Good evening everyone
First of all can I say thanks to everyone here who has offered help, support and advice since I first posted and secondly can I apologise in advance. The next week is going to be difficult for me ahead of the meeting and lots of questions keep popping into my head, I'm sure I'll be driving you all potty before long!
If creditors request modifications to your proposal how long do you have to agree to them?
If creditors ask for modifications and you can't agree to them for legitimate reasons, what happens then, is it all over?
If they don't agree you proposal at all what then? Is it dmp or br? or are there any other options?
I do have every confidence in our ip and I do want to pay back as much as I possibly can but I have no confidence in myself which is why I'm so full of nerves and doubts about whether this goes through. I also realise that I'm probably a control freak because I can't come to terms with strangers having control over my life and making decisions which will either make or break us.
Does anyone know if a bank will allow you to change your mortgage payment to interest only if they know you are trying to go into an iva, I think that's my biggest concern right now, that they'll want us to change and although the bank agreed in principle it was before ths process started and they may say no now.
Thanks for letting me get all my fears and questions out and I appreciate you can't tell me what's going to happen.
Sorry for such along whingy post
If creditors propose modifications, then you will have up to 14 days to consider their terms. As your proposal has been prepared in accordance with the IVA protocal, I do not expect to many - but you never know until the day, so please try not to worry in the meantime as there is nothing you can do until the day of the meeting.
If the IVA is not ultimately accepted, your only real options are a DMP or bankruptcy, and whilst a DMP does not appear to be that attractive due to the timescale involved in repayment, at least it will protect your property which I know is your no 1 concern.
If the bank refuse to allow you to revert to an interest only mortgage, that is a matter of fact and is outside of your control. Creditors will need to be advised of this - assuming they have a problem with the repayment mortgage in the first place - and will have to decide whether the IVA remains the most commercial option for them.
Please try and stop fretting Pap - I know it is difficult but you have to be strong because I am sure you will be coming out of the dark side very soon - and your hubby needs you there as well.
Don't worry about keep asking questions - it's what we are here for.
If there are any modifications requested then you can take up to two weeks to discuss them and agree or otherwise with them.
If you cannot agree with the modifications, and the creditors won't back down, then the IVA will not go through and you will probably have to revert to a DMP, at least temporarily.
If you don't get enough yes votes, then you will have to revert to a DMP or BR at a push.
I am pretty sure you will be able to change to an interest only mortgage if you need to.
I am sure everything will be ok though Pap.
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
Thanks for your replies, believe me I am really trying not to worry too much and am doing all sorts of things to try to keep my mind off it but it's still there. It's made worse as hubby is now on nights until the day and it leaves me the evening and all night to fret.
I will try to look beyond the day and try to visualise a bright outlook and I know there are other people with worse problems than me.
In the meantime, I suppose it's out with the sleeping tabs so at least I can get some rest.
I am a lifelong couch potato but have signed up to do the Race for Life in a few weeks as my mum died from cancer a year ago so I'm putting a lot of effort into getting ready for that so my body's really exhausted but my head keeps on going!
Here's hoping next week will have a good outcome and thank you all, Melanie, we are both so grateful for how you're helping us, I just don't want to bring your success rate down!
I think I am in the same boat as Pap I asked my first and secondary lenders if I could opt for interest only for awhile due to IVA proposal- firm "NO" - too old they said.Mywife and I have the identical concerns as Pap
I'm sure you'll be ok, but it's so easy for me to say that and still fret about my own case!
Just hang on in there and one way or another we'll get through this.
Hope J's bearing up ok
Take care
Jan,
you are very patient and I'm sure I'm not alone in being so grateful for everyone who gives their time here to help others out. It really makes an enormous difference.
We all want to put people's minds at rest - a lot of us have been where you are, so know the anxieties.
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
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
Is it normal for the creditors to ask for you to switch to an interest only mortgae? I hope not as I only (only!) have 19 years left on my repayment mortgage at the mo, and only being 30, its a glimmer of light that I know it will be paid by my 50th.
Obviously the ultimate goal is to repay the creditors as much as possible, but i consider my mortgage (as anyone does) as the biggest investement i have, and could bear for it to have to go on for another few years.
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Don't worry about the modifications.....
Your IP would't go to the creditors meeting unless they were sure that they would be accepted..(though some creditors tend to be a bit difficult).
Think positive....
This time next week you'll be laughing at youself for all the needless worry and congratulating yourself for being on the road to debt free recovery..
best of luck
Keith
The long and winding road will straighten out eventually....keep the faith
Keith
I really hope you're right and I'll be the first one to laugh at myself!
Dand
I don't think it's an automatic thing but for various reasons our mortgage payment is high and we could rent for less (although there are reasons we couldn't live with doing that) so it is a possibility in our case. And I really wish that we were only 30, and not the huge age we really are!!
