waiting

[lisa]

been on phone today to DFD to see how things are going, they said its gone through 1st stage of checking with ip and is at sencond were the draft is been drawn up they said we should have this early next week and then as soon as we sign it and send it back they can take over contactibng creditors ectect, im so worried noww though what happens if it goes wrong how long b4 we no, and if it fails and start to contact creditors again can we set up payment plans or can they send us to court we have had some pre court letters and defaults so are worried sick, dont no what to do the waiting is kiling me... im so scared its gona fail and we gona end up in a worse mess than if we tryed to sort it our self as CAB sugested......is it worth waiting or do u think that we should go back to CAB im jsut scared now we getting the nasty letters thanks
DFD worked out that we could offer credtors 49 p in the £ paying 201 per mth for 9 mths then 277 for the rest of term.as we owe 19,000 have 2024 in and 1823 out per mth does this sound ok or is this 2 low, he says its a good rate as companys at this rate wil get most of what theyy are owed

[MelanieGiles]

Hi Lisa

You will be paying over £16,000 against debts of £19,000 over a five year period, with your IP charging fees and costs in the region of £6,500. Creditors may well look at this and say that if you were to pay your payments directly to them each month, you could avoid an IVA - albeit they could continue to charge you interest and the repayment period would be much longer than 5 years.

Let your IP carry on with the work. It is in their interests to finalise your proposals and to get a result at the creditors meeting otherwise they will not be paid. If the IVA is not accepted, you can always revert back to the CAB at that stage.

In the meantime your IP should have written to creditors advising of his involvement, but unfortunately this does not seem to stop the endless calls and letters.

And don't forget to tell us how you get on!

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

[.AADD]

still waitng omg this is so hard to do i feel like giving up, DFD said wed have proposl end last week beginging this if not here 2morrow gona give em ring, im getting a bad feeling about this now cant see a light at the end of tunnel any more and the phone calls and letters keep coming.....

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So sorry Lisa, this posting was wrongly assigned to someone else (who has now been deleted) during the recent malfunction.