If they do say no is this final or can we then propose to extend the payment term? As I understand variations can be made at the time of the creditors meeting - is this correct?

The stress of being in debt for as long as I can remember has taken it's toll on me and I've found it hard to cope at times. My biggest concern is what I have put my children through. The sheer stress of being hounded by creditors has taken it's toll changing my mood from being fun loving to uptight...

The actual proposal over 60 months would work out at 33p in £ opposed to the 42p in £ if over 752 months. I have reached this figure by multiplying the monthly iva proposed payment by the term, taking off the IP fees and dividing this by the amount owed. Is this correct? Are the IP fees taken before...

We originally wanted to start an iva last year however as we needed to sell our house and rent to free up more cash each month we have only just got to this position to be able to propose one. Over the last year we have kept our creditors at bay with token payments in a DMP however both my husband a...

I have suffered with depression since our money troubles began and now that we appear to be back on track under an IVA things should be back to normal. I would recommend you speak with your doctor about this. He may be able to prescribe you with something. I also have 2 children (12 and 9) and feel ...

Many thanks for all your responses, Just to follow on the sale of our house, our secured lender (second charge)have said that we shall have to cover the shortfall by applying with them for an unsecured loan or the sale cannot go through. I have been in contact with Payplan about now going forward wi...

So does this mean that we could go ahead with the sale on the basis that we can afford to repay both loans if we can make alternative arrangements to pay estate agents/ legal costs?

If this is the case then we could pay both of our secured lenders and then pay off the outstanding amount to the estate agents possibly in a couple more installments following the sale?

I was under the impression that the 1st mortgage and the estate agent fees were automatically taken from the house sale proceeds before the 2nd mortgage?

i have just had the redemption through for the mortgage and it would appear that I will have a shortfall of just £500 on the original secured loan of £12,000 which was taken out over a year ago so fingers crossed the outstanding amount will not be much more?! Should I will speak with the secured loa...

Hi All, I thought I'd share with you the predicament that I now have for anyone out there who has experienced the same problems - although I do believe that ours is an odd one!! In April last year our finances finally came to a head after years of using credit facilities. We put up our house for sal...

I am due an annual bonus of £780 (after tax etc) in december which is drastically needed for christmas as we have 2 children and as we have had financial difficulties this year we have been unable to put any cash aside. If our proposal is accepted then would we be able to begin the 60 monthly paymen...

Hi, Found Forum very interesting and enlightening on experiences of IVA's. I am currently going through an IVA application with my Husband with joint unsecured debts of £75,000. We have our house on the market at the moment - problems with neighbours - and it is our intention to pay off our mortgage...