Question about number of creditors.

[Olympic]

Hi all.

I have three creditors, but the two are really only minor and the largest one (which includes a personal loan and a credit card) is well over 75%.

Obviously, I realise that the acceptance for any proposal put forward for an IVA (if I do go down that route) will depend entirely on my largest creditor and so my question is this: Do I have any hope?

I'm very anxious and I've had loads of sleepless nights lately. I think I've turned into an insomniac now.

Thank you in advance for your help,

Olympic.

[MelanieGiles]

If you have appointed an IP to represent you, then they would be best advised to counsel the views of the major creditor on an IVA before doing too much work. I am sure that they will have direct contact with various decision makers within the bank, so your answer could be a quick phone call away.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Olympic]

Thank you for your quick answer, Melanie.

I am actually reading through your website at the moment and I'm considering filling in the IVA enquiry on it.

I've emailed tonight the adviser that I've been in touch with one of the company's that I've already approached, but I don't expect any answers until tomorrow. I felt it was too late in the night to bother them.

I still haven't appointed anyone to represent me, but I know I'll be making my mind pretty soon. I'm having a chat with someone tomorrow too, so I'll see how that goes.

In the meantime, I will be filling in the IVA enquiry on your website.

Thanks again,

Olympic.

[MelanieGiles]

Hi there Olympic

I would be more than happy to explore the IVA option for you, and my first point of call would be to this creditor directly to see what their view on an IVA as a method of repayment would be. If the answer is no, then at least you know what options you have remaining.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Olympic]

Thanks Melanie.

I've submitted my enquiry on your website, so I'll be looking forward to hearing from you.

[:)]