creditors meeting.......

[Beverley]

(put posts mistakenly in sept's postbag - so copying and pasting here)

in a week and a half. Total debt around £85k, no northern rock or black horse. Am proposing to pay around £600 a month with substantial pay rises and bonuses very much making overall return around 70p in £. Am very nervous about the meeting as one creditor already has said they will vote no as i took the loan of 10k out about 3 months ago. Not a homeowner, so will most certainly petition for bankruptcy if iva is rejected. I will lose my job and will be unable to work again in the UK if I go BR and have decided to move abroad to restart my life. Really hope my proposal is accepted - i spent hours and hours working on I and E which is tight but manageable. Will work my hindquarters off to secure substantial pay rises and bonuses to give back as much as i can over the next 5 years. I could petition for bankruptcy now as have a set up abroad, but i really really want to pay back as much as i can over the next 5 years. I may well move abroad after the 5 years but at least it will be knowing that i tried paying back as much as possible and will be able to sleep easier at night.

This forum is a goldmine of information and has helped me beyond any measure. Credit to all those who post here on a regular basis. I will let everyone know how it goes in a week and a halfs time. Am really crossing my fingers that creditors are sympathetic and don't reject my proposal.

Beverley
New Member





2 Posts
Posted - 20 October 2007 : 12:37:33
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Also I wanted to say that I have received a ton of phone calls which I have been unable to take as I work far away from home, but when I have been able to answer every creditor that i have spoken to so far (about 7 out of 14) have been extraordinarily nice and understanding and it was a pleasure speaking to them all. They have treated me with respect and I have appreciated that - even the creditor who said that they will reject my proposal.

[mikebdomain]

Hi Beverley and welcome to the forum - good luck with your proposal.

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[Beverley]

Thank you Mike

[Adam Davies]

Hi Beverley
Even if the creditor that you have had your loan with for three months votes no your IVA can still be accepted as you only need a 75% yes vote,by value of debt held,that vote on the day.
You are making a good return so fingers crossed and don't be surprised if you do not get enough votes first time around.It is fairly common for the meeting to be adjourned for two weeks whilst your IP whips up more support for you from creditors that do not vote.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Beverley]

Andy,

You have made some very good points, especially regarding votes first time around - that gives me so much more comfort. Thank you.

[sonyse2t5]

I work out you'll be offering 42p to the pound with the £600 monthly payment,but when we minus 8K fees and charges from that that would equate to 32 pence the pound to creditors.

If you are eventually offering 70p to the £, just don't over stretch the monthly payment too much.You will be looking at over a grand a month with the fees deducted.