www.iva.co.uk

My creditors have the meeting today all voted for it expect Northern Rock which i half expected after redaing some other peoples experiences, my IP called me and said i needed 75% for it to go through and i have 74%. Typical.. Does any one have any experience whether Barclaycard normally accept as he said he would try and get them to vote. Is there any way Northern Rock could change their mind? Any advice appreciated.

I believe Barclaycard are reasonable. I asked that question and Melanie said that my main problem was going to be MBNA but they are not a big enough percentage to worry about. GOOD LUCK I HOPE YOU GET IT SORTED OUT. 1% is all you need I expect you;ll be ok

Hi emma

Your IP will need to contact KPMG who are the voting representatives for Barclaycard to see if they are prepared to vote. I have done this in the past with much success, as they are a fairly reasonable bunch of people.

Northern Rock may change their mind depending upon the level of dividend you are offering. Did they reject entirely, or did they put forward modifications which were not acceptable? We have a good working relationship with Northern Rock in my practice, and they are always open to a further chat.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Northern Rock said they think i would be better off with a debt management plan. I am ofering about 52P does that sound about right?

Hi again emma

Can you let me know

1 How much you owe in total, over how many creditors?
2 What were you going to be paying each month?
3 Who is your IP firm?

I can then comment further.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

I owe about £23,000 over 8 crediors. They worked it out for me to be paying £331 per month. I have arranged it all with Blair Endersby. Thanks.

Hi
To a certain extent you can see the creditors point of view.Under the proposed IVA you will be paying in about 20k,over 60 months,and returning to creditors about 12k[so 8k in fees to the IP]
Under a DMP,if all creditors agreed to freeze interest,you could pay £330 over 68 months and pay the whole 23k debt.
Its a shame that creditors and IPs do not have a more open relationship so that they can work together for the best result for creditor and debtor.

Hi emmas

I am inclined to agree with Neverending here - except your creditors will not stop charging you interest during a DMP - in my experience this rarely happens.

The fees that you are being charged are disproportionate to the return to creditors. Fees for doing this sort of case should be round about the £6k mark - and would give more back to your creditors.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk