I’ve just started my IVA process. Current debt is 7000 future finance, 5000 creation, 2000 marbles, 2000 ratesetter and 900 with very.
I’ve just signed my proposal, its 11.48p/p which from what I've seen seems really low, i feel sick with worry that it wont be accepted, has anyone dealt with these creditors before?
Im using FSS, they’ve been so helpful so far when i was so nervous. They said creation always accept and future finance tend not to vote, i was just wondering if anyone else had any experience?
Basically creditors are given the dividend in an IVA and the return in bankruptcy for comparison. Quite often the choice is 'get something, however little, from this arrangement or get much less in bankruptcy' --- they usually choose to get something, rather than nothing. They are also gambling that, over the next 5 years or so, you might earn overtime, get bonus payments, maybe get a pay rise or win the lottery --- all of these will be added to your payment, so they might actually get more back. So -- don't fixate on the dividend.
Good luck with your proposal.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I am also in the process of an IVA with FSS. My dividend return is also quite low at 14.69p/£ with outcome of IVA being £7,350 available to creditors (in comparison to the bankruptcy dividend of 3.49p/£ with £0.00 available to creditors).
I am super nervous about my outcome but trying to remain hopeful! I signed my proposal this evening so I’m really hoping to have the meeting put in for 16th-18th Dec to have this out of the way for Christmas
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Have a read around the forum for tips. But one biggy is to treat your IP as a friend, not an enemy and keep lines of communication open. Do not be afraid to question anything or challenge if you think they are wrong. It is YOUR IVA, you drive it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
As to holidays, unless you can do a cheap one (Sun usually do £9.99 but who knows if they will do it next year) you won't be able to. Anything you save from your allowances you can either keep at home or open a Savings Account with someone like the Co-op. Try to use cash when shopping and stick to a list. To earn extra, do online surveys, you can earn points to get vouchers. I've done them for years and it pays for Christmas presents.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
