Good advice about preparing for the meeting, thanks. I think i will have to have a day off work (will need to be a sick day, as Im a teacher so can't have random days off) so I can be available for the meeting.
our creditors are HSBC (largest one, 23,000), Egg, NAtwest and a next directory card.
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
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
First of all welcome to the forum, we would not be proposing an IVA proposal for you if we did not beleive you had a realistic chance of acceptance from your creditors - please try not to worry, although I aprreciate how hard that is, it is our job to negotiate with your creditors.
Good luck for next Monday,
Karol
hi, welcome! this bit is so stressful,you're not alone.
ours was low too, we felt so bad about it but your IP will have looked at what you can afford - you can't give what you 'aint got[V].
your proposal will also show what your creditors would get if BR route was taken, take HOPE from that[:)].
GT have a good reputation, we almost used them.
posting really helped me/us to cope with the stress.
Nothing stays the same...everything changes..hang on in there!
i am glad some one has posted this as i to have been doing all our sums however i do not know how to work out p in the £ (sorry if thats stupid) however looking at our debt £48,000 unsecured but there will also be shortfall from mortgage around £30,000 (embarrassed to even write this feel so ashamed) so total of nearly 80k and working out our monthly payments on basic wage is around £200 per month and thats after cutting the allowances right back and not inc some others would.
how we are paid is commission based although not guarenteed if we go by last year between us we earned an extra £15,000 which would give (if i use 10% 50/50 rule) an extra £6750 a year.
i am so worried that the figures wont stack up and if it goes on our besic it may get refused however if they take our commission as this one is not guarenteed we cant use this when looking at allowances incase we dont get it.
is anyone in similiar position or can offer any much needed advice
many thanks
Every IVA is looked at based on your personal circs. If it makes you feel happier we had £84000 debts by the time we entered the IVA (thanks to HSBC piling on obscene amounts of charges). We pay £310 pcm with an estimated dividend of 18p.
We don't usually get the chance to do overtime and hardly ever get bonuses so that's probably what they will get in year 5.
I woudn't cut yourself short on allowances if I were you. I thought our allowances were generous but we do tend to spend up to this limit. Your IP will probably emphasise the probablility of re-paying more with your commission which will add some weight to your monthly IVA payments.
Your IP will tell you if they don't feel it will be accepted.
Hi Georgie - Kazza is right - don't cut yourself short in trying to guee the dividend - put what you think is what you need and spend and let the persona advising you do the number crunching - they will then discuss with you the estimated dividend and what your options are.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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Although the amount you can afford to pay each month is low, if you add in commission payments, you could well offer a very respectable return to your creditors making an IVA more than possible.
Having said that it is very important that you do not start an IVA which you will struggle to pay. If you do you will find that the IVA itself will become a nightmare and may fail wasting both your time and money. May I ask whether you have also considered the option of bankruptcy? If your house has been repossessed you may have very little to lose by going down that route and it could make things a lot easier for you. Worth consideration.
thanks again for replying. We've sorted a new bank account and have all our direct debits going from it now.
I had a letter from HSBC saying that the yhave frozen our account now as they have received our IVA. they are our biggest creditors so i hope they go for it
It's worked out on the amount you owe and what your payments are.
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
