IVA proposal completed - opinion?

[cr15py]

I have just, with the help of my IP, completed my proposal to be submitted to the court and sent to my creditors.

I am offering £210 per month which I am informed works out at 48p in the pound. I owe approx £16k to 4 creditors (split £10,000[Halifax], £4,000[MBNA], £1700[HSBC] and £300[Inland Revenue]).

What are people's views on this, is it likely to be accepted?

[sonyse2t5]

Yur debt is low, I would bet a tener with 48p to the £ that it will be accepted.

Just one point though - I a curious were you offered a DMP as an option ??

[Oliver]

Looks like a good proposal to me. As long as it is your best offer and that your creditors will be better off through an IVA rather than Bankruptcy I would be confident of its success.

Best Regards
Oliver

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

[cr15py]

Talking to my IP, we discussed the option of a DMP - but one of my creditors was fairly insistent that it was a temporary arrangement was a DMP/reduced payment plan. We decided that the best option for me was an IVA. Bankruptcy would probably cost me my job (I work in accountancy), although this isn't something I am too keen to even discuss with my boss!

If it helps the situation above, I am not a homeowner and I do not have much in the way of non-essential assets. I do not have a car either.

Thanks for the help so far

PS - I am just curious, what is likely to happen now???

[sonyse2t5]

From my own experience, your IP will write letters to creditors and all concerned incl the local county court of your Insolvency IVA intentions and you'll get a date for the crunch meeting.Of course you don't need to attend, and wait by the phone! If you get a call from your IP could be day after - one of three things will happen

1. Accepted with modications - Cred' might asked a bit more or changes to your I/Expenditure

2. Adjounment - insufficient votes, you need 75% of creditors agreeing. Those those vote don't count. A later meeting is set to resolve it

3.Rejection - you be'll back on a DMP.

Creditors would NOT petition for your BR, as your debt is low and you can pay you way.

I let you into a little secret - a few days before your IVA meeting the votes would be cast and your IP will know even before the meeting date the probable outcome. But try not to call them in those few days. I kept a communication silence with mine as I knew the votes were been cast.

Like many you get a 'panic attack' nearer the date, it s normal.

[cr15py]

Thanks sonyse2ts for the advice. Just curious though, why would you not be in touch with your IP a few days before? My IP has been brilliant communicating by e-mail, any little questions I have I can just ask her and I have a response within the hour.

[Adam Davies]

Hi Cr15py
A good return with low IP fees.
Should be accepted,no problems
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

[sonyse2t5]

Revisting this......
I am quite keen on knowing what happens to this IVA offer.In a DMP it would take 6.3 years. An IVA with fees 5 Years. The debt borders on the DMP/IVA devide. I am particulary intriqued with how MBNA will vote here.....I had a £500 debt(0.5% of total debt) with C1 and they were only people that said No to the IVA?? I never worked out why>>>

A good indication is whether MBNA will ring you prior to the iVA to 'talk about it'