www.iva.co.uk

Our creditors meeting is tomorrow. Now feeling really nervous. I will be at work but will have my phone with me. Do they always ring you as soon as it is over to let you know how it has gone. What if it fails do we try for DMP instead. We were told at the beginning that this was an option. My head is buzzing and i hate the feleiling of not knowing and being out of control.

Hi nomoredosh.

Good luck for tomorrow. Mine rang me within 15 minutes of the meeting, but I think it varies from IP to IP, and it depends on what the creditors say.

If it fails you can go for a DMP and you can always try again for an IVA in a few months time. I am sure you will be OK though.

I won't tell you not to worry, because you will anway, but when it is agreed the feeling is wonderful.

Let us know how you get on.

Thanks for that Jan. I just don't know what to expect at all. I haven't spoken to my Provider since the meeting was booked. I just want tomorrow over and done with so I know one way or the other

Your IP should contact you as soon as possible after the meeting has been held (actually it's not much of a meeting since no one goes these days). They will tell you about all the votes that have come in and explain the effect of any modifications that have been put forward by the creditors. Many modifications tend to be standard and procedural, but others will affect you rather than your IP, particularly any that demand an increase in the payment rate. If modifications come in that are crucial to the voting process i.e. from creditors holding more than 25% of total votes cast, then you can either agree to them, in which case the IVA is approved, or you can refuse them, in which case the IVA is either rejected, or the IP can go back to the creditors with a good reason as to why you can't accept the modifications (e.g. demanding too much of a payment increase), and edjourn the meeting for up to 2 weeks to try to negotiate with the creditors to try to reach a compromise. If the creditors concerned then issue a revised proxy with acceptable modifications, then the IVA can be approved.

Your IP should ring you within 15 minutes of the commencement of the creditors meeting to advise you of any creditor modifications which you will have to consider and decide whether to accept or reject. In the unlikely event that creditors do not accept your offer, you still have the options of bankruptcy or a DMP.

Thanks Melanie and Philip, do most IVA's get accepted. What can make them fail? We really have put over our best offer but it is only 25p in the £

The industry average is that 80% of IVAs proposed are actually accepted - although some firms operate at a much higher level. If you have put your best offer forward there should be nothing to worry about. Which IP firm are you using?

Most IVAs do get accepted, and in fact many IPs would not take you on unless they thought that your IVA would be approved, as they'll put in quite a lot of work on your proposal and won't get paid if it's rejected.

Of the large number of enquiries received by Insolvency Practitioners, only a small proportion actually go forward to IVA. Your IP will know what makes a good IVA applicant and will only have put your IVA forward if it was a good one. Otherwise they will already have advised you of the other options available to you.

IPs are genuinely baffled by many rejections, and this can mean a reluctance to put forward IVAs where certain creditors have reputations for rejections and voting control at the creditors' meeting.

So there is some hope for me then. My IP is Guy Withey and we are using Freeman Jones.

Let us know how you get on - and we'll be keeping everything crossed for you.

Good luck for tomorrow x

Good luck for tomorrow
Jan

Good luck for tomorrow

Good luck for tomorrow, fingers crossed. X

Good luck for tomorrow ... fingers, toes and everything crossed for you.

Debbie