We are new to this site (and to IVA's) we have our creditors meeting on 7th December and getting very anxious that it will be agreed. What constitutes a good offer that will be agreed? ours is 32p in the £ but not sure if this is seen as good or not or what others have had approved?
Also what should we expect from the creditors meeting???? what kind of modifications have you beens asked to do??
Not long to go for your meeting, and I am sure you will be ok.
An IVA is based upon affordability so if 32p is all you can afford then you should ok and your IP obviously thinks it is a good offer.
Your creditors meeting will just involve a phone call to you to say whether the answer is yes or no.
Modifications vary - a lot of the time they are to do with IP's fees and won't affect you at all.
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
Hi and welcome to the forum.
Have faith in your IP. They wouldnt put a proposal through if they didnt think it stood a chance off acceptance.
As long as you are offering the best you can, it should all go ok on the day.
We are also with debtlifeboat, unfortunately our proposal was rejected 33p in the pound by lloyds and MBNA who I believe are voted for by the insovency exchange?? so we are in the process of re-submitting our proposal. Ours relied heavily on equity release so don't let the 33p figure worry you all cases are different.
I have found them to be very responsive and helpful although we did have a few issues with accuracy and had a lot of email chatter before all details were correctly represented in the typed up proposal.
We were told that when we come to remortgage our house (to release the 85% of available equity) that our disposable income was so low that it would be highly unlikely that we would find a lender.
Hi swans_girl no they didn't. IP was going to propose sale of house (instead of remortgage) as a last resort for the adjourned meeting. We have had some good news in the interim. We have just found out that our disposable income will be boosted by approximately £300 a month due to child tax credits that we were not claiming.
Thanks, we have got to re-submit a new proposal now due to the I&e being different. The adjourned meeting passed before we knew about the extra funds....doh!! oh well another month of unplugging the phoneline!!
