieGiles]

Hi Lesley

That is great that your ex-partner is supporting you, and I sincerely hope that you manage to get back together. It is amazing how much stress being in debt can put on a relationship, and you will see things in a different light once you have that millstone removed.

My very best wishes for the IVA and the future.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[lesley]

Thank you. You are a treasure on this site we are lucky to have you. I will keep you posted. Thanks again.

[lesley]

Do you think i have a decent chance of acceptance, MBNA are about 15% of total debt

[MelanieGiles]

Yes I do - because all of the other creditors are generally very fair and commercial. Don't forget to let us know how you get on.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk