I agree with what Julie says but of course you dont have to name the IP or company if you would rather not.
You need an acceptance of 75 per cent to suceed so if one creditor holds more than a quarter of the per centage then you will not reach that, as you say, you need the 27 per cent. With that said, however there is soon to be the introduction of SIVA'S. Then its only 50 per cent needed to succeed.
Its in the best interests of the company and IP for this to go through, so they will do everything in their power to succeed., they cant earn their own money from it unless its successful. Unless of course you paid, loads up front. What you need to do now is have a ball park figure of what is acceptable for you, so when the modifications come back, take some time to think about it. Can you really afford these modifications? Would it impact on your lives to such an extend that it makes the whole thing unrealistic.
You do have other options, every problem has a solution, you could enter into a DMP on your own. You could even propose another IVA further on down the line. If BR is a viable option for you, you could consider this also.
Good luck, youre amongst friends here on the forum who have been where you are right now.
Arent the sivas going to be 2 tiered and the 50% bit is for lower levels of debt. Not sure when they are coming in so I wouldnt want to be hanging around waiting for them just yet.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Lily - you're right, you don't have to name your IP. Hope I didn't put pressure on you to do so Alan. Its just it can help to have all the facts. Bossy boots aren't I [;)]
I am suspecting the main creditor is MBNA
I believe they have a tendancy to reject a proposal if the whole debt can be paid back in 10 years under a DMP.
Lets hope whoever it is, your IP can get them on board.
Alan - you're making me feel old [:)] Seriously, Lily has posted some excellent advice and others will join in. A lot of people in debt feel they can't share the burden with family so you're not alone.
Hi Alan
It is a little unusual to not include your wifes income and expenditure and this is the why you are having a problem now.
Could be useful for your IP to postpone the outcome of the meeting and to produce full income and expenditure for both of you.
She will be entitled to keep her proportion of any disposible income,so for example if she earns 70k and you 30k she would keep 70%of any disposible income and the rest would go into your IVA
Good luck
There is a certain way of putting an IVA forward these days - and it has to give creditors what they are looking for. Unless it would take you longer than 10 years to pay off your debts in full via a DMP, and you have MBNA as an influencing creditor, I would not propopse an IVA as it would be doomed to failure.
More and more IPs are having to advise their clients based on the attitude of one or other creditors, rather than whether the proposal itself is feasible. So much for IVA protocol bringing all sides together!
Thanks for this - I have to say Im a bit confused now, or I may be misinterpreting the posts...
So does that mean that my proposal should never have been put through ? I was told that all of my creditors are known for accepting IVAs.
I asked of the likelihood of my IVA being accepted, and I was told that they would never put through a proposal unless they thought it would be accepted. So Im at a bit of a loss.
But saying that, I am yet to hear back so I there is still some light at the end of the tunnel...
