www.iva.co.uk

Had my Draft Proposal today - now I am really really scared.

If it is approved, which I very much doubt, I will be paying back 16p in the pound on debt of £38,000. Seems such a low return.

I've cried for the first time in all this and I know there is no one to blame but myself.

Ah well will ring IP in the morning and see what she says.

Hi love hope and strength,

If there's any time to look at your username and follow your own advice, it's now! I've seen many dividends lower than that accepted, and you must trust that your IP wouldn't have proposed your IVA if he thought it had a poor chance of being accepted.

Your IVA gives your creditors a better return than bankruptcy, and that information is clearly stated in your proposal and Statement of Affairs. Have faith that they'll take the sensible option!

liamjames wrote:

If there's any time to look at your username and follow your own advice, it's now!

Liamjames thanks so much you are spot on !

There are posters on this forum paying back similar dividends so please dont think all is lost.
Stay positive.

16p in the £ is a return that we very often get accepted within my practice, and often lower than that. Don't worry, your IP would mot put forward something that they did not feel had a good chance of acceptance.

I'm sure you will be ok.

aw hun, really hope these answers have helped to give you some peace of mind. Its all so worrying isn't it.
((((HUGS))))

We've had several IVAs accepted with dividends as low as that. Creditors should really take each persons offer on a case by case basis and we have noticed creditors are being much more sensible with what they accept these days. I hope it all works out for you. Keep us all updated as to how you get on!

Shouldn't be too long before you get a date for a meeting now.

That's very interesting to know that you can propose IVA's with such a low dividend and still get them accepted. So creditors will look at those options rather than inevitably force the threat of bankruptcy on the debtor?

Hi OfficeDesk, at the end of the day if the creditors can see it is genuinely the best offer the client can make they should consider it. We've had a few sail through with standard MODs and a few with creditors asking for a 12 month extension to increase the return. All around the 15p in £ mark.

Regards,

Drew

Hi OfficeDesk,

We've certainly found that's the case, especially these days as there is a greater awareness of IVAs and bankruptcy. Creditors are much more likely to accept a low dividend when there is a real possibility of them receiving nothing instead!

Are you actively involved in the insolvency profession Officedesk? As I thought you had confirmed that you were, from your previous post.

If so, I'm a bit suprised that you are suprised about dividends at this level. I recently got a case accepted by creditors at 2p in the £, although this was for exceptional circumstances. Dividends at this level are absolutely fine - after all who says they aren't?