Mercers yet again

[mikepapa]

My wife just took a call from Mercers, she told them the date of our creditors meeting & reason for trying to propose an IVA.
Anyway the women on the end of the phone concluded by saying that " you do realise that 25% of IVA's fail & that they would ring us after the 24th September" (creditors meeting date). They are assuming it will be a no vote. Given that our alternative is prolly BR, surely they can see we are doing the best we can with the IVA proposal.
Must admit my skin is getting thicker by the day.

[Pennyless]

Mikepapa YOU ARE doing your best and dont let anyone tell you any differant.

Simply "bully boy" tactics mikepapa. I would just of told them "well you are just one of many creditors and the other creditors have told me they welcome my efforts to repay them".

I personally will be telling any creditor that calls me that "this call will be recorded"....and I wont be bluffing:-)

[Skippy]

Yes, IVA's do fail (mine did), but if they are realistic in the first place and you have a good IP who will help if you have unforseen problems, then there's no reason to think that the IVA will fail as the majority of them don't.

If they try that one again, tell them that if 25% fail that means the majority of them don't, and you intend to be in the majority!

You'll be fine Mikepapa, don't let them get to you.

[Pennyless]

Agree with Skippy....the majority don't fail....and I doubt any reputable Company would make an IVA "proposal" if they felt in anyway that such a "proposal" was doomed to fail.

Both my wife and I applied for an IVA, at which time Melanie Giles concluded that although I met the criteria my wife did not. It was not the news I wanted to hear but I'd rather not be given false hope/info when the odds were stacked against my wife being successful.

Its also worth bearing in mind that it is in the best interests of any IP to ensure that your IVA is succesful, after all they will be obtaining circa 15% of your payments for the next 5 years, so added all up I'd say the odds are in your favour and your IP will/should strongly defend your proposal.

Its a win win situation for both the client and IP, however, as Skippy says not all are successful but the MAJORITY are.

[MelanieGiles]

It never strikes to amaze me, the negativity towards IVAs shown by some banks. Perhaps they should look to their lending policies first, before knocking a very reputable and reliable method of repayment.

[Pennyless]

Melanie totally agree.

Not sure if you follow football Melanie but theres an interesting game today...Cardiff v Newcastle...I am a Newcastle supporter but dont mind losing this game if you support Cardiff!

[MelanieGiles]

I do indeed - but I am actually a Derby County fan, by nature of Derby being my hometown! A bit odd I know, because I am an ardent Cardiff Blues fan when it comes to rugby.

Sad to see that Cardiff lost, however, I imagine you are celebrating!!

[Skippy]

It looks as though Newcastle have found their level!!! [}:)]

[Pennyless]

Skippy lol.

Yep Melanie over the moon that Newcastle won....still getting used to them actually winning as we never really experienced "winning" in the Premier league lol:-)

[Shining]

Mercers are a pain in the rear aren't they? they were my worst creditor in respect of calls and threats, even sent me a postcard once for all and sundry to see! I agree your skin does get thicker and the calls do get easier, I remember being petrified when I first answered the phone but after the first couple of weeks I was answering them like clockwork. Hope it all goes ok for you.