Help...

[nataliejanew]

Hi everyone,

I have just registered to this site but have been reading the forum on here since late December.

I am just (hopefully) starting out with an IVA.. I sent my proposal back to Clearstart today..

I am worried about the voting part of the meeting..

I have one main Creditor - American Express and I am afraid they might decline my IVA.

I have never missed payments and found this month that I am worse off than normal... maybe is from Christmas i'm not too sure. I am only just able to make all my payments this month and wont have anything left to live on.. I dont know whether to cancel my direct debits and speak to my creditors? My other creditors are Halifax and Capital one. I'm not sure how they would react and I would rather keep paying them until I know my IVA has been accepted

I am hoping my IVA will be accepted but it seems low at just 37p in the £. If they decline this I am able to offer something higher?!

I hope someone can help..

Thank you
Natalie x

[aguise]

Hi Natalie and welcome. I would ring clearstart and ask them directly about whether they want you to continue paying creditors, or reduce to just token payments like £1 for every thousand owed. It is usual to stop at this point, so speak to them first before doing anything. We have all thought gosh is this right to stop paying, but you also need to have the money in hand for your first payments to the iva. Speak to clearstart.
All the very best from me for your upcoming proposal and meeting. Hope to hear more from you now.

Ang

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

[MelanieGiles]

If you are a property owner, AMEX will almost certainly reject your IVA proposal, but if you are living in rented accomodation, then they are generally very supportive.

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

[nataliejanew]

Thanks Ang..

I am very worried about when I stop my direct debit's! I will give Clearstart a call and see what they say..

I hope everything goes though ok - reading though other peoples cases on the forum has made me feel a lot better! Everyone seems so nice!

Thank you [:)]

[nataliejanew]

Thanks Melanie..

Luckily I'm not a home owner, i'm still living at home with my parents.

I cant wait to get this all off my chest and start making my IVA payments... Im scared at the same time though incase it rejects...

[aguise]

The main thing is you are trying to sort things out. You are only in the same place if it is rejected, but ther are always other options so please try not to worry, though I remember it sort of takes over everything, Better times will come I am sure, because you want them.

Ang

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

[cr15py]

Hi Natalie, and welcome to the forums.

You have made the first, most difficult step.

Hopefully AMEX will be supportive to your IVA. I haven't had dealings with AMEX in an IVA scenario, but I have generally found them fairly helpful in other areas (including reducing payments about 3 years ago - I have since cleared their account).

Just curious why they generally reject proposals when property is involved, but generally accept when there is no property involved???

Hope everything works out OK Natalie/ [:)]

Chris

Visit my blog at http://cr15py.blogs.iva.co.uk

[MelanieGiles]

They would rather go for the security afforded by a Charging Order.

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

[Beechy]

Hi Natalie
37p in £ not a bad dividend if you have no assets, its a lot better than some alternatives you could be offering to creditors

Dave Beech

[nataliejanew]

Thanks Cr15py! i was reading that your were accepted for your IVA - well done!

Hi Beechy, It just seemed alow at the time but I will see how it goes... my proposal should be received by Clearstart today - so fingers crossed it all goes well! xx