www.iva.co.uk

Hi,

I wish I had found this place sooner, as I have had many questions leading up to the recent acceptance of my IVA it was accepted on 27/06/07 at 41p in the £ for just over £45k

My breakdown of debt is as follows

Barclays (loans and overdraft) - £13.5k
Capital One - £5.1k
Egg Card and Loan - £12.7k
Virgin/MBNA (passed to MAX debt recovery) - £9k
First Direct - £3.2k
Student Loans - £2k

At the creditor's meeting Barclays and Student Loans Company didn't respond and First Direct rejected the offer.

All good so far, but I'm worried about the fact that Barclays didn't respond, could they get the meeting adjourned or some such and then reject the offer?

Also there is a the strong surprising possibility that I will get a substantial payrise in the next few months, which would mean in theory I could be in a position to pay off my entire debt within three years. Is this possible or would I have to keep paying whatever that years agreed amount is for the full duration of the IVA?

Any help and advise would be greatly appreciated.

Hi Dobbin and welcome to the forum

Now that your creditors meeting has passed, the creditors who did not vote are bound by the decisions of those that did, so they cannot now say that they do not want to join in.

If you do get the payrise, then your IP will increase your payments to a comfortable level, which may mean that you will be able to pay off the debts at an earlier stage, although this can only happen if you pay the creditors in full as well as the costs of the arrangement.

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

Thanks for the quick reply Melanie. That's what I thought but it's always best to hear it from someone who knows.

I must admit I was very suprised at how quick and relatively painless the whole process was, just a shame that I managed to get in this situation in the first place.

I seem to have had an easy ride from my creditors as I've only received two threatening letters, one of them from Egg after they agreed to the IVA!