Help and advise Needed

[caraf]

Its still all racing through my mind, it all sounds to good to be true. But what if it fails, does anyone know of a IVA that hasnt gone through. What happens next.

[MelanieGiles]

Lots of IVAs are not accepted by creditors - in fact about 20% of them are rejected for a variety of reasons. If you are unfortunate to receive a rejection, you could consider declaring yourself bankrupt or entering into a Debt Management Programme.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[aguise]

If it fails then you are really back to square one but could maybe consider a dmp or bankrupcy.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[caraf]

But I have a family and really really dont want to loose the family home

[caraf]

what are the reasons why iva's are not accepted

[caraf]

sorry after being really lifted by this forum over the past few hours. I am feeling really low and down again, and just keep asking myself what if it fails. Please can someone look at my propsals,and my creditors and what are my chances of it being accepted.

[aguise]

We all go through the what if it fails, it is an obvious worry. Reasons for failure can be because the proposal is badly put together, creditors feel it is not the best offer, try not to worry though as Melanie said I would question the high fees, they do seem high. We both have an iva and our total fees are only £9000. Just query with them. Creditors lately are asking some to reduce their fees and they have done. Nobody can answer what your chances are but your creditors all look to be ok. Try not to worry or feel down you are doing your best, you just have to see what happens.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Adam Davies]

Hi Caraf
How much is your total debt and how much equity do you have in your house?
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

[caraf]

Hi Andy, We have no equity in the house at the moment, as we have a mortgage and a secured loan (biggest mistake of our lives). Our unsecured debts are £85K some are individual between me and my husband and some are joint. Clearstart are proposing £500 - 525 per month

[caraf]

is that a good proposal to my creditors, should that be accepted. I have listed above all my creditors. What do you think my chances are.
After registering on here last night I felt very positive and uplifted, but now I am feeling krap and down again and just keep asking myself what if it fails. Are Clearstart a good company to get this approved for me. Then I can live the rest of my lift debt free and without the worry

[jasperyogi]

Hi there caraf,
I'd just like to say please dont worry about those fees too much. Our proposal stated £18k in fees and at the meeting the creditors reduced it to £8k!!!. The company agreed and all went through fine! So please try to stay positive. I know its hard at this stage but trust yoru IP, its in everyones interest for this to succeed. Just stay strong ok and KEEP SMILING [:D]

Why spend life worrying...when you can spend it smiling!!

[coupleplus1]

Hi Caraf

We are with Clearstart - just got the ok in middle of November. They have been great with us and reduced their fees for us to give us more pence in the pound which is what the creditors obviously wanted. Our IP is Alex Twitchen although we have never spoken to him, his office is great.

[caraf]

Hi coupleplus1
At what point did they reduce their fees ?? Should I sign the proposal next week with the high fees on or should I negosate before hand.
Who was your case manager ??

[Adam Davies]

Hi
You'll be fine,your creditors will cap the fees of clearstart and this will increase your dividend.
The option for your creditors is to accept or to decline and if they decline you will have the option of a DMP,this will take at least 15 years for you to repay your debts,or bankruptcy and no equity means a nil return to your creditors even if you have an IPA for three years.
I'm sure common sense will prevail and your IVA will be accepted,be prepared for an equity release clause in four years time though.
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

[caraf]

How do you think my creditors will vote, is there a trend, have I got any bad creditors ??