sammysmith - glad you bank account etc. is sorted - well done that a big positive ,move.
Most of us have been through this stage - its horrible place to be as everything is "up in the air" - but you will get there - its Very very very rare that the forum hear of IVA being rejected - sometimes all that's needed is for them to be "tweaked" a little for them to be accepted.
I know it's hard but just wait to see the outcome there is no point worrying about all the possible things that you think might happen - but very probably won't! I know it's hard, I know cos I'm a bit of a control freak and the fact that I had no control of this process at all really freaked me out, but really there is nothing more you can do but wait, horrible but true
"It is never too late to be what you might have been"
Fiona
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by ginger3232
sammysmith - glad you bank account etc. is sorted - well done that a big positive ,move.
Most of us have been through this stage - its horrible place to be as everything is "up in the air" - but you will get there - its Very very very rare that the forum hear of IVA being rejected - sometimes all that's needed is for them to be "tweaked" a little for them to be accepted.
Would they ask for these "tweaks" before the creditor's meeting or afterwards?
Any modifications are usually asked for at the creditors meeting and are normally to do with ip fees which won't concern you.
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
No, it won't affect the outcome as the creditors will just want the ips to charge less in fees. It foes sometimes happen that the creditors can request that your payment is higher than you have sorted out with your ip.
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
We had one request just prior to the meeting and that was to reduce our smoking allowance by £40. I agreed to that and the IVA was approved. There were minor changes to the fees - but you don't need to worry about the fees, they just come out of your payments and to be honest with you all you should be interested in is can you afford the monthly payment.
What I did prior to the meeting date was do a budget and work out the maximum we could comfortably afford to pay if anyone asked for an increase. Which is the reason that on the day I could just accept the modification straight away.
Even though my IVA is now complete I still remember feeling like you at the start.
I would say don't pay any of your loans or overdraft payments save the money for any emergencies that come up over the next 5-6 year.
As for the phone calls just tell them that you are entering into an IVA and give them the name of your company and advise your creditors that they should speak to your IP.
If your creditors want modifications you will be contacted and the changes to the proposal should be explained to you. So that you can then say whether you agree to them or not as the proposal that is aged to by you and your creditors is a legally binding document.
Be strong and let us all know how thing go for you.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Rob1171
Hi Sammy
Even though my IVA is now complete I still remember feeling like you at the start.
I would say don't pay any of your loans or overdraft payments save the money for any emergencies that come up over the next 5-6 year.
As for the phone calls just tell them that you are entering into an IVA and give them the name of your company and advise your creditors that they should speak to your IP.
If your creditors want modifications you will be contacted and the changes to the proposal should be explained to you. So that you can then say whether you agree to them or not as the proposal that is aged to by you and your creditors is a legally binding document.
Be strong and let us all know how thing go for you.
Does that mean that any changes to the budget and the IVA monthly payments (if any) would have to be agreed before the meeting...or will they just wait to say it at the meeting and let it be rejected?
The modifications are usually requested at the meeting. Sometimes, if the credulity have been in touch beforehand then your ip.will ring up and tell you about them. It does vary as no two proposals Te the same.
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
Welcome to the forum and believe me when I say everyone on here knows EXACTLY the way you are feeling right at this moment.
I was in the same boat as you just over a month ago.
I had received my proposal and was offering £16p/p which I thought was no way going to be accepted.
I also owed the majority to Lloyds TSB and I kept thinking if they say no its game over (turns out they didnt even bother voting)
This has got to be the hardest part as I think everyone thinks they are going to be the one to get a NO!!
However what you do have to bear in mind is that
1) If your proposal has been drawn your IP must think there is a very good chance it will be accepted
2) Your creditors see this as a better alternative to bankrupcy which would mean they get nothing.
I stopped paying my creditors in November including my loan / c/cards with Lloyds and after struggling to make the payments for the last 14 years this was one of the hardest parts but it meant I could save a contingency fund for emergencies.
I know its easier said than done but try not think you will get a no and remain positive, you have done the hardest part and took the steps to a debt free future.
