Hi I am currently in the process of having an IVA set up through cccs.. they are suggesting an amount of £210 per month for the IVA on joint debt of approx £50000 spread across approx 9 accounts. I am concerned that this will not be enough to appease all of the lenders although cccs are telling me not to worry. Has anyone had similar experience and what was the outcome. Creditors include tesco bank, northern rock, barclays x 3 , mbna x 2 and opus.
Many IVA's are accepted with similar figures to those shown, so I wouldn't worry at this stage. In terms of the creditors, approximately what percentage is owed to Northern Rock and MBNA?
At first you draft to live
But given time
You live to draft
Don't worry - your IVA is being set up on the amount you can afford to pay per month and CCCS would bot be putting it forward if they did not think it would be accepted.
I am sure you will be fine.
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 mark we are with cccs and are offering 19p in the pound to our creditors like yourself i worry this will not be enough but im reasured by the fact others say it wouldnt be put forward if it didnt stand a chance of being accepted
It is likely that NR will ask for 6 years rather than 5, so that will automatically increase the dividend, however it is not guaranteed that 6 years will be necessary if NR do not have enough of the vote to force it through.
I would not worry unduly at this point, I have seen many cases being accepted lately at 9p in the £, 8p, 7p etc, even 4p recently, so as long as it is your best offer then I am sure creditors will give it every consideration.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
