Newbie

[stroppyduck]

Hello

I am currently just going for an IVA and am full of dread and worry! I am with Clearstart and have a meeting booked for 13th Feb.I am already losing sleep over it and worried that they wont accept.

I have 40,000 debt and offering £200 a month. I have been in payment plans with most of them since 2004 and didnt know about IVA's, if i had i would be nearly clear now! DOH!! but i worry that they will refuse and i will start getting pesturing/threatning calls again, simiular to ones i had when i initially set up payment plans!

Has anyone been in payment plans and then gone for IVA, how was it taken and was it approved!

Any advice appriciated!

[Jo Rolland]

I would have to say with that level of debt offering £200 per month would have a very slim chance of success unless there were an equity element being offered if you were a homeowner.

Whilst Clearstart are dealing with this, you should continue to make your reduced payments to creditors as this proposal is in no way guaranteed.

[carlmcmullen]

I would suggest that Clearstart would not be putting forward a proposal that did not have a chance of being accepted, it depends who your creditors are.

Clients in DMP's very often have a change in circumstanes and put forward an IVA proposal, it is not unusual.

Try not to worry to much.

Fingers corssed. [:)]

Carl

[Jo Rolland]

I would have to disagree with Jo on this one and would welcome somebody else's opinion.

I would suggest that Clearstart would not be putting forward a proposal that did not have a chance of being accepted, and would suggest you are offering a dividend of between 25 - 30p in the £ which is acceptable to the majority of creditors.

Clients in DMP's very often have a change in circumstanes and put forward an IVA proposal, it is not unusual.

Try not to worry to much.

Fingers corssed. [:)]

Carl

Carl, with a proposal of just £200 per month the pot will hold £12,000 prior to the IP's fee being paid.

How do you calculate that creditors are being offered 25-30 pence in the £

[Jo Rolland]

Glad I quoted that before your edit!

[carlmcmullen]

Sorry Joe, i have edited my reponse

I would probally suggest 17 - 20p in the £ taking into account costs.

Who are your creditors and are you proposing a 5 year or 6 year arrangement?

[MelanieGiles]

With hurdle rates being removed by creditors (or so they say!) a 17p in the £ IVA could be a possibility if an IP was prepared to take this on.

[rachellxx39]

Dear STROPYDUCK
I had previously been on a dmp before my iva and i too decided to choose Clearstart.I was worried and nervous about the whole and prayed that it would be accepted.My husbands debt was £37000 and mine £27500 .Both our ivas were accepted .My hubbys payment is £248 and mine £160 .I hope you get the outcome your hoping for,there is always plenty of help and good advice on here.Goodluck!