Hi everyone, just started the IVA process & the info I have gleaned from this forum has been a great help but sometimes you can read so much the head starts spinning!! however my glass is invariably half full when it comes to money matters & have this sense of feeling that my IVA application will be unsuccessful, I owe 6 different creditors roughly £46000 in the form of credit cards, loans & overdraft however over half is owed to Natwest, if they were to refuse the application then it will fail? I am able I think to repay a little over 50p/£, would or could this be deemed inadequate?
Hi Fox,
I was like you, very pessimistic about the whole thing. Our dividend as 36p/£ and we owed nearly £80K and our main creditor was Northern Rock, who I had read were very anti IVA. However, our IVA was Accepted on 3/9. I can't tell you not to worry, cos it's only natural that you will, but keep you chin up. I'm sure you will be fine. good luck to you. you are doing the right thing.
Carl.
If you think nobody cares whether you're alive or dead, try missing a couple of credit card payments!!!
Hey Fox84, welcome to the forum. Your IP should know what criteria Natwest look for in an IVA so I'm sure he/she wouldn't put it forward if they didn't think it would be accepted. Doesn't stop you worrying though I know.[:)] X
In my opinion 50p in the pound is a good offer for creditors.
Most of us have been through the worry of whether or not creditors will accept. If you have made a good offer for your circumstances, put forward a good proposal then most creditors will look favourably. It is not in any companies favour to put forward an iva that doesnt stand a chance of approval.
Tsb could have scuppered ours as they had a majority vote but didtnt.
keep with it , keep posting. You will always get support and advice in here, and we like to here how things are going. Any questions ask, you will always be answered.
Hi There and welcome from me too.
As said previously your IP will not put forward an offer that is going to be rejected = that would just waste everyone's time and be irritating!!
50p/£ is a lot more than they will get in bankruptcy so stay positive and keep posting.
We're all here to support, help and advise you where possile.
Chardonnay x
Nat West are well known as being supportive of IVAs, so long as the best offer is being put forward from the outset. A 50p in the £ offer is well in excess of the national average return offered, so you ought to be successful if you are offering as much as you can afford to pay.
Thanks everyone for the feedback, feeling better already[:)] good to hear Natwest are sympathetic to IVA's & hopefully banking with them for 24 years might help! I am happy to pay as much as possible as I only have myself to blame for my situation although like most people unfortunate circumstances have played a part!
I will keep the posts coming regarding my IVA as it progresses.
Had a call from my IVA people & they gave me some likely proposal figures with the upshot of me paying £518 per month which works out minus fees I guess at 47p/£ which is fine! while this is going on I intend to make some token payments on my cards but what about my loan which is £393 per month? so I guess what I am asking is "do I continue to pay this"? is there any point or merit in doing this? I guess my IP can advise me on this but wondered if anyone has experience with loans while applying for an IVA?
You would be better off just saving the money towards a contingency fund so you start off really sorted. I gave my creditors token payments but they just moaned and wanted more, in the end I thought, whats the point and stopped them all. You cannot favour one creditor over another, all must be given the same, ie 5 pounds each or a pro rata payment.
Whether you make token payments or not, rarely influences the decisions made by creditors on the day of the creditors meeting. There is an argument that this might stop ongoing phone calls and letters, but as Lily mentions from her own experience, this can result in a greater level of demands.
