date for creditors meeting

[KLG2002]

Hi all,
I have recieved a date for my creditors meeting and am quite relieved that this stage has been reached quite quickly. In the proposal it has the 4th year equity clause (which is fine as at the moment I am £20k in negative equity) if I can't raise at least £5k after fees from a remortgage it states the iva will run for another 12months (what I expected) I am somewhat concerned though that one of the creditors has now changed from HFC to MBNA (they are owed £7K out of a total of £50k debt) from what I have read on this forum MBNA are not too receptive to iva's. The monthly contribution I am offering is £279 pm which only gives 26p in the £ but really is my best offer. What if the iva is rejected I don't see any possibility of increasing my offer and it already states in the proposal that they will either get equity release or an extra yr, what other ammendments could be requested by the creitors? I have already stopped smoking in a bid to offer more in my monthly payments but i really need some input as to what eventualities may occur on the date of the creditors meeting. I dont want to accept to changes on the spur of the moment as I don't always compute the long term affects. Any suggestions of possible changes will be greatly apprecited

KLG2002

[kallis3]

Good news on your creditors meeting.

Are MBNA your major creditor, or is that all the money you owe them? If they only hold a small proportion of your debt, I would say that you have nothing to worry about there.

As regards amendments, you will be told of any on the day of the meeting. You do not have to agree to them straight away. If you are not happy you can ask for an adjournment, which can be for up to two weeks whilst you weigh up your options. Don't make any spur of the moment decisions, that could be a recipe for disaster

[Viki.W]

Good luck for your meeting KLG2002, fingers crossed. X

[MelanieGiles]

MBNA are only a minority creditor, so your IP will no doubt use the votes from other creditors to outmanouvre them in the case of a rejection vote, however with a 26p dividend on offer it sounds as if this will fit into the criteria of case they will accept in any case.

Good luck!

[aguise]

Al the best from me too.

Ang x

[Skippy]

Good luck for your meeting x

[Soulgrowth]

When is the meeting KLG? We will all keep our fingers crossed for you [:)]

Debbie

[debtmountain]

Good Luck KLG2002, for your Meeting Date, (and quitting smoking too) Well Done.

xx