Not long till meeting!!

[baz36]

well not long till wednesday now!!! dreading the day. we owe £57,000 and were offering £200 per month for the 1st 7 months then when little one starts school in September £375 per month. I really hope it is accepted on the grounds that it will go up in September, but after reading alot of posts on here iam really having my doubts now. It worries me if they reject,then the time it takes to offer again? or can you just modify. dont want anymore delays,cause the more delays we have the more hassle i will get from creditors wont i?

Also another question i have, myself and my fiancee are doing it together but they have to do 2 separate proposals one for my debt and one for his! His meeting at 10.40 mine at 10.45. do they do it as a job lot, or separately? Like does it have to be 75% of them all that are in favour? or 75% of mine and then 75% of his? not quite sure.

Iwill feel ill on wednesday im sure, and ive told my fiance to answerthe phone cause i wont be able to handle it!!!

[freelili]

I think that you have two seperate but dependant 75 percents. I am sure someone will come along and help with this. Just wanted to say, I think everything happens for the best so whatever happens you will deal with it. Worrying is like being on a rocking horse, it gives you something to do but you dont get anywhere. Easier said that done. Dont worry about the creditors, I know how that feels. It will end one way or the other. We all want you to get there, I want to get there so much also.

Good luck

LILY

[neverending]

Hi
First of all good luck for Wednesday.............your feelings are the norm and we all feel like you do now,just prior to the creditors meeting.Try and relax because you have done all that you can,leave it to your IP now.
To answer your questions

The "meetings" as such do not actually physically take place,it is all done by postal/fax voting.
Each of you have to secure a yes vote from 75% of the voting creditors by value,of your own debts.
The best way to explain is,for example a total of 6 creditors vote and their debts total 40k[you may owe extra to creditors that do not bother voting],you owe four of then 5k and two of them 10k.....as long as the creditors owing 30k or more vote yes then this would be 75% of the votes by volume i;e 30k vote yes and 10k vote no.[it could be that 4x£5k vote yes as do 1x£10k and the other £10k votes no]
I hope that this explains it

[MelanieGiles]

Hi Baz - my good wishes for Wednesday as well.

If creditors do not accept your original proposals, the IP can adjourn proceedings for up to 14 days afterwards in order for re-negotiation with you and the creditors. Make sure that this is done.

At the moment I am hearing of far too many IVAs which are withdrawn and then represented. The creditors do not like this and let's face it if you can't reach compromise within 14 days, there is little chance that anything will be changed by representing the proposals.

And do remember not to sign up to anything you will be unable to afford in the long term.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk