Proposal sent in, still worrying

[worryhead]

Hi all again,
Sent my proposal back over a week ago but not heard anything since. what usually happens now, they told me they would pass this to my creditors to arrange a meeting, just wondering how long this usually takes? i feel so ill with worry.
I just hope things run smoothy, i live with a friend and pay her board but if i move out and get my own place i worry i wont be able to afford the £210 amonth that i will be paying if the IVA is excepted. I have no intention of moving yet but my friend is in a really good relationship now and he may move in by the end of the year so i may hae to go then, what would i do if i could no longer afford the payments? everything is so stressful, really wish i had never heard the word credit

[carlmcmullen]

HI Worryhead,

I suspect at the moment the amount you are paying in board would be less than rent and utilities, so if you find yourself in the position were you going to have to get your own place then this could cause a problem.

YOu need to maintain your payments to the IVA - a variation can be propsed to change your payment if your income and expenditure can still support it, can i ask how much your IVA payment is at the moment, and how much board do you pay ?

As far as returning your proposal, what happens is your IP will send a copy to the county court for them to endorse and allocate a unique IVA number, the proposal will then sent to all of your creditors with a meeting date.

Your creditors then have the oppurtunity to vote for acceptance or rejection - this is generally done by fax.

Differnt companies work slightly differntly so i can only speak for myself but we would normally schedule a meeting 28 days from receving the proposal, which allows 7 days for the court to register it then 21 days notice creditors, giving them enough time to make a decision on the proposal.

I would suggest you give your IP a call and find out when your meeting is booked, they should have sent you a copy of the proposal and notice of the meeting as you should be invited to attend, and if you cant attend at least availible by phone and email to approve any modifications.

[worryhead]

my proposal is for £210 a month at 35p/£. I pay £250 board at the moment which would not even cover rent at a place of my own this is why i worry if i have to move out cause i dont know if i can keep up payments, then what would happen? iknow i should not worry just cause she said it would be later this year when he moves in, but its still on my mind as i have to keep up these payments for 5 years and now i am screaming inside if things change

[rollercoasterride]

As far as returning your proposal, what happens is your IP will send a copy to the county court for them to endorse and allocate a unique IVA number, the proposal will then sent to all of your creditors with a meeting date.

Your creditors then have the oppurtunity to vote for acceptance or rejection - this is generally done by fax.

Differnt companies work slightly differntly so i can only speak for myself but we would normally schedule a meeting 28 days from receving the proposal, which allows 7 days for the court to register it then 21 days notice creditors, giving them enough time to make a decision on the proposal.

Regarding this - my IP Company sent out forms to the courts on 26th Feb and my meeting is 14th March - hope this doesnt mean things won't have had long enough to get looked at etc???

[carlmcmullen]

Creditors require a minimum of 14 days notice - like i say differnt companies work differntly.

It will not affect your proposal in anyway, worse case the meeting can be adjourned to obtain a vote if needed.

But if they get one vote on or before the day it will go through.

[rollercoasterride]

Thanks Carl
Do you know if IP's let me know before hand if they get any votes before the meeting, or will they wait tillthe day itself?

[vic74]

Hi Rollercoasterride, i have gone through an IVA and i found my IP wouldnt give me any ideas, but then found out another person on this site found who had voted so i think it may differ depending on the company, although not %100, good luck with it, it is a worrying time but the relief afterwards is tremendous!!

[carlmcmullen]

That is correct Vic - again company to company may vary policy.

It depends who your creditors are but generally they wont vote until 2 - 3 days before the meeting anyway, i am sure if you rang your IP they would give you an indication if they had any votes.

[aguise]

My company gave me a ring a couple of days before but wouldnt say who had voted but did reassure a little by saying all looked well at the moment. It would be wrong really to commit themselves too early and cause dissapointment if things changed. Though I have seen posts where some have been told.

Ang

Ang

[emma_t]

worryhead I would contact your IP and ask when your meeting will be held. Companies give between 14-28 days notice to creditors before the meeting date.
I would let them know how anxious you are and ask them to keep you informed.

I did not know ahead of my meeting date if or how any of my creditors had voted I had lots of creditors so it may have been a hard job sorting out percentages and waiting for all votes. personally, if I had a choice, I would rather wait unitl the meeting date to get a difinitive yes or no than know a few vote before hand.

best wishes
Emma

[MelanieGiles]

My firm give the required 17 days notice - why allow a client to be at risk for longer than necessary? Papers are sent to Court and creditors on the same day, as the Court's function is now largely one of post-box rather than having any real role in the procedure. Your IP should certainly have issued the proposals to creditors as soon as they were received.

[worryhead]

thankyou all for your advice, i called them today, they said the reason they had not worte to me yet was due to the first meeting was booked for the easter weekend, so they have now cahnged this to 25th March at 1:30pm. Another 2 weeks to wait god the suspense is killing me, i hope it passes fast.

[kal]

Hi,
I have just had my meeting today and it has been accepted - that 2 weeks wait does seem a long time, but know having been through it, I'm sure you will be fine, and I will be keeping my fingers crossed for you.
k.

[worryhead]

Thanks Kal
I think this forum is great, i had no clue of what to do till i came across this, and everyone is so helpful and supportive

[kal]

I totally agree.
I only found this a couple of weeks back, and the advice and support I have already received has been 2nd to none.
I honestly thought i had no chance, but after reading all the posts and different stories etc, it gave me new hope.
k.