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What an great and informative forum, wish i knew of this 4 1/2 years ago!
I have just started the process of attempting to complete my IVA a few months early and have just been informed that there is a creditors meeting on 3rd of January - so fingers crossed I may be able to start the new year with a clean slate.
Just wondered if anyone reading this site has been through this process and could perhaps shed some light as to what i may expect.
It was agreed in 2002 that I would have to release some equity (75% realisation) and upon speaking to my IP, she explained that it wouldnt be for the whole of my equity which is around £70,000 as i wouldnt be able to afford that. It would be the difference between the maximum amount i could raise from a remortgage, minus mortgage repayment minus what I owe to creditors. This hopefully would be a favourable offer which the creditors would accept. It has gone up from the predicted 28p in £ to 30p in £.
Heres keeping everything crossed!

Hi
It,s great to hear from someone who has been through nearly the full course of an IVA and your experience in the equity release will be invaluable for this forum so PLEASE keep posting.
Can you explain your IPs comments anf figures again ?
Thanks

I will try to explain without too much waffle!!!
My mortgage balance is approx 63k and I am able to raise 73k.
To finalise my IVA I owe just under 7.5k and am offering the creditors just under 9.5k. With being able to offer a little more it will alter my total from 28p in £ to 30p in £. My IP advised that hopefully with being able to offer something more a little attractive to the creditors it may encourage them to accept. So heres hopeing .................
I hope this is a little clearer, i do find a lot of the jargon difficult to understand and will admit to asking my IP to explain in really simple terms !

Crystal clear and very helpful as i will be proposing a similar offer next year.
Good luck

At long last I was advised by my IP yesterday that my offer has been accepted by the creditors, my remortgage just needs to go through now - where there shouldnt be any problems - freedom in 6 - 8 weeks. It has been a hard slog but I feel that I have learnt from the experience.

Well done!!! Have you any plans to treat yourself once all is finalised ?

Hello,

Brilliant news!!! Good luck for the future. Small opportunities are often the beginning of great enterprises. I hope that your iva will give you an opportunity to have a fresh start.

Kindest regards,


Julia


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

Hi

I have no plans as yet as to if I will treat myself or not. I am just concentrating on getting the best rate remortgage at the moment and then some much needed work re-freshing the house. It has been a long 4 1/2 years and i have had to work damn hard (2 jobs) to get myself out of the mess but have learnt a lesson.
I hope it all works out successfully for everyone on this site, it is hard going, but try to stay focused and you will get there

Hi Stressed Again1

It's nice to hear something positive being said about IVAs and IPs for a change! Hopefully all of the newer posters will take comfort from your experience and see that these worthwhile arrangements can be life changing.

Please accept my very best of luck for a debt-free future, and thank you for sharing these points with us"

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

hi stressed again, could you take a moment to rate your IVA company on www.iva.com? It will help others decide which company they wish to use. Many thanks


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Congratulations Stressed Again 1 !Glad to hear it all worked out for you and your family. Please come back and post to inform others of how you survived it.
Take Care

All I have left is my humour.