www.iva.co.uk

Hi Folks

Well tomorrow is the day my proposal goes out to my creditors so fingers I should know in the next couple of weeks if successful !!!

Would just like to say how good and professional my IP and his company have been. They came recommended to me and they have been so helpful.

They are called Johnson Geddes based in Cheadle Hulme , no charges up front and all charges are included in the IVA. I was originally going to deal with a debt company but after speaking to Johnson Geddes I cancelled my appt and went through them.

Hopefully my debt problem with be sorted soon (£27,000) and we can try and live a normalish life without the worry of money !

If anyone would like the contact details for Johnson Geddes I can
Post them later !!!

Glad things are going along ok for you. Hopefully you will get your proposal soon.

Sounds as though your IP company are doing ok for you - can't say that I've heard of them.

You won't be allowed to post the contact details Alan - we're not able to post things like phone numbers, email addresses on the forum.

Kallis3 thanks for your guidance , just thought as they have been so helpful I wanted to pass the details on to help others !!!

Once again thanks for that !

Does anyone know as stated previously I have debts of approximately 27 thousand and my IP has put forward a monthly payment of 150. Does that sound right and how you work out how much in pound it is ??

Fingers crossed for you Alan - you can leave a review for your IP firm on www.iva.com that will enable others who are researching companies to read honest feedback.

Forum experts are allowed a certain amount of advertising but no other details are allowed.

Your payments will be based on what you can afford. You'll have to take into account the fees being charged as well which will make a difference to the dividend.

Good luck!! I was where you are 1 year ago. I remember so well how you are feeling.

Hi Alan - nearly there!

I wouldn't get hung up on the dividend too much. The thing that matters to creditors is that they can see the best offer is on the table.
Our IP charges are the 1st 5 months payments and 15% of remaining. But to be honest with you, I never worked it out. As long as the creditors are happy with the fees then that's all I care about. We are only repaying 18p in the £ due to my health problems and it was accepted no probs.

I am sure things will be ok as long as the case is well set out.

Good luck

Cheers kazza , fingers crossed !!!

Has anyone ever had the creditors come back and want more money a month ??

hi, we all worried at this point. your IP will have put your best offer forward for the situation you're in,everyone is different.

sometime creditors tweek things a little,ours wanted IP fees altered,it was agreed,no problems.

our dividend was low but our situation was dire,it'd been BR otherwise. hang on in there.

Normally because the IP sets out all your income and expenditure they can see there is no more money available. We both smoke and put down a figure of £120pcm. The proxy voter for Capital One, Egg and Barclaycard advised that they would reject the proposal if we didn't drop this to £80. We would have been stupid to say no to that so agreed. It's meant I have cut down so in the long run that's a good thing!
If there's anything on your expenses that the IP does not think will be agreed they should discuss with you before it goes out to creditors so you should be ok.
There are some creditors that are beginning to ask for the IVA to run for 72 months (+ a further 12 months possible if you own your property and can't release equity) but we managed to get this put back to 60 months as it's highly unlikely I will be working in 60 months. It's all down to negotiation at the end of the day.
I worked out before the creditors meeting different scenarios so I knew immediately if I could accept changes on the day of the meeting.

Thanks again Kazza all the figures appear correct but they have warned Northern Rock may come back asking for 6yrs instead of 5 but my IP has put forward for 5 yrs. Other creditors are Halifax and Virgin.

One pleasing / reassuring thing is that my IP is very confident of it being accepted !!!!!

Good luck for tomorrow Alan,

Alan - yes NR do seem to be one of the companies that ask for the extra. Our was for the Barclaycard, egg, capital 1 side of things.

One thing I would say is if there's any factors at all that would mean paying 6 years could jeopardise the IVA succeeding I would mention them before the creditors meeting (ie health, age etc). They may be more inclined to accept over 5 if they know about any future changes. It will be a lot easier to negotiate now rather than 5 years down the line if you know of any reason.

Great to see such a happy client wanting to endorse their own IP firm. Best of luck with the forthcoming meeting, and don't forget to share the result with us here!

Welcome to the forum and so pleased you've found a good IP. I hope your IVA is accepted and your journey towards debt freedom is a smooth one. It's very important to have a good relationship with the company you choose to represent you as it can be a long journey x