Have my Iva meeting next Friday but unsure if will go through due to monthly payments of £92 which works out 10.37p in the pound my creditors are mostly Natwest and then HMRC and Argos card.. really unsure this is going to go through due to the amount seems small, plus read that HMRC isn’t easy to get a Iva with. Just worried what if they don’t accept? What happens then? Can I just go back to paying what I did before as normal before all of this? Need advice and just worried
Currently waiting for the Iva meeting next week and I’m offering 10.37p in the pound my biggest creditors are Natwest and have 2 others which are HMRC and Argos card. Really worrying there not going to accept and then what will happen after? I don’t want to become bankrupt as I can’t afford to even pay that. Just a lot of panic and worry what’s going to happen. Will they say yes or decline me?
If any of the creditors make you bankrupt they will pay the fees, not you. And their fees will be more than you would have to pay to make yourself bankrupt, so it is not something they do lightly.
Do you have any assets ? Are you a homeowner, or do you rent ? If you rent,you are not likely to have anything that would make BR worthwhile.
If the IVA proposal is rejected your IP could negotiate a Debt Management Plan, or there may be other avenues to look at.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you, didn’t realise HMRC we’re likely to accept them. Fingers crossed I have some good news next week. Just not sure what else to do after that? Except I can accept the pay more monthly to suit the creditors if asked
In total it is £18.040 and majority of that is owed to Natwest through 3 bank loans and 1 credit card. Then a small amount each to HMRC and Argos card. I have kept up with all my payments each month but my take home from work is less than £1000 each month and every month I pay £600 for all of those direct debits. Which with a 1 year old and bills to pay doesn’t leave me with much.
Debt relief order?
They mentioned to a few options but advised this was the best route which I agreed to. I have a sick feeling it’s definitely being declined as the debt is large and the repayments a month are small but that’s whats been put forward with a show of my earnings etc.
What is a debt relief order may I ask? If I’m declined with they automatically put me on one or bankrupt me without asking? As that’s my fear
Fri Jul 19, 2019 2:06 pmJessie91 wrote:
Debt relief order?
They mentioned to a few options but advised this was the best route which I agreed to. I have a sick feeling it’s definitely being declined as the debt is large and the repayments a month are small but that’s whats been put forward with a show of my earnings etc.
What is a debt relief order may I ask? If I’m declined with they automatically put me on one or bankrupt me without asking? As that’s my fear
mine is 21,000 debt and Natwest and Barclays are by biggest creditors im offering 12.80p/£ and paying £104 a month my meeting is on Tuesday the guy that set it up isn't worried he told me not to worry. if the ip didnt think it wouldn't be accepted by didn't of put it forward. I was reading iva are rarely declined.
Thank you for the reply and knowing your in the same position as me with the same creditor and your payments not that far from mine. My IP said he can’t see a issue and remain positive and hopeful they will accept. But doesn’t always help and we do worry till the final decision is made. Please let me know how your outcome is love to see if Natwest accepts. Thank you
Fri Jul 19, 2019 2:49 pmJessie91 wrote:
Thank you for the reply and knowing your in the same position as me with the same creditor and your payments not that far from mine. My IP said he can’t see a issue and remain positive and hopeful they will accept. But doesn’t always help and we do worry till the final decision is made. Please let me know how your outcome is love to see if Natwest accepts. Thank you
