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What if you really cant explain why you are in so much debt apart from its just grown and grown over the years? do the creditors want/need a full explantion on where the money has gone?

i finding it so very hard putting it all in writing

thx

pm

Just think back to the reasons that you started taking out credit and what that was initially used for, and whether there have been any key events which have occured to affect your financial situation - such as redundancy, ill-health, separation or divorce. A few short paragraphs ought to be sufficient.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

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Hi Peppermint,

Creditors don’t need a full exhausted list of exactly where every penny went. However they will want to know generally where the money has gone, examples could be:

- General living expenses eg. Food, Bills, Clothes
- University Fees
- Debt Consolidation
- Holidays, Weddings, Funeral costs
- Job Loss - income shortfall
- Vehicle purchase

In my experience the above are the most common reasons for people getting into debt.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

in ine it gave the initial reason why i went in to debt and the rest of it was general expenses.

Lets be honest half of the creditors dont turn up for meeting or vote, so i bet not alot read it in any detail

no matter how bad money gets, theirs stll alot more important things in life - 48 payments to go

I have often wondered what criteria creditors use when deciding which proposals they are going to vote on. I suppose where a particular creditor holds a very small percentage of the total debt then that case would be afforded a low priority. But - certainly with my proposal - my largest single creditor and one or two others with significant balances did not vote yet some with very small percentages by value DID vote.

When everything was added up I was very lucky as my proposal was approved on a "Yes" vote in the high seventies per cent - a close run thing.

Presumably as more and more creditors are represented by the same organisations tnen large "block" votes will become much more prevalent and decisive in deciding which IVA proposals are passed and which fail.

Hi
I would bet that some creditors do not read the proposal in full,instead judt looking at the returns and income and expenditure.It's not long ago that Catullus stated that a creditor had admitted not bothering to read the debtors story before voting no.
I,m afraid that we are all just a number and viewed purely on a commercial basis most of the time
Regards


Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp