Hi I'm waiting for Moorcroft to accept the iva proposal, other creditors have accepted. They have refused 20p in pound, know this is low but I'm on a tight budget. Any ideas on what percentage they might accept? Thanks
If 20p is your best offer I am sure your IP will fight your corner. There are no set highs and lows and offering money now that you cannot afford will only jeopardise the IVA down the line. I hope it works out for you.
Anita - I do hope your IP can convince Moorcroft. As Mike has said, your IP would have put the case together that 20p in the £ is the best you can afford so I would just hold out for them to be convinced!
We agreed a slight adjustment to our proposal but that was because 1 creditor asked for a reduction in our smoking budget. This we agreed to, but only because I intended to cut down anyway.
An IVA isn't a walk in the park so don't agree a sum of money that will be a struggle.
Have Moorcroft tend to only collect on behalf of the original creditor. Have they actually purchased the debt? If not, then your IP needs to liaise with the original creditor instead of them.
Hi thanks very much for advice and support. Oops not Moorcroft but Mkrr!
Initially I offered 100 a month for 5 years, other major creditor accepted but mkrr refused 115 and over 6 years, they also refused 120 over 6 years saying the dividend was too low. Hoping they accept 125 and I will try and stick to that. They had already proceeded to ccj was upset about that as thought iva proposal included contacting all creditors to halt proceedings. Good advice on budget, I don't smoke but if I do increase I can say what I'm cutting down on, say magazines, clothes and so on and they will hopefully accept. Thanks again for taking the time to read and respond, cheers, Anita
Hi thanks again for advice. I have had a stressful two weeks waiting for decision. In end I phoned the creditor holding back and they have just told me they are going to accept iva. A huge weight has been lifted. I will pay back 25.4% of the original debt. Never going into debt again. Getting life back on track again feels good
Well done for taking the bull by the horns and getting this through but I hope you have not committed to too much. IVAs are supposed to be a compromise and not five or six years of a punishment.
My own IVA was modified at the meetings by £39 a month after my initial £251 (which was a push at this much) was rejected. This extra amount made it much, much harder. The last 2 years I never had any money at all. You need to pay what you can afford to pay. Its about consistancy over 60 months but you know how it is, emergancies, things break down, kids cost money ect ect. But at least your gonna be debt free at the end of it. You can do it, its worth it. Good luck
