www.iva.co.uk

Mel and her team have been fab preparing my IVA meeting for next Wednesday.

I am panicking big time due to the low dividend of 7p and high debts of over £200,000 (mainly 4 buy to let properties being handed back with negative equity, due to rental problems).

I cannot imagine the mortgage lenders will accept such a low dividend and am worried about what to do if they say no. Has anyone been in a similar situation, or advise on what to do if the IVA is turned down?

Thanks for any advise.

I cant imagine Mel putting something forward that would fail, she knows what shes doing. Have faith i bet it will be fine!

HI CEC

First of all I would say all of us worried about our IVA proposals as its all alien territory for the majority of us.

However an IP will not potentially waste their time putting forward a proposal that is doomed from the start, so try not and worry on this score; a tip might be to try and balance the failure thoughts with those of acceptance thoughts and this will lighten your mood,, well thats what i did anyway

Furthermore, as someone who has used the forum on a regular basis for several years I think I can safely say and many forum members will support me in this, that Melanie Giles is one of if not the best IP out there. Mel & her team work tirelessly for both their clients and members who post on the forum but are not mels clients. Whilst ive come out of the IVA journey the other side with a certificate and used a different IVA co than Mels , I have no hesitation in assuring you that your are in good, if not the best hands. Not that i intend getting into a financial mess again, but if I did Mels company would be the only one I would approach to rescue me from my debt problem, although as with many other forum members ive learned my lesson re credit !!

Dont focus on the debt value & proposed dividend, as its likley 7p in the pound is more than bankruptcy would produce your creditors, which is why I suspect Mel has made the proposal.

In the event of the proposal not being accepted ( unlikley ) Mels team will not abandon you they will assist with an alternative way forward.

Chin up , keep smiling , youve started the road to recovery and being debt free, as if like me, the hardest decision was facing the facts that had been staring me in the face for a good 2-3 yers before I was brave enough to recognise and seek help

Hi, welcome to the forum and all the best for next Wednesday. If anyone can do this our Melanie can she is one of the best in the business. Have faith and keep us updated. x

Thank you all, it feels easier knowing there is a supportive group out there who know exactly what we all go through at this time. I am trying to stay positive, but it is hard and focussing at work is near impossible at the moment!

I cannot recomment Mel and her company highly enough whatever the outcome, as the whole process has been professional and supportive, from Tina, through to Amie, Marc and of course Mel! Fingers crossed!

The thing to focus on here is not the dividend itself, low as it may seem to you, but the alternative return for the creditors should you decide to go bankrupt. That is almost certain to be a hell of a lot less than the 7p, maybe nothing at all, which makes it an attractive deal for them.

I am sure you will be fine.

Regards.

Melanie posted on here a few months back about a case she had accepted at a LOT less than the 7p dividend you are proposing! The proposal would not be put forward unless Mel was confident it would be accepted, keep the faith! [:D]

Good luck with the Iva meeting for next Wednesday. I'm sure the dividend of 7p will be greatly received as otherwise the alternative is bankrupcy where they will get nothing at all...

See it from their point of view something is better than nothing, might seem low to us but, to them it is some payback and also depending on how much you are going to be paying back a month, if you earn more then they will get extra because of the 10/50/50 split rule.

Your ip wouldn't put it forward if they didn't think it would be accepted. Believe in them and work with them, makes the time go alot easier/quicker.

Look forward to seeing you've approved IVA post xx

Good luck x

Hi

My money would be on an acceptance of your IVA proposal, in bankruptcy they will probably receive nothing.

Good luck

Regards

Good Luck with it ! I am sure that you are in good hands and have been advised well .

good luck and everything crossed for you x

Good luck x

Good luck, I am panicking at our 13p proposal although going through the site, the people and posts are very reassuring. Whatever the dividend, it is better than bankruptcy, they will get something back and if you have no money to pay for bankruptcy, then they are unlikely to pay it for you so an IVA is a better option allround. Plus, over a 5-6 year span of an IVA, you may have a windfall/inheritence or help from somewhere which would boost payback to the creditors so may be another reason why an IVA is more attractive to them.

Good luck fro you both with your meetings. I'm sure your IP wouldnt be putting these forward if they were'nt confident in them being accepted. keep us posted .