www.iva.co.uk

Hello,

New here. Looks like a great forum with plenty of support for other people.

Recently told Partner, Friends & Family about my financial struggle - best thing I have ever done. Has allowed me to seek professional advice.

Have just signed and returned my IVA proposal with McCambridge Duffy. Very happy with the service and feel as though I am in great hands.

All my debt is with Natwest/Tesco, who I understand are the same creditor. So will either be a straight yes or no at the creditors meeting.
Loan - £23000
Overdraft - £2500
Credit Cards - £13,000

Proposal is offering £350 a month - 39p in the Pound.

Anyone feel this is a good offer?
Thanks

Hi and welcome,

You have chosen a good company and Michael Peoples who works on there posts on here.

Cannot say whether it will be accepted or not but they would not put the offer forward unless they thought there was a very good chance it would be accepted.

It is all down the meeting on the day - 75% by value of the creditors who vote on the day have to agree, others, even if they vote no or don't vote are bound by the agreement.

Good luck and please keep posting as the forum has been a great help to most of us.

Hi Matt,

The bulk of mine and my husbands debts were with Natwest / Tesco (albeit double your debt - which alone should hopefully make you feel better!) and our org dividend was around the same - 39p. They accepted. I think they are both RBS but Tesco did sell ours on to Max recovery eventually, but as you can see we just had a Full & Final accepted by almost all creditors after 4 years. Good luck and I can honestly say the IVA was the best decision we ever made.

Hello and welcome. I agree ... you have made an excellent choice of company to work with.

39p in the £ is a reasonable offer --- one of my creditors was Tesco and they said yes to 32p in the £.

Thanks for the replies everyone.

The best decision I've made so far is owning up to those closest around. Such a relief. Instead of being ditched, forgotten about and upsetting people (which was expected) I actually received a lot of support and help. So regardless of what happens at the creditors meeting, I have at least started my road to recovery.

Sounds promising, I just have my hopes up now. However, as with most people, there is a large element of doubt. I understand all cases are different, but it's good to get a feel.
Thank you

Glad about the support - I think most of us know what you have been through.

I am sure you will be fine but please post for any support or information you need.

MD would not have recommend the proposal to creditors if they did not think it was viable and should now have been accepted by creditors.

Best of luck.

Hi
My debts were 41k and Iva payments were 433 per month. But it all depends on disposable income and salary. My friend went into an Iva with 31k debts and only had to pay 160 per month due to earning a lower salary.

Thanks everyone for advice and replies.

Creditor meeting confirmed for 27/09/2016 @10:30.

Wish me luck[xx(](nervous now for 2 weeks)

Best of luck for the 27th --- try to put it out of your mind ( hard I know -- but you will start to over think things ! ). Not long and you will be on your way.

Best of luck.

Good luck from me as well.

Hello Everyone.....time is dragging. Can't stop thinking about upcoming CM. Pray for good news.

Anyway, little worried. My personal statement says I took a loan out in May 2016, however I said that it was February 2016 over the phone. Have since emailed the guys at McCambridge Duffy to correct the statement. Didn't even notice this first time round, however picked it up re-reading all again today.

Will this be a major issue or is it easily amended? I am aware of the newness of the loan, even at February 2016, however my IP has said that I shouldn't worry about that.

Should be OK as long as it wasn't a major creditor, even then they might be OK with it anyway.

It is my main creditor another thing to stress over now.

I didn't write it in my statement, MCD have added that date in, so will be gutted if this has a major impact on the final decision. I naively assumed the creditors would be aware of the dates of loans and stuff. Admittedly I should have re-read everything twice over, however there was so much information to take in. McCambridge Duffy have been great so far, hopefully they will have a positive response to my email. Have got my hopes up on the IVA, and am so upset that there is a potential flaw in the proposal now.

Thanks for response Foggy