Posted: Fri Sep 19, 2008 4:09 pm
Hi all,
I have recieved a date for my creditors meeting and am quite relieved that this stage has been reached quite quickly. In the proposal it has the 4th year equity clause (which is fine as at the moment I am £20k in negative equity) if I can't raise at least £5k after fees from a remortgage it states the iva will run for another 12months (what I expected) I am somewhat concerned though that one of the creditors has now changed from HFC to MBNA (they are owed £7K out of a total of £50k debt) from what I have read on this forum MBNA are not too receptive to iva's. The monthly contribution I am offering is £279 pm which only gives 26p in the £ but really is my best offer. What if the iva is rejected I don't see any possibility of increasing my offer and it already states in the proposal that they will either get equity release or an extra yr, what other ammendments could be requested by the creitors? I have already stopped smoking in a bid to offer more in my monthly payments but i really need some input as to what eventualities may occur on the date of the creditors meeting. I dont want to accept to changes on the spur of the moment as I don't always compute the long term affects. Any suggestions of possible changes will be greatly apprecited
KLG2002
I have recieved a date for my creditors meeting and am quite relieved that this stage has been reached quite quickly. In the proposal it has the 4th year equity clause (which is fine as at the moment I am £20k in negative equity) if I can't raise at least £5k after fees from a remortgage it states the iva will run for another 12months (what I expected) I am somewhat concerned though that one of the creditors has now changed from HFC to MBNA (they are owed £7K out of a total of £50k debt) from what I have read on this forum MBNA are not too receptive to iva's. The monthly contribution I am offering is £279 pm which only gives 26p in the £ but really is my best offer. What if the iva is rejected I don't see any possibility of increasing my offer and it already states in the proposal that they will either get equity release or an extra yr, what other ammendments could be requested by the creitors? I have already stopped smoking in a bid to offer more in my monthly payments but i really need some input as to what eventualities may occur on the date of the creditors meeting. I dont want to accept to changes on the spur of the moment as I don't always compute the long term affects. Any suggestions of possible changes will be greatly apprecited
KLG2002