IVA meeting I was lucky, in terms of modifications

[acorn]

I have just started the process of an IVA with ClearStart.
After giving all the info the first meeting is on the 1st November wit h the creditors
After checking the proposal they are offering at a minimum 26p in the pound, which is less than I thought. Tonight I emailed to see where I could increase that as Im confident I can.
What happens if its rejected ?
Im at my wits end.
Brian

[bagpuss]

Hiya ..x

I dont know who clear start are..sorry. But i can see no reason why they would put an offer together unless they felt sure it would be accepted.

Hold on tight...and best of luck x

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[lily]

Hi

As angie says the IP will want it to go through, you may feel you want to put more by 'doing without more' however, its tough on a budget for 5 years, you must be realistic here.

You must be honest with your income and expenditure, IVA's are not about acceptance they are about conclussion in 5 years time. If you do not allow yourself enough expenditure you will be really struggling in a few months time and the IVA could fail.

I understand your worry right now but youre not alone, have a rave on here we have all been right where you are now.

Take care, stay sane

lily

[acorn]

Thanks for your encouragement...lets hope they agree. I want to attend the meeting. Should I , can I ?

[bagpuss]

I'm not sure...I didnt as it wasnt requested...i was glad to be honest, i dont think i could have gone through with that.

I aint sure but is the meeting actually attendended by a representative of your creditors or is it just a phone/post vote...?

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[acorn]

Its all postal/phone and fax according to ClearStart, but when you read the information around it what suggesting its a good idea, but orginally ClearStart stated its all done via phone/post/votes but you wanna fell fully in there !

[OPTIMIST12]

Hi Brian -

I think it is actually very very unusual for the "Individual" - or for any Creditors - to actually attend the Creditors Meeting. (BUT CHECK WITH YOUR I.P.!!!!)

If you do not attend you must make sure you are available on the telephone at the time of and following the meeting so that your IP or their staff can contact you.

I am no expert but if I may give you one piece of advice - listen carefully to any Modifications that are proposed at your Creditors meeting and do give them some thought.

The relief of an accepted IVA is immense but Modifications can be very important. Ask questions if you are not sure about anything!!!

[acorn]

Thanks for that. I was under the impression that I wouldnt be there, but the more you read, the more paranoid one gets

[pixie]

You are entitled to be there, after all it's your proposal! You can also meet your ip and deal with any mods face to face.
I was invited to mine but that was waaaay to scary an idea! In the end it was all agreed and over with in my lunch hour.

Pixie

[lily]

In 99 per cent of cases the 'meeting' does not take place its just a date and time where all the votes come in; as you say by phone/fax. No point in attending.

One more thing to think about, you seem all geared up for the day and date, sometimes, the votes are not all in on time and some dont bother voting, your IP may have to reskedule if this happens its quite common so please dont be too disappointed.

Good luck

lily

[bagpuss]

I thought the date and time was set...and those who hadnt voted by that time and date lose there right to vote...?

I remember this cos i was sat wishing and hoping that the creditors had wrote it on the wrong day in there diarys..

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[lily]

Sometimes there is not enough votes to decide one way or another, the meeting will be set for another date, 14 days later, I think. Then the IP will canvass votes and its usually decided the second time around.

lily

[scaredkez]

thats right, your ip will be hoping for that 75% of votes so those who vote no, may make it difficult for you to get that 75% so those who don't vote on the day will be the ones your ip will chase in hope they can raise the vote if that makes sense, on the i+e never change it to suit the creditors or the ip as it is you that will have to live on this budget for the next 5 yrs, and it will be hard! any overtime you receive you will pay 50% over, so don't be pushed into something because you are desperate, many of the original posters here have been in that position and in hindsight would never have agreed thats why the forum is here so you can learn from the mistakes of those who have already made them
good luck

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

[Skippy]

I definitely wouldn't offer more - if your creditors ask for more at the meeting I would think about it then, but please don't agree to anything you aren't comfortable with. I agreed to IVA payments that were too high and it failed after 4 months. 5 years is a long time but it is achievable if the proposal is realistic. Good luck and let us know how the meeting goes.

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/

[iva experts]

Hi Brian,

The way you are feeling is completely normal, everyone feels anxious, nervous and scared before their creditors meeting. The most important thing is that you dwell on the positives and don't agree to any modifications that you are going to struggle to meet.



Best Regards,
IVA Experts
http://www.iva-experts.co.uk/