www.iva.co.uk

Just going over proposal before signing but need advice. Is it usual for balances to be slightly inflated? I work out my total outstanding is £1600 less than stated in paperwork?

Also my partners wage is stated as less than i advised them, but i think that is offset by them undervaluing her credit commitments also.

Just concerned as my wife banks with one of my creditors and so be easy for them to look at her incoming. At end of day im meant to be signing that its all accurate.

Balances are often slightly adrift and will change again as interest is added up until the meeting date. Has the wife's salary been averaged out ? (Does she get paid 4 weekly, rather than monthly) ?

Monthly. Figures about 400 quid less than should be but so is the credit commitments.

Before you sign query this with your IP company so you can make sure everything is ok.

Yeah iv sent email off. Just want to ensure everything is done right before i sign it. Dread to think how il feel on day of meeting as alternative options arent worth thinking about

I was told its up to 17 working days from signing to meeting. Wonder how quickly il know date

As soon as you sign and send it back (make sure you are totally happy) they will sort a date out and let you know.

Johng79 wrote:

I was told its up to 17 working days from signing to meeting. Wonder how quickly il know date

I was told my meeting date the day my IP received my signed paperwork.

My meeting date was 14 days after I sent my proposal. Good luck !

thanks. Did you get much contact/ harrassing from creditors between proposal and meeting?

A few phone calls, just told them when my creditors meeting was and they put my account on hold. The waiting is the worst part!

Think i need 6 out of 8 creditors to agree. Seems a hell of a lot lol

About 3 of mine didn't even vote but had to go with the majority. They will work out it's more than they would get through bankruptcy. It's such a stressful time.....Mine only accepted few weeks ago and was a very low payment so am sure you will be fine. Let us know how you get on.

Johng79 wrote:

Think i need 6 out of 8 creditors to agree. Seems a hell of a lot lol

You need 75% by value, of those who vote, to say yes. So, if only one votes and it is a yes -- the IVA goes through. If one votes and says no, the IP will adjourn the meeting and canvass the others until enough vote to get a definitive answer (hopefully a yes).

Its 75% isnt it to get approval?