www.iva.co.uk

I am distraught, how on earth would this ever get approved?

When we started on this process it looked like there would be around 27p in the £1 but now finalising the proposal with increase in costs etc, this is what it boils down to, it is making me feel physically ill, I cannot imagine that our creditors would accept this low amount at all and bankruptcy is not an option for us as oh would lose his job.

What on earth can we do now?, I can't believe it has come to this.[V]

Believe in your IP is the short answer. I am sure that he or she would not put it forward if they did not believe that it would be accepted.

If it helps, I had an IVA accepted last week at 4p in the £. Whilst that was an extreme case of course it does prove what can be done. Where there's a will there's a way.

Regards.

Our is 11p/£ so it can be done. Have faith in your IP

I just feel so guilty, £55k worth of debt and most of it we can't afford to repay, it just feels so wrong and I'm devastated it's got this bad.

I do have the utmost faith in Mel my IP, I am just racked with guilt at the moment

Hi Lem
Just remember Mel doesn't do the F word. Keep the faith.....

Hi Lem
Please stop feeling guilty and try to keep positive. I am sure your IP would not be putting the proposal forward if they didn't think it would get accepted. 15p/£ is better for your creditors than a big fat zero in bankruptcy. It is a very scary time when you see it all in black and white but you will be fine. x

Hi lem,

Mike's right - trust your IP and don't panic. Your creditors will still be getting a better return than in bankruptcy, so unless they feel that the IVA is unsustainable you still have every chance.

Is that dividend calculated over 5 years or 6?

It's 5 years Liam, bankruptcy isn't an option for us unfortunately as hubby would lose his job. How your fortunes can change eh? only a few years ago we had £90k equity and now we are in negative equity!

Oh well, no point dwelling on the past, I just want to get this done and dusted now so I can start to get on with my life

Hi Lem, as you know we're with Mel, our dividend wasn't great,but she got it through. i felt very guilty too, but this is about what's left over...you can't give what you haven't got sweetie,hug.


big lessons,use this experience to get sorted out and stay clear of credit cards. thank goodness your I&E is done taking the awful high fuel costs into account.

Mel will help you,you will get there,big hug x

Thanks Rosepetal, I know the thing about the fuel costs frightens me as it costs us £300 a month to get to work and back between us, I am worried they will demand we reduce this cost somehow (don't know how though, I don't fancy cycling 27 miles to work each way lol!)

On the credit front, we haven't used any credit at all since November and I haven't missed it in the slightest, I have for a couple of years now been able to budget well and manage our accounts (just that we were drowning in longstanding debt that wasn't getting any lower!)so I haven't found adjusting to sticking to what we earn now we aren't paying creditors a hardship at all, we have put money away each month to build up a contingency over and above what our IVA payment would be so I feel comfortable with this aspect of it.

I worry about our central heating costs too, we have oil fired CH as we are rural and have no mains gas, I bought 700l in Dec which cost me £370, that is now almost run out and now the same volume is costing £460, the price is so volatile so that makes it very difficult to budget for

hi, Mel will understand all this (i'm sure she uses oil for heating herself),you are in safe hands. i'm sure you'll feel better once this is through &you get on with clearing the IVA.

your car fuel costs are a must,if you can't get to work there's no wage for creditors!

as you're already budgeting you'll be fine. this bit is so stressful,it will get better once you're through your meeting...not long now so keep saving every penny. you are doing the right thing,things couldn't go on as they were could they? keep hope!
thinking of you,big hug x

I can fully understand your predicament. Our offer is also low & I feel so,so, bad. Absolutely sick with worry. Looks like we're in this together. xxx

Please try not to worry lem. You're in safe hands with Mel, and she wouldn't be putting your IVA forward if she wasn't confident it would be successful.

Please don't worry, you have put your best offers forward and need to trust your IPs now. The twinges of guilt are natural but don't beat yourselves up. xx

Do you have the date of your creditors meeting yet, lem?