Seven days to go until Creditors Meeting

[Dominic]

And very nervous too.

[freelili]

good luck.

LILY

[bluebelle]

As you will probably know from previous posts mine is next friday....at 3.30pm.....I am not too bad at the moment...every so often i think about it but not to excess. I think this time next week i will be nervous. I have booked next Friday off work. i haven't asked my IP yet but i assume that they telephone during the meeting if they need to ask a question or/and at the end to tell you the result? How long does it take? i got the impression from my IP that it is unlikely that any will actually attend...but some may vote by post. My IP is in Belfast. So if it is soley a postal affair i assume that the IP will just sit down and open the postal votes and will be able to tell me quite quickly? This whole waiting game reminds of of waiting for exam results!

[Dominic]

apaprently we are meant to phone ten minutes into the meeting.

[bluebelle]

oh well i will give mine a ring next week...the letter i have received just advises me that they need me to confirm a contact number for them...which i have done....they haven't mentioned about me phoning in...but i will check next week nearer the time.

[Dominic]

best of luck all.

[Skippy]

I had my creditors meeting nearly a month ago and I didn't have to phone in. I was told I had to be available on the phone, and they phoned me a couple of very nerve-wracking hours later. I was told that it had been accepted by my creditors but with modifications, and that providing I accepted them it was all systems go. The modifications were really bog standard ones - 50% of overtime to be paid into the IVA, if I come into money I have to pay the money back in full with interest and things like that, which obviously I agreed to.
I was lucky - the IVA was accepted without being adjourned and I was allowed to keep my pension, which was something I was worried about.
I know everyone's experience will be different, but I hope my story will help!

[Skippy]

I meant to say good luck to everyone with meetings coming up but I clicked on post too quickly!

[bluebelle]

Thanks skippy....luckily for me, i am a civil servant. they cannot touch my pension....the government takes it out of your wages...it is mandatory...part of the conditions of being a civil servant. it is not accessible to anyone until you offically retire which will be at least 20 years away.

good luck to you as well Dominic...let us know how you get on..you are the day before me.

[Dominic]

What could stop an IVA in its tracks? i ahve told them everything, all the info i gave was the latest, i have not held back anything

[iva_squirrel]

Hello Dominic,


As you said, you have done everything rigt and have not held anything back. Luck is what you have left over after you give 100 percent.

Best of luck.

Regards,

Julia

For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[Dominic]

as this is a commercial poprosistion surely it is in their best interestes to accept? I ahve no assests to sell so if bankrupt they get zippo.

[iva_squirrel]

Hello Dominic,


In order for your IVA to be accepted, 75% of your creditors have to vote in favour of it. In our experience, there are certain things that make a creditor more likely to accept an IVA proposal. For instance, you should never propose to repay less than 25% of the total debt.

Yes, you are right to think that IVA would be a better option for the creditors than bankruptcy. You are likely to repay more under an IVA than you would if you were made bankrupt. This is because most IVA repayment periods are over 5 years whereas bankruptcy contributions usually only last for 3 years.


Kind regards,



Juli





For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[churchmouse]

Very very good luck to you Dominic, and you Bluebelle, I'll send positive thoughts your way for your meetings. Let us know how you get on, won't you?

I had my creditors meeting on September 4th of this year, I was a nervous wreck and was petrified about sitting in front of lots of angry people (creditors), but in the end, it was only me and my solicitor there... 2 didn't even respond (so their votes are automatically counted as a 'yes'), and the three voted by post. I had £65k debt and the nature of the debt was a little unusual and very risky, I was lucky in that I was able to offer montly repayments of £595 and the IVA figures compared to bankruptcy were far too good to turn down. Saying this, it didn't stop me panicking, I thought I was going to be made an example of... thankfully the meeting was quick, quiet and went without problem - just one modification was requested by HSBC. I know its easy for me to say but do try not to get yourself in too much of a state about it, you sound as though you've done all you can and been completely honest... its out of your hands now so just think positive thoughts and go with it. Your situation was like mine in that I have no assets and the creditors would gain nothing by making you bankrupt... that's worth remembering.

Very very good luck to you both, and everyone else with their meetings soon.
x

[bluebelle]

thanks churchmouse i will let everyone know how i get on.......like you my debt is around £64K..i am offering 29p to £...£457 per month..bankrupty = 0. I have 8 creditors, lloyds being approx 47% of debt..followed by 13% Mint and 10% MBNA..the remaining 5 are evenly split ...my IP said that all my particular creditors are not normally arkward...eg like northern rock or Hsbc who insist on a minimum p to £ before they will consider an IVA...so i am quietly optimistic, although this time next week i will be pacing the floor!