we are just about to have our creditor meeting for our IVA (next monday). I am very nervous and am wondering if our proposal is enough.
we have done it through grant thornton via cccs.
our pence in pound dividend is only 11p. this is payments of 168 per month off a 44,000 debt. we handed our expenditure in and they came up with the figure.
so scared it will get refused! please advise us xx
Don't worry too much, your IVA company wouldn't put so much work in if they thought there wasn't a good likelihood it would be accepted. My offer was low too and was accepted because it was genuinely all that I had to offer.
Good luck!
"It is never too late to be what you might have been"
Fiona
I know it's hard, but don't get too hung up on the perce in the pound calculation. IP's are experienced in working out the best IVA proposal possible. Creditors are well aware of this and as long as they can see that the best offer is on the table then it is normally approved.
Have GT mentioned the possibility of doing 72 months instead of 60 to improve the dividend? This is sometimes requested by some creditors so it is best to be prepared for this scenario.
Good luck for next monday - just post any other queries you have and we'll do our best to help you.
thanks for the reply. this is all so stressful. was your offer as low as ours? I hope our company is a good one, I didn't shop around, just used the one advised by cccs.
You've chosen a great company - we have someone from GT who posts on here. Our dividend was initially 17p / £1 but we agreed to a further £40 pcm taking it up to 18p. I think Fiona's is lower. It really is all down to affordbility and getting 5 years payments is better than the 3 under bankruptcy.
If this is your best offer then your creditors should accept it - you are doing your best to pay something to them and they should be happy about that.
GT/CCCS would not be putting this proposal forward if they did not think there was a good chance of it being accepted.
Good luck!!!!!!
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 all the replies, it feels great to talk to someone about it!
should I suggest the 72 month thing myself? I'd do anything to help it go through.
with regards to affordability, i think we stuck pretty much to the guidelines re: our outgoings
I think ours was 16p but we've been fortunate in that we have already managed to increase our payments. HOwever it was accepted on a low dividend. I too was very stressed about it, I was convinced I'd be the one that wasn't accepted, but all my creditors voted yes despite the low dividend
"It is never too late to be what you might have been"
Fiona
Hi Blobby. I have seen as low as 9p in the £ accepted. If the creditors don't feel it's enough on the day they will more than likely suggest an extension at the meeting.
GT are a good company and really know the creditors. If they are putting the offer forward they will have every confidence.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If this is your best offer then your creditors should accept it - you are doing your best to pay something to them and they should be happy about that.
Good luck
GT/CCCS would not be putting this proposal forward if they did not think there was a good chance of it being accepted.
Good luck!!!!!!
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
oh no, 11p is really low! they have never mentioned it to me as a concern though.
is there any way of finding out before monday if any of the creditors have voted?
It's not a problem blobby - we have had lower than that accepted.
Unfortunately there is no way of knowing before Monday who has voted or not.
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
No as some can change their mind up to the meeting. I really wouldn't worry too much (I know that's hard). GT wouldn't do all that work if they thought it had a good chance of failing. Just try and remember - there is nothing more you can do now and it's in their capable hands.
What I did before the meeting was look at the allowances written down and worked out worst case scenarios so if GT do ring you to discuss a variation you don't have to make a decision quickly, you have a bit of an idea what you could cut a bit to meet more in the IVA.
Some creditors vote early, but your IP won't tell you in advance of the meeting, as they might change. It is also not easy to predict as it depends on each creditors "weighting" .... the vote has to be 75% by loan value in favour.
The meeting is a negotiation ..... it isn't the end of the line if it was refused. There is usually room for manouvre.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
