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Hi All,

I have my creditors meeting next Tuesday (16th) and im a bit worried about it. I'm going for a lump sum IVA because i don't have any monthly desposable income and i've managed to secure a loan through family. My concern is that originally the loan came to about 26p of every £1 but now the creditors have piled on interest and late charges, that 26p has been reduced to 23p in the pound. I keep reading that the minimum any creditor will accept is 25p in the pound. Is my meeting destined to fail ?

Hi OllieB I am in an iva sorry i dont know your answer but I am thinking and crossing all that it goes ahead for you so you can have peace of mind over Xmas Im sure someone will post good advice soon on the forum for you

Not all creditors operate a minimum dividend and if it the best offer and superior to bankruptcy there is no reason that it should be rejected.
Let us know how you get on and good luck.

Hi Ollie

I know this is a scary time youre having hun, the thing is, 23p in the pound is better than a big fat zero in bankruptcy. If youre with a good IP and company they wouldnt invest time and money into a proposal thats they think might fail. With that said even the best IP in the world cannot give you a cast iron gauruntee.

The way to look at it is, you have done all you can to address the debt you have found yourself in, its such a dark and scary place to be. You should be proud of yourself for standing up and doing something about it, there are many, many people out there still worrying and doing nothing.

So sit back now and let the professionals do what they can what they can for you. If it doesnt go through, there will be another answer, there always is.

Good luck for the 16th, will be sending positives your way.

Take care now and best wishes.

Hey OllieB, welcome to the forum. Good luck for next Tuesday, fingers crossed. Please let us know how you get on. X

Hi Ollie

I think Lily has said it all. Good luck I did a lum sum too and it sounds like you stand a good chance as well.
Fingers crossed for Tuesday.

Kathy x

in this economic cliamte i should think creditors, will be happy to get something back, rather than zero

Hi
I agree with James, in todays climate I would imagine that creditors will take a lump sum now rather than be drip fed payments froma monthly contribution.
Regards

Good luck for Tuesday x

I think your 23p per £ should be ok, mine was only 16p per £ [:0]

I think it will be a success on the day but best of luck from me anyway xxx

Good luck from me also. I'm sure you will have no problems.