Have finally posted my IVA documentation

[dorset70]

Thanks for your post Dave, well I received my telephone call from DFD this morning, 45 minutes later was finished and off to work feeling better and relieved that process is starting.I now have to await my proposal from them which takes about two weeks to send out to me and when that is received back its apparently about three weeks later that creditor meeting is held.

I felt relieved but find as day progresses that am becoming very anxious and worried and questions are arising.


I asked them what their fees were and they said that I would not pay any fees to them as they only get paid if my iva is approved, its only now that I realise I wasn’t given a figure, is this normal or should I ask them for a figure if I don’t have to pay them?

They have worked out a monthly repayment of £207.00 per month of my monthly income of £1245 on £26,099 total debt which they have said equate to about 29% repayment which I don’t quite understand he said that the minimum accepted is normally 25% so quite concerned that I am only offering 29% repayment, does this sound reasonable?

I said I was concerned about my biggest creditor Natwest which is £14,300 of which £2850 is RBS credit card which I said I understood were linked to Natwest. I said I was concerned that if they didn’t vote yes that it would not be approved, he said not to be concerned as as far as they are concerned RBS are a separate creditor to Natwest. Am I right to be concerned about this as I work out that this equates to 54% of my total debt?

They have said to make token payments to creditors from now on until creditors meeting of amounts totalling to roposed payment of £207 spread out evenly amongst my creditors and get in touch with them to let them know I have an IVA proposed.

How does all this sound to everyone, advice as always greatly appreciated?

[Adam Davies]

Hi
Everything sounds fine.
Pay each creditor 80p for every £100 owed,this way your £207 will be spread equally and fairly to your creditors.
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

[dorset70]

Many thanks for this Andy, was trying to work out how much to pay to each creditor, thanks for advice.