www.iva.co.uk

Hi all, hope you're well,
My creditors meeting is coming up on the 14th Feb and I was wondering if any of you had the same creditors and how they voted?
I owe a total of 32k and I am offering 88p/£.
Here we go..
Mint loans - £8,300 - 26%
HSBC loans - £6,000 - 18.5%
Cap one C/C - £6,000 - 18.5%
Mint C/C - £3,700 - 11.5%
Egg C/C - £3,700 - 11.5%
HSBC O/D - £1,600 - 5%
Barclaycard C/C - £1,200 - 3.5%
Virgin -C/C £1,200 - 3.5%
MBNA C/C - £1,000 - 3%
(All apprx)

Will my HSBC O/D and loan be treated as one creditor?

Thanks,
Kitty

Hi Kitty,
The only one I have experience of is Egg and they voted in favour.
HSBC will technically be two seperate votes but you can guarantee they will vote the same way.
With 88p / £, I would be flabbergasted if it was turned down.
Best of luck

Thanks for that Tiger,
Getting the "what if" nerves now!
Notice you are nearing the end (well done you!),
how have you found it all?
Kitty

Hi Kitty,
I can't believe that you are offering 88p in the pound for £32000 worth of debt, thats nearly a full payment.
Who are you doing your IVA with as that seems well excessive .
What will be your monthly payment with your disposable income as it does semm rather high and can you maintain those payments for 60 months.

As I see it, this will be controlled by 2 voters, TIX and GT.

TIX - 60% - (Mint(RBS) HSBC)
GT 30% (Egg, Capital One)

Whilst there will always be the case that is the exception that proves the rule, unless your proposal is fundamentally flawed I don't see any problem from any of these creditors for acceptance in principle, although you should always be prepared for either TIX or GT to seek a contribution increase and to know how you will react.

What I can also tell you is that GT are always instructed by Capital One to vote in a certain way as regards the capping of IP fees. It is therefore not uncommon for GTs to submit votes with differing modifications. Given the percentages involved, the vote could be interesting whereby either set of GT mods (but not both) could be rejected.

Whilst I don't believe it will affect acceptance of the IVA, if your IP recommends acceptance of Egg and rejection of Captial One, make sure you check them before agreeing simply to make sure that it is not detrimental to you to do so. Belt and braces!

Ian


Ian

Hi Kitty,
I'm actually only just getting to the end of my first year!
Once you learn to live under a fixed budget every month, it is an amazing lift off your mind. It took nearly 3 months for creditors to stop calling me (although one still insists on calling me once a month but my IP is hopefully dealing with that), but to now know that I won't be hassled every month is a great feeling.

Hey Kitty

Everyone goes through the 'what if' stage, but try to remember that the majority of all proposed iva's are accepted by creditors (over 80% I believe) and your IP would not waste time on a proposal with no chance of acceptance.

Good luck for the 14th Feb - what a day to have the meeting on (Valentines)
Mine was on November 5th last year, and was accepted, so it felt right that night with all fireworks going off around me[:)]

Emma x

I would say given your creditors and dividend then you are making a very good offer and i dont see any reason why it would be rejected.

I think everybody must go through the 'what if' stage but stay possitive, like Emma said your IP has probablly spent he last 4 weeks getting the proposal together - and they would not do that if they were not confident it would be accepted.

Keep us posted.

Carl

Hi all,
Just back from work, so thanks for the feedback!
To answer a few questions...
My proposal is actually for £361 per month...the 88p comes from apprx. £14k I am proposing to put in from my share of my late Mother's property, which should go up for sale in the next 2 to 3 months.
I'm with Wilson Phillips who so far have been great..always answered any questions I have had and have re written my proposal, as the share in the property wasn't mentioned to them when my information was passed on by the introductory company.
Thanks for all the positive comments, and Emma, I'll certainly be feeling the love if all goes through
Ian, can I take it that GT and TIX own the creditors you have named? Not sure who/what they are.

They are voting agents for the creditors referred to, not owners of the debt.

kitty best of luck for today, keep us posted on the outcome

Hi Kitty, I hope everything goes well today. Please let us know how you get on.

Hi guys and thanks!
I have just had a phone call from Wilson Phillips to say that my IVA has been accepted..YIPEE!!:D
All of my creditors voted and I scraped in with a 79.3% yes vote.
MBNA and Virgin voted no, and WP say they rejected Egg's mods.
The only mod is for me to pay an extra £25 per month (£386 per month), and I have been told that with my share of my late Mother's property going into the pot when sold, I will be paying 94p/£...I'll grab all the OT I can now...not sure whether I can finish this earlier with a F and F??
I just want to thank you all for the fantastic advice and support, it has been appreciated so much.
I'll definitely be sticking around to return the favour!
Thanks to Thomas Charles for starting the ball rolling (I was clueless when I started all of this 4 1/2 months ago)... and a HUGE thanks to Wilson Phillips for taking on a slightly complicated case and getting me there.
Gush, gush..calm down woman!
Sorry guys, I'm just so relieved!
Lots and lots of lots of luck to all of you awaiting your creditors meetings, I'll be thinking of you!
Thanks again, you're all lovely people on this forum,
P.S. this is the second time that I have written this, as I was SO excited that I forgot to sign in!lol,
A very contented Kitty xx

Well done Kitty - Great news

That's really good news! Good luck for the future x