trouble recieving balance holding my proposal up

[andrew.g]

Hi, i am in the process of going through an IVA, i have sent off all the paperwork but am having trouble recieving a balance from GE Capital Bank which is holding my proposal up as i seem to keep getting some call-centre in Malaysia.I have also changed my Bank Account as well.
Anyway i owe £24500 to 6 creditors
MINT £10500
HSBC £2500
CAPITAL ONE £1050
COMET - GE MONEY £750
NATWEST £2400
MOORCROFTS £900
MBNA £4500
I am having sleepless nights fraught with worry as i have a small family and live in council accomodation with no assets as such.
I am in Full Time Employment on a good wage, even doing extra temporary work.
I am finding the whole process of stopping payment to my creditors very stressful as the balances are wracking up as i have always paid the minimum payments and now i am getting harassing phonecalls and letters.
I am also very worried as i have held up my hands to tackle my debts and now have an awful feeling that my IVA could be rejected putting me in NOWHERE LAND!!!.
Could i be completely wasting my time as i have never gone down this road before and feel as though my debt is going UP AND UP AND UP!!!

[aguise]

Hi and welcome Andrew
All the things you are feeling are quite normal. It is the most stressful time when the proposal is being prepared and you stop payments and then to top it creditors start to hassle. Just stay strong throuigh it you will get there.Read some of the posts, the one by MikeS shows how someone feeling really down and desperate is now feeling so much better. the forum is great support feel free to ask any questions or just get some support if feeling down, we have all been there. As for being unable to get a balance speak to your company I am sure they will sort that out for you and will know who to contact for the final balance.

All the best

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[emma_t]

Hi Andrew and a big welcome to the forum

As Ang says all the feelings, stress and worry you are having is completely normal.
I entered into an iva in Novamber and felt exactly the same as you, it is such a worrying time as you can't help thinking 'what if it is not accepted' - please don't worry about this as there is always options for you.
It is a big step admitting you have a debt problem and need help and confronting it, so well done for doing that in the first place.
I, like you, was up to date with all my minimum payments and found the letters and phone calls very distressing. Just tell the creditors when they call that you are seeking help from Grant Thornton and ask them to be patient, you will find some of them will put a hold on your account and just call you on a weekly basis for an update.
Any letters you get forward them onto Grant Thornton and try to put them out of your mind. If you are really worried about anything pick uop the phone to GT and speak to someone and they should be able to put your mind at rest a bit.
As with the problem getting a balance from one of your creditors, can GT not assist you in obtaining this?

I know its very easy for me to say don't worry to much, as it is one of the most stressful things I have ever done and as it was so recent I can empathise with all your feelings.
Put your faith in GT and remember that the vast majority of iva's are accepted (over 80% I believe). GT would not waste their time if they thought your proposal had no chance of being accepted.

This forum was and still is a great help to me and just post any niggling questions if you want answers or support at any time. I don't think I could have done without the forums help and support.
Try to stay as positive as you can and look after yourself
Emma x

[Cybus]

I would try this ...

http://www.gemoney.co.uk/en/utility/contact_list.html

Select the relevant address from the list.

In your e-mail explain that you have been unable to obtain information from the call centre as there seems to be a lack of understanding on the part of the call center.

Do NOT quote your account number in the e-mail. In your e-mail,I would ask them to provide you with a contact number of a person in the UK who will be able to assist with your enquiry.

If they are unable to do this then Your IP should have the common sense to suggest that you provide an estimate of the amount that is due to GE and note in the proposal that it is estimated. The process cannot become protracted due to one creditors inability to provide you with, what at the end of the day, is a very simple piece of information.

If you continue to struggle, provide a written authority for your IP to contact GE. Ask them to obtain the balance on your behalf.



Tell it like it is.

[andrewgoodman121]

i have been told to wait after christmas and check my post because of the backlog of XMAS mail.
This whole process is really stressing me out especially as i am waiting for 1 silly balance sheet from GE CAPITAL BANK to start the proposal stage rolling.
I just want to put all this behind me and move on with my life and have seeked help with the IVA Advice Bureau who seem to have a fantastic write up!!
I am finding all of this really unsettling as i have never been down this route to solving my debt issues and feel and wonder whether i am doing the right thing.

[OPTIMIST12]

andrew.g -

My proposal was compiled on the basis of the most recent balances I had available from each creditor. Nearly all of these went up after formal claims were lodged. However - the fact that my balances were estimated did not hold up the preparation of my proposal. I did receive a modification along the lines of - if total claims exceed the figures quoted in the proposal by more than 10% then this shall constitute a default of the arrangement - but I dont think the increases were of this magnitude at all.

Is it just the GE MONEY - COMET figure you are waiting on? Based on the figures listed in your post I make your total debt £22600 to 7 Creditors. If GE MONEY - COMET have only £750 due then they will be a small player in percentage terms - and even a late claim from them will not increase by that much. I dont think this should hold up preparation of your proposal - like Cybus says - can your I.P. / IVA Company not work on the latest estimated balance?

Good Luck!!!

[andrewgoodman121]

no i am sorry but the GE CAPITAL BANK debt is for Credit Agreements on a TV and Computer which i took out in 2004 and have being paying £20 AND £10 for 3.5 years and they will not give me a balance on a stupid piece of paper to let me know how much i owe.
So i could be paying this off and not know how much i have left to pay and to make it worse it is holding everything up

[e.h]

Hi Andrew

I was able to get the ball rolling with my IVA even though I had NO recent statements to give to the IP. I guesstimated all of my balances and as and when the statements did arrive, I just forwarded them on to the IP. Try not to worry and fret too much (easy to say I know), but things will sort themselves out. The endless phone calls from your creditors are horrid, I know. I very nearly had a nervous breakdown whilst waiting for my creditors meeting, etc, but it will pass.

Kind regards

Liz

[andrewgoodman121]

What are the chances of my IVA being accepted at the creditors meeting if i could afford £250 - £285 per month when it happens on say £24500 worth of debt.
As i have said i earn a good wage ,in full employment even doing extra temporary work but live in council property with no assets.
Does this make me a typical IVA client.

[Martin2011]

Hi Andrew and welcome to the forum. Understand your frustration, but the advice above is all very sensible. I'd prioritise going back to your IP for peace of mind if nothing else. They should be able to provide you with reassurance and advice. The experts on here will advise re. the viability of your proposal, given the numbers you've shared, but from various other posts, it seems generally the case that if you're seen to be making your best offer, and it exceeds £200 per month, you have a better than average chance of acceptance. In the meantime, take comfort from the fact that you've made the right decision to begin the process of regaining control, and stay with the forum, you'll find a lot of support here.

Best regards

Martin

[OPTIMIST12]

Hi Andrew -

If you were to go for your upper figure of £285 per month that would produce an IVA "Pot" of £17100 after 60 months (probably more allowing for pay increases). Say - at a complete guess - £7000 for total Nominee and Supervisor fees and you would be left with just over £10000 for distribution to your creditors. This would equate to over 40% of your total debt figure (40% of £24500 = £9800).

Nothing is ever straightforward - but I would certainly have thought that - on those bare figures - you should have at least a good chance. What have your I.P. / IVA Company said to you so far?

[OPTIMIST12]

Martin -

Wow - you type a lot faster than me!!!!

[Martin2011]

I've got more than 10 fingers!!.... Jesting.... have noticed I type faster when cold, expect long slow posts over the summer...

Best regards

Martin

[Lisa2009]

Hi and welcome.
What are your debts to which creditors?
What is your disposable income after bills and living expenses and what is your monthly disposable income?

[Lisa2009]

Oops asked same question twice. My other question should have been, are you a home owner?