www.iva.co.uk

Hi all,

I'm new to this forum.

My creditors meeting has been arranged for the 10th August. I have mixed emotions and feeling very nervous.

This forum has been great for advice

Amy
xx

I am proposing 65.8p to the £. Is this a good offer?

Hi,

It's a very good offer! Mine was only 40p!

Thanks for the reply Kallis3.

I suppose I will just have to wait and see

I am sure you will be fine - not long to wait now!

Mine was 21p in the pound I think and paid 29p in the pound so I think you will be fine

It is a good offer mine was accepted at 14p in the £.. Good Luck with your Creditor meeting

Thanks for all your comments.

I have a feeling the next 2 weeks are going to go very slow.

I have everything crossed that it goes through

Thanks
Amy

My initial proposal was for 27p which I didn't think would get accepted, but did without issue. Due to PPI (that I claimed back so didn't get ripped off by broker fees) a change of job with a significant pay increase I ended up paying back over 75p. So yes, 66p is a good stating figure.

My proposal was 32p in the pound. I ended up paying 31 p ion the pound --- yours is a very good offer.

Good luck for the 10th - 65p return is a good offer and one that your IVA company believe will be accepted .... use the next 2 weeks to get all your odd jobs done - keep busy !

Look forward to your update on the 10th to tell us you are in an iva !

It is impossible to say as is up to creditors to decide if they want to accept this but 65p/£ is quite high and your Nominee would not be able to recommend it to creditors if they did not think it was viable.

Best of luck.

My only concern is that the dividend is too high if that makes any sense. Some creditors will reject IVAs where they would be repaid in full via debt management within a reasonable period of time. If you add the fees and costs of the IVA to the dividend creditors may be cleared anyway within 5-6 years so could reject. However if the dividend includes an estimate for equity release then it is more likely to be accepted. It really depends on which creditors and the overall level of debt but hopefully yours is accepted.

Thanks Michael.

This was my concern, however I can't keep up with the contractual payments they are wanting hence why proposing the IVA.

Main creditor is HSBC with loan, credit card and overdraft.

Overall debt is around £33,000 and proposing to pay £358 for 26 payments then £478 once my HP on car runs out

Thanks
Amy

I think you will be okay as HSBC will usually be supportive of IVAs. It would take over six years assuming the car did not need replaced so fingers crossed all goes well.