Hi I am going into an IVA and the following has been proposed on the following debts by Payplan. How likely do you guys think my creditors are to accept this at the creditors meeting? Payplan have assured me that they wouldn't put it forward if they thought it didn't have every chance of success, but I am pleagued by anxiety (I am a chronic worrier) and wondering if they would be likely to reject...
To offer creditors
130 surplus each month
24 pence in the pound as an IVA offer
£4,660.34- Barclaycard (Grant Thornton- IVA Watch)
£1,552.82- MBNA Credit card (kPMG LLP)
£271.64- Black Horse (The Insolvency Exchange)
£507.97- Natwest Credit Card (The Insolvency Exchange)
£12,420.26- Natwest Loan (The Insolvency Exchange)
£1000- Natwest Overdraft (The Insolvency Exchange)
£365.20- Santander Credit Card (The Insolvency Exchange)
Hi sammy - welcome to the forum. It is hard not to be worried. Rest assured it is not in the IP's interest to put forward a proposal that they are not confident in. 24p in the £ is a reasonable return - there are many others below this.
If this has been shown in the proposal to be the best offer on the table, I am confident it will be accepted.
Just to check - have set up a new bank account if your current bank are one of your creditors?
It makes me itch. I worry so much that I have come out all over in a nervous rash. Obviously I still have to send the proposals back, but I have heard that some will only accept 25p/pound. Also if Natwest don't vote or reject that means the whole thing falls through- which scares me. Think I might have been reading to many internet horror stories. My situation is that I live in rented accommodation (privte) and have few assetts, but I work for a local authority- so can't be made bankrupt
sammy - you will hear horror stories on the net! I try to avoid looking up my health issues on the net for the same reason.
I really don't think you should worry, there is nothing you can do yourself now. As I say the best offer is on the table. It is 75% of the lenders who vote that make the IVA succeed, not many lenders reject now if they can see you are offering the best. MBNA didn't vote at all and were one of my biggest creditor.
Ours was accepted at 17p in the £ and there have been others in ther last year for 11p upwards so please don't make yourself ill over this.
Let us know how it goes and if you have any other worries please don't hesitate to post. I find the forum a godsend especially between sending the proposal back and the meeting. Hopefully you can gain some comfort from it too.
please do try and not worry (i know as stupid as that sounds at a time like this!!) Natwest are not known for rejecting as far as im aware, sometimes if there not happy with the return of the amount in the pound they often agree to extend the period to 6 years etc, so even if from the initial meeting things need tweaking it may not be the end! Also its well in their interests to agree to the IVA if they can see its either 1/4 back or 0!
As Kazza said payplan would not put the proposal forward either if they thought it was a dead duck, it wouldn’t make business sense for them to do all the work and make the proposal!
Please do keep us informed of how you get on and hang around, the forum is a great place for advice and support
best wishes to you
Arty [;)]
)O(
Last edited by artemischild on Thu Jan 12, 2012 1:04 pm, edited 1 time in total.
IVA completion and certificate received 08/10/2012!!!
It's going to be hard to stay sane until the creditors meeting. I feel physically sick at the thought of it. If it weren't for payplan and people like you on the forums- I would need a straight jacket and a mental health hospita teehee! [xx(]
The main priority for me now is my wages. They are paid into my Natwest bank account tomorrow- because payroll have been too slow to process my new bank details with Cooperative Bank. This means I will have to go into the bank and physically withdraw my whole wage in cash- then march over the road to the new bank and deposit it all.
I have to pay a natwest loan re-payment due by direct debit on Monday at £317. Shall I still pay this? If my IVA fails then not paying this will have consequences. Or shoud I just make a token payment?
No - I wouldn't personally. Get all the money out and get it into the new account.
Misssing a payment or two will not affect any voting at the meeting and if anything enforces the fact that you cannot pay your bills at present.
You could make a token payment if it makes you feel calmer but it won't stop the letters or phone calls so why not bite the bullet, don't pay and try to save it for a contingency fund which is a wise thing to have starting out on the IVA road.
Of course you're worried we all go through this, it's hard not to worry but as others have said there is little need to. They have already put a lot of work into it and they wouldn't do that if they didn't think they had a very good chance of success. My offer was much lower than yours and have a low payment initially and it was accepted as it was the best offer on the table to the creditors and at that time it was all I had. GOOD LUCK!
"It is never too late to be what you might have been"
Fiona
By some miracle I have never had these letters or phone calls- I had always scrimped enough money to cover things. As soon as I woke up and realised it wasn't sustainable- I called Payplan before letters and phone calls start.
It just makes me think...well if my IVA is rejected, then I will be further up the creek without a padel if I don't pay. Also if it means me not getting letters and phonecalls from at least one creditor- then shall I just pay? I forgot that my overdraft of £1000 will be maxed out also and there will be charges and interest added on that too!
The thought of all the phone calls and letters starting fills me with horror...
Honestly sammy - although it's not pleasant, it's only for a few weeks and I would just live with it for the time being. If any of your creditors have your work number, go on-line and remove them or ring them now and say due to new work rules you cannot have calls at work.
Then unlug your home phone and get your friends / family to call on your mobile. You can always tell them that your phone is not working and you're waiting for it to be fixed if they don't know about the IVA.
sammysmith - don't pay this - you will likely to get letter/phone call as soon as any payments are missed - yes you get threats of legal action and threats of ccj/bailiffs, etc, etc
As others have said save this money - as you will need it for emergencies during the IVA.
Have you moved your bank account to one that is NOT related to any of your creditors ??
You could always change your home number, just tell people that you've had some dodgy calls which is why you've done it.
As regards letters you will still get them anyway. Just forward them on to your ip to deal with.
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
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by ginger3232
sammysmith - don't pay this - you will likely to get letter/phone call as soon as any payments are missed - yes you get threats of legal action and threats of ccj/bailiffs, etc, etc
As others have said save this money - as you will need it for emergencies during the IVA.
Have you moved your bank account to one that is NOT related to any of your creditors ??
Yes I am with Cooperative bank now and my feb wages will be paid into there. I am just so worried I'll be rejected for IVA
I was like you as many others are I had never missed a payment before approaching paypal, however it makes sense to put that money in a contingency fund now, you won't regret it. I had no contingency fund when I started and to be honest it set be off on a poor footing. I should have just put the money in a savings account but I made some payments to creditors. However I know this made no difference to the acceptance of my IVA and regret doing this now. Hold onto any cash you have an hoard it!
Also the calls and letters are horrible but they'll soon stop.
"It is never too late to be what you might have been"
Fiona
