will 28.71p in the pound be enough ?

[g.bm]

I am just about at the creditors meeting stage with my IVA. I have been advised that my payment to the creditors will be around 28.71p in the £. Will this be enough? I have not yet asked the same question to my nominee and would like any feedback that others can offer.
Thanks

[carlmcmullen]

Hi G.BM

Your nominee would not be putting the proposal forward if they did not think it has a real chance of being approved.

There is no longer a minimum dividend (other than HSBC who ask for 40pin £) so it should be fine.

Can you tell us who your creditors are ?

[g.bm]

Thanks for the response guys,
My main creditors are:
LLoyds TSB around £30k (Loan, C/card and overdraft)
B/card around £10K (Loan, 2xC/card)
Mint £800
Cap one £800 (All C/cards)
GE Capital £528

I recieved a letter from my nominee today saying that the creditors paymnet will be 28.71/£. Originally it was up at 40/£ but I had pointed out an error in my creditors list and the sums had to be amended dropping the figure down. I am a little worried now after reading some of the postings here. My Creditors meeting is on the 22nd May so holding my breath......

[carlmcmullen]

Fingers crossed for the 22nd May then....

I am sure with those creditors and that dividend, providing you are making you best attempt, the proposal should be accepted.

[kallis3]

You should be ok. As everyone has said, you would not be put forward if your ip didn't think you had a good chance of being accepted.

Your creditors will be getting a lot more back in an IVA than they would if you went BR. It's in their best interests.

[ianmillington]

Just to reassure you here, I anticipate that Lloyds will be represented by KPMG, who do vote in a very fair way. They will most likely base their decision on the viability of the proposal as opposed to simply looking at the dividend. Therefore, so long as the I&E is realistic and (importantly) in their view sustainable, I would not anticipate too many problems.


Hope this helps

ian

[Emily]

17p to the pound is the record posted on this forum...so I woundn't think 28p to the pound sounds incredulous

I have noticed that the average settlement is plummetting over the last 6 months.....the best time to put an IVA is NOW

[g.bm]

Thanks to all who replied.
Spoke to my IP today and they do not anticipate any problems, and yes KPMG are voting on behalf of LLoyds.
Just got to wait now.......
I am using Synergi as the IP, any thoughts on them from anyone? Its a bit late now at this stage but any feedback would be welcomed.

Gary

[facingittogether]

good luck!

i am sure you will be fine

barb x

[Adam Davies]

Hi Gary
Good luck with your creditors meeting.
To be honest Synergi have not enjoyed good press on this forum,however the nature of this forum is that you will often read about "problem" cases.
Put your trust in your IP,they have a vested interest in getting your IVA approved.
Have you made any payments yet ?

[g.bm]

Hi Andy
I have made one payment so far. That payment was made at the end of April.
I approached Synergi at the end of February and the process is just coming to a head now. I have found Synergi to be OK. They have kept me advised and are always contactable and helpful.
They did make the mistake that promted my posting here Re: the typing mistake in the creditors listing. They had listed a debt for £1,500 when it should have been £15,000. I noticed this on my draft proposal and asked them to correct it. I was advised to sign the proposal and attach a covering letter to remind them of the error. They did not amend the error and now say I should not have signed it until it was amended. I explained that they had told me to do it and the apologised. This dropped the creditors payment from 40p/£ to 28p/£.....
They have advised me that they expect their fees to be reduced at the creditors meeting stage and they will expect to be able to offer around 35p/£. They say this is common practice.
Thanks

gary

[facingittogether]

hi gbm

just wanted to wish you luck, our iva got accepted at 30p in the £1 so i think you will be fine!

barb x

[Adam Davies]

Hi
It looks promising for you and making one payment before the meeting is fine.
Regards

[g.bm]

Thanks all
I will keep in touch and feedback to the forum. Thanks again for the support.

cheers

gary