www.iva.co.uk

Hi

We are new to this site (and to IVA's) we have our creditors meeting on 7th December and getting very anxious that it will be agreed. What constitutes a good offer that will be agreed? ours is 32p in the £ but not sure if this is seen as good or not or what others have had approved?

Also what should we expect from the creditors meeting???? what kind of modifications have you beens asked to do??

Your advice please....... thanks in advance

Hi and welcome.

Not long to go for your meeting, and I am sure you will be ok.

An IVA is based upon affordability so if 32p is all you can afford then you should ok and your IP obviously thinks it is a good offer.

Your creditors meeting will just involve a phone call to you to say whether the answer is yes or no.

Modifications vary - a lot of the time they are to do with IP's fees and won't affect you at all.

Hi and welcome to the forum.
Have faith in your IP. They wouldnt put a proposal through if they didnt think it stood a chance off acceptance.
As long as you are offering the best you can, it should all go ok on the day.

Which IP firm are you using?

Thanks for the advice, we are with DEbt Lifeboat (via National Debtline) has anyone used these and what did they think????

xx

32p is industry average so you should be fine so long as your IP can demonstrate that you are putting your best offer on the table.

Hi,

We are also with debtlifeboat, unfortunately our proposal was rejected 33p in the pound by lloyds and MBNA who I believe are voted for by the insovency exchange?? so we are in the process of re-submitting our proposal. Ours relied heavily on equity release so don't let the 33p figure worry you all cases are different.

I have found them to be very responsive and helpful although we did have a few issues with accuracy and had a lot of email chatter before all details were correctly represented in the typed up proposal.

Overall I would recommend them.

Hi and welcome to the forum,

As the others have said your IP wouldn't propse a case that they didn't think would be approved.

If there are modifications then take time out to consider them before agreeing.

good luck to you and to beachblanket xx

To beachblanket - Why was your IVA rejected by these creditors who are generally supportive of IVAs so long as their well known criteria is met?

Hi Melanie,

We were told that when we come to remortgage our house (to release the 85% of available equity) that our disposable income was so low that it would be highly unlikely that we would find a lender.

beachblanket - did they offer you an extension to the IVA in place of raising the equity?

Hi swans_girl no they didn't. IP was going to propose sale of house (instead of remortgage) as a last resort for the adjourned meeting. We have had some good news in the interim. We have just found out that our disposable income will be boosted by approximately £300 a month due to child tax credits that we were not claiming.

so we are hoping that we will not have the remortgage clause now at all.

Fingers crossed it will work out for you beachblanket..when is your next creditors meeting?

Thanks, we have got to re-submit a new proposal now due to the I&e being different. The adjourned meeting passed before we knew about the extra funds....doh!! oh well another month of unplugging the phoneline!!

hi can see the light my divi was 31 p and sailed through %100 7 creditors.