hi we are at the beginning of this process and have just received our draft proposal. I am pleased with contents and offer to creditors but am concerned it will not be accepted as we can only offer 9p/£. We do not have any assets ie house etc as we lost everything when we surrendered the lease on our pub (the reason we are in this financial mess). It is proposed we offer this amount or if we went bankrupt creditors would get nothing. Is there a chance of acceptance or should i steel myself to the fact that bankruptcy will be the likely outcome, I am dealing with Grant Thornton - thanks for your advice
If this is your best offer then I'm sure that it will be accepted. IVA's have been accepted for this amount before and you are with a good company.
Not read of a rejection on here in a very long time.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Im with GT too & Im pleased to say they have been brilliant with us in our IVA, so dont worry your in good hands.
Your offer will be your best offer & your IP would not be putting the offer on the table to your creditors if it was not the best offer or they did not think it would be accepted, so try not to worry about the amount, something is better than nothing.
My advise is read through your proposal, understand it, make sure your happy with it, but your is not the lowest offer Ive heard about so dont worry.
Others will be along to advise too, so hang in there x
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
Hi - we've all been through this kind of worry. Although it's a low dividend, if GT have decided to propose this amount then the creditors will see it's the best offer on the table and hopefully will accept it.
Good luck and please stick around to tell us what happens.
Hi and welcome, your dividend is 9p in the £ now but do you do overtime? and uplift will increase the dividend or if there is a chance of a windfall i.e. lotto win or similar then you never know you may increase the dividend that way.
Try not to worry the best offer will be on the table and it wouldn't be going forward if your IP wasn't confident. Have faith in them. Keep up dated with the meeting date and we'll all send positive vibes your way. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
i fully understand your worry i had my iva approved last week and it is always concerning as to weather creditors will vote in favour. but as others have said your ip would not do the proposal if they thought it would fail. look at it this way if u where owed money and where told it is 9p in the pound for five years or you get nothing what would you choose??
we all have been though this stage and understand how you are feeling
"Since it cost a lot to win
and even more to lose
You and me bound to spend some time
wondring what to choose
Wait until your deal come round
Don't you let that deal go down"
Robert Hunter, Jerry Garcia 1971
Hi Tracey, I think the fact that Grant Thornton are putting your case forward does show there is a chance it will be approved. IPs normally have a good idea based on your creditors what is likely to be approved or not. Good luck. I have my fingers crossed for you x
IVA finished Oct 2011, CC received 27 April 2012, No longer on Insolvency Register 01 May 2012. Jan 2013 - all Credit Files squeaky clean
tracey.br
Welcome to the forum, we would not put forward a proposal if we did not believe your creditors would give proper consideration. I appreciate waiting on the creditor outcome is an anxious time, please try not to worry, hopefully you will know your meeting date shortly.
Kind Regards
Karol
I'm getting lots of IVA proposals accepted with dividends of <10p in the £ right now - and why not. If it is genuinely what you want to do, and you are offering the most money you can afford to, creditors will still get a better return than if you were to declare yourself bankrupt.
Hi Tracey.br Welcome to the Forum. Sounds like you are in good hands. Looking back to 38 months ago, I didn't feel anxious about mine being accepted. The way PayPlan dealt with me led me to think from the outset that I had a very good case and they supported me every step of the way. It was lovely when the IP called me after the meeting. He was so pleased for me. I'm sure GT would have put the strongest case together for you, and a little. Bit of something will be better than nothing for the creditors now, which may increase during the course of the IVA. I really wish you well with it. Please let us know the outcome. X
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
Hi All
Getting anxious now - exactly 1 week to go. Meeting next Friday 18th at 3.30 so in a weeks time we should hopefully have had our future decided for us. Still worried about the dividend but there's not a lot I can do to influence the outcome, i have been trawling this forum trying to find posts on rejections but there doesn't seem to be many hopefully thats a good sign. I shall of course post the outcome next week
Creditors look at the circumstance of an offer,6p or 60p to the pound offer doesnt suggest your chances either way.iva is debt forgiveness,if the circumstance are strong enough 2p to the pound is acceptable. I would not be concern one bit on your offer,but be cautiously optimistic.Creditors dont like to be dovetailed into how we think they operate,fair I think they are....
Last edited by nomoremoney on Sat May 12, 2012 1:42 am, edited 1 time in total.
Good luck with that Tracey, and like people have said if the creditors can see it's your best offer then it's also their best chance to recover some of their money.
Let us know what happens?
The hardest part is telling a stranger about your problems ...... it's also the most important!
