Really Worried

[Hells]

Hi All, Just thought I would keep you updated my creditors meeting is next Monday 13th. I feel so sick at the thought of this[xx(].. What happens if I get turned down??. What percentage of IVA's get refused does anyone no?? My biggest creditor is Lloyds TSB but I have just been thrown into a state of panic by reading another posting on this site in which Lloyds rejected there proposal.[:(]
I suppose each case is diffrent and I should try and stay posative?? But as you all no it is so hard[:u].. Good luck to all of you that have meetings comeing up.. hell's xx

[iva experts]

Hi Hells,

Your right, each case is different as each person has different creditors and owing different amounts of money etc. An IVA is simply as its name states Individual Voluntary Arrangement.

It is quite hard to advise as I do not know the full extent of your case, but in my experience I have found Lloyds TSB quite receptive to IVAs.

The best thing to do is not to dwell on an outcome that has not yet occurred, remember that you have made a positive step by applying for an IVA rather than continuing to deny that you had a debt issue.

Please continue to post so we can be updated on your situation.


Hope this information is of use

Regards. IVA Experts

[Oliver]

Hello Hells

Try not to worry too much. Your Insolvency Practitioner would not have taken your case on if they didn't think that you had an excellent chance of having your IVA accepted. There may be some minor amendments to the terms of the IVA but as long as you put your creditors in a better position than if you were to declare bankruptcy then it is very likely that your proposal will be accepted. In my experience as long as the IVA proposal is a minimum of 25p in the £ and that Lloyds are satisfied that all your expenses are reasonable they will accept.



You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

[London Coool]

Hi,

I was advised by an IP that HSBC normally agree to receive 40p in the £ as a matter of policy where they are the highest creditor.My disposable income could only pay 30p to the pound and was advised to come up with a means of making up the 10p difference as a preemptive measure before putting forward my IVA proposal.Do Creditors fix standard repayments without considering the personal circumstance of each case ??

[bluebelle]

Hi Hells, like you my biggest creditor (nearly 50%) is LLoyds. My IP has told me that the provisional date for my creditors meeting is 24 Nov..to be confirmed later this week. My IP advised me that Lloyds are quite receptive to IVAs...they don't vote directly themselves...they use a firm called KPMG to act on their behalf. ...with me and also probably like you...creditors will get more money back through an IVA than bankruptcy so there shouldn't be a problem...i am offering 29p to £. Try and stay positive and good luck.....mind you although i say all this to you now, when i am close to my creditors meeting in a couple of weeks i will still worry incase it is rejected. Let me know how you get on.

[Dominic]

mine is in about two weeks too and my bigest creditor is Lloyds too, i am offerting 45 in the pound.

The only other alternative open to me is bankruptcy and hey would get nothing out of that.

[Hells]

<div align="left"><center>Hi Guys Thanks so much for your support.. I am offering 34p in the pound suppose that is a better than nothing??
I will keep you posted fingers crossed Hell's xxx[:-(]<center></center></center></div id="left">

[laleanne1]

Hi

Like your self i has a grand totoal of £17,000 debt with lloyds tsb, i too thought they would reject my iva as i was only offering 30p to the £. However on the day fo the creditors meeting meeting they didnt even vote and as the rest of my creditors did i got my 75% vote.

So dont worry it will be fine, we all know how you feel, there is a light at the end of the tunnel.[:)]

l morris

[Oliver]

Great news Laleanne1

Remember that it's the creditors who vote that's important. You need to secure yes votes from 75% of the creditors who vote to have your IVA accepted (pro rata). So if only one of your creditors bother to vote and say yes that is good enough.

Good luck in the future.


You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com