AM I WHISTLING IN THE WIND?

[Worried Man]

Reposting this as I posted to wrong forum originally. Sorry.

I am new to this so apologies in advance. My wife and I have accumulated debt (all credit card debt) over the past 20 years to the region of £350K. (I know it is a huge sum and we are very embarrassed about it). For the last few years we have simply being paying off one card with another but got to the stage end last year when this was no longer viable.

We have been seeking help with a joint IVA through Grant Thornton and a creditors meeting is set for later this month. The offer is 25p/£ and done over a short time line as we have no disposable income (and little prospect of that changing over the coming years) but do have assets totalling £100k which we will release to fund the IVA. Total of 37 creditors ranging from £470 to £47,000. Not listed them all but the larger debts are:
MBNA 47K
Halifax 30k
RBS £20k
Frizzell £18K
Co-Operative Bank £28k
TSB - £23k
Barclaycard - £22K
Egg £14k
Natwest £10k
Tesco £10K
Citibank £12k

We are really worried about whether IVA will be successful because short of agreeing DMP with creditors, most unlikely, our only option is BR, which I am desperate to avoid. Any gut feel as whether IVA will be accepted? I do worry about MBNA because they are almost certain to vote no, they have been most aggressive in chasing payments and will not accept token payments. The draft proposal prepared by GT does highlight huge difference in what creditor will get for IVA 25p/£ against BR 3p/£. Not sure how arrived at 3p figure but assume it is correct. Why would they vote no in such circumstances?

[Welsh Boy]

I know it`s easy to say but try not to worry, each case including yours will be viewed on it`s own merits and making yourself ill through worry isn`t going to do anything about the outcome and very little for your personal health. Your circumstances are no different to hundreds of others that have been posted here and no doubt Grant Thornton will use all their professional expertise in aiding you, when we close our front doors we think our burden is the heaviest but there is a consistent thread that runs through many postings yours included. In answer to your question why would they vote "no" there is no logical reason why and then again we haven`t even gotten to that stage yet. Somebody once wrote "I spent most of my life worrying, most of which never happened" so chin up and all going well it will all be resolved for you. Tony

[aguise]

Hi just wanted to say hello and welcome
As welsh boy says every proposal is different and viewed on its own merits. Dont worry about the phone calls the ones that ring you are generally a call centre anfd wont have any say in your iva anyway. We have all had them. The most aggressive one that I had didnt even vote. Some creditors are now having a minimum expectancy of return, hsbc 40pin the pound and northern rock as well, but good you have neither.
Try not to worry you are doing your best, keep posting any questions ,or a moan if you feel like it. Your experience helps others too.

Ang

[Oliver]

Hello Worried Man

As the previous posters have said, the best thing to do is trust in your IP and let them do the work for you. They wouldn't have taken your case on if they didn't feel there was a good chance of success. you fit all the criteria needed to propose a successful IVA, i.e. you are insolvent and you are providing a greater return than bankruptcy would to you creditors, if this is coupled with the fact that this is the best offer you can muster then I would be confident of your success.

MBNA has received some bad press on this forum but in our experience they are open to IVA proposals where the dividend is at least 25p in the pound. Furthermore, they only hold c14% of your debt so even if they do reject I would hope that your IP could still receive enough votes to get your case accepted.

As Aguise correctly states generally the people that you speak with on the phone have absolutely nothing to do with the voting on your proposal and many forum posters will tell you that often the creditors that are the most harassing whilst claiming your IVA will not be accepted, don't even vote!


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[Worried Man]

Thank you all for your kind words and support.

Following my post and your subsequent responses I do see very much some light at the end of the tunnel.

Will report on outcome of creditors meeting.

Yours

Not as Worried as I was yesterday!!

[MelanieGiles]

I answered this yesterday I think - but if the post got lost I think that your proposal is fine.

Good luck with the process and don't forget to let us know how you get on.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[pebbles2003]

Good evening

Im new to this site also and Ive found it to be a very good source of worry-relief, so hopefully you will too. Everyone is so supportive and all wishing you the best of luck with your creditors meeting.

There is light at the end of the tunnel just hold on a bit longer.
Take care
best regards
Dawn