IVA ACCEPTED 43p in the pound

[onlypassion]

Hi guys,

Well after a long long 6 months or so I finally have a bit of hope! Myself and my husband proposed IVA's, my main creditor was HSBC and his Northern Rock so we were very sceptical.

Both meetings were initially adjourned. Within my own proposal, Black Horse rejected but thanks to some great work from Melanie and her team they managed to have them outvoted as they held under 10% of my debt, HSBC did not initially vote (and had approx 30% of the debt so had a deciding vote) They managed to get enough creditors to vote and had my proposal accepted at the original offer at 43p in the £.

Unfortunately my husband had his rejected as Northen Rock had a big chunk of his debt and would not budge giving an outright no. We did expect this as it was a "together" loan and was only a few years old. He is now considering his options either DMP and await the new SIVA and re propose or go for BR straight away.

My proposal is workable on its own without my husbands having been accepted so I will be proceeding with the IVA. Overall the future certainly looks a lot brighter, our situation has been significantly improved and half of our debt has been taken care of.

I would like to thank Ann Marie at Thomas Charles who originally put us in touch with Melanie, and of course Melanie and her team who have worked very hard to give us a result. You have really given me and my young family a lot of hope for the future and I cant thank you all enough for that.

Good luck to all you guys on the forum going through the process at the moment, and thank you all for your support that has been of great help to me over the last few months.

Andrea

[scaredkez]

congratulations only passion i hope it all works out for you.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[tracy.h]

I am so pleased that you have got some kind of closure hope things work out for hubby keep posting let us know how things are going
goodluck

Tracy

[Adam Davies]

Hi OP
Well thats good news for you but it,s a pity about your husbands proposal.I hope that he finds a solution soon and maybe a SIVA will be he answer.
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

[onlypassion]

Hi guys,

Just had hubbys chairmans report through today and it is so annoying!! We has an acceptance of 71.06% NR were just able to stop it going through, everyone else is down as having accepted which to think 10 out of 11 creditors said yes but still it's an overall no is really frustrating!

I will keep you all posted on what he decides to do but a DMP is looking favourable at the moment just until the SIVA comes in then we will review things then.

Andrea

[Adam Davies]

Hi
Crazy how ten creditors can be wrong in agreeing to an IVA and only NR are apparantly right in refusing it.
Or are they ?
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

[BlueShoes]

Hi only passion,
Good news on your situation. It sounds like Melanie and her team have done it again!
Well done
Blue

[Oliver]

Glad your IVA was accepted. Sorry to hear about your Partner's proposal, although it would seem from the information above that an SIVA would see this proposal accepted upon its arrival.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva_squirrel]

Glad about the good news.
A DMP may be a solution for your Partner until SIVA arrives.

Good luck!
Regards,
Michelle P.

[iva experts]

Congratulations Onlypassion, best of luck with your debt free future! [:D]

Best Regards. IVA Experts

[onlypassion]

Hi Guys,

After much consideration it looks like my hubby is going to go for BR. My monthly payments is £625 for the IVA, our initial proposal was a payment of £985 on £120k, hubby has received his chairmans report and shows he has £70k in his name so a DMP with £360 a month on offer for this level of debt just seems impossible, would creditors even accept such low payments?

Phillip Gill (IP) was very honest with us and said this was what he would reccomend but at the time we would not even consider it as it really is a route we wanted to avoid as we do genuinely want to repay back as much as possible. However a few weeks have passed and we have had time to sit down and look at things logically and unfortunately NR have just backed us into a corner and we cant really see any other way out as from what I have read they are not always supportive of DMP's either.

Our home has been valued at £112k and the secured mortgage is approx £117k so hopefully we should not lose the house which was a main concern.

Fingers crossed all goes smoothly from here!

Andrea

[Skippy]

Good luck Andrea. You and your hubby can be proud of yourselves - you have tried to repay as much as you can, and it's not your fault (or the majority of your creditors' faults) that your hubby's IVA was rejected. Please keep posting to let us know how you are getting on.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[scaredkez]

good luck andrea you have both tried your best as you say yourself NR have backed you into a corner.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/