As i said previously I have my creditors meeting set for 9th June I am very nervous to say the least but from peoples experiances what can go wrong from here on in?
Back to square one but what dunt kill you makes you stronger!!
I am sure you will be ok, but there are occasions when an IVA is rejected outright (not often with posters on this forum), or it can sometimes be adjourned for up to two weeks if one of the creditors is not happy with something in the proposal.
If any modifications are requested by the creditors, you can also delay making a decison. Dependent upon what they are, I do strongly suggest that you think about them before agreeing to them.
You can always ask advice on here.
However, as I said, I think you will be ok.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thank you, I have not suffered the whole spectrum of emotions in such a small time scale since suffering from post natal depression!
I just want my nightmare to end and be sensiable I am actually excited (if that dunt sound too strange)about budgeting and being extra vigilant with my finaces and the fresh start that the IVA will provide.
Back to square one but what dunt kill you makes you stronger!!
Good luck and I am sure this will be the start of a successful re-habilitation to debt.
x
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
We find it a great challenge to see how low we can get the weekly shopping whilst not missing out on anything! You will it great when you can have a small amount of money left at the end of the month rather than have month left at the end of the money!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Good Luck fingers crossed.
If you are with a good IP they tend to know the criteria that the creditors are working to. This means that they will not propose anything that is likely to be rejected.
It will be scarey until the meeting but after that you can get on with your life. And yes, I agree the budgeting is actually quite enjoyable.
I'm sure you'll be fine. Just be prepared for the fact they MAY say no at the first meeting. That doesn't mean that it wont be accepted. It just means they may want more.
We started ours in the April and it wasn't accepted until July. Our Creditors said no about 3 times They just wanted a higher payment. We thought we were offering all we could but we had a car on HP which we didn't want to get rid of. In the end we had to cos they wanted the money.
I remember being so stressed it made me sick, the last thing we wanted to do was go bankrupt. It does depend on your creditors. Ours were really hard, I had their solicitor phoning me up trying to scare me into dropping the IVA. I'm glad it didn't work and I stuck to my guns, it really paid off in the end.
This was back in 2006, when IVAs weren't that popular. Alot has changed since then and creditors seem more acceptable to it.
It's not easy to do what you are doing but the one thing I learnt when going through it is you really have to be hard about it especially when dealing with the agreement. Emotions are probably running high which makes you feel vulnerable but if you can get past that try and think the way they do and dont back down. At the end of the day they will get more out of you through an IVA than they would if you went bankrupt.
