I have put forward an IVA proposal, and am very worried about this being accepted due to the fact creditfix have informed me I’m only giving 10.67 pence to the £ !
My debt is around 22k
Lendable - £16800 - £501 per month
Barclaycard CC - £2750 £100 minimum payment per month
Fluid CC - £2750 - £100 minimum payment per month.
Totalling £701 before I pay my mortgage, child maintenance, bills, fuel etc.
I take home £1800 after Tax and little to no money left after payments made each payday, also the nursery fee’s are just about to start which us pushed me towards this IVA.
My creditors meeting is on the 31st this month.
What are the chances of this Proposal being accepted at 11p to the £, which is a repayment of £100 per month.
regarding the 75% of creditors needing to accept, is that 2 out of the 3 creditors?
Thanks, hope someone has been successful at a similar debt / Pence to the £ who can share there result!
Recently put forward an IVA proposal to my creditors, due to the fact it was all just too much with my expenditure. I have cut back a lot and just paying way to much out of my wage. Leaving me with very little since the baby for born (7 months ago).
Creditfix have put forward to my creditors 10.67p to the £1 which is worrying the life out of me, but literally all I can afford. ( May be able to give a tiny more if needed )
Current debts - around 22k
Lendable - £16,800 (£501 per month)
Barclaycard - £2750 (£100 min payment)
Fluid - £2750 (£100 min payment)
£701 total, before mortgage, child maintenance, bills, fuel etc (take home pay after tax £1870)
No equity in home and not enough in the car to pay off debt, plus I would have nowhere to live or no way of getting to work.
Anyone ever had a similar debt / pence to the £ and can share there thoughts, was you successful?
Also how does the 75% of creditors work, will I need 2 creditors out of the 3 to accept?
Hi there ,
I got accepted yesterday and my offer was 10.34p in the pound and my monthly payments are £92 a month. And my debt was just a little over £18000.
My creditors were Natwest, Argos, HMRC and all accepted mine with no modifications/extra time or haggling with any of it.
There is hope as I’m the proof it works I’m also with creditfix.
The 75% is of those creditors who actually vote --- so, on the face of it, Lendable will have the say --- but --- if only, say, Barclaycard votes, they could have the say !
Best of luck.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy is correct here with the votes etc.. and advice highly recommended asking Foggy as been great helping me with my questions and worries.
Good luck and will be looking forward to your outcome from your meeting. They accepted me so I’m sure your have no concerns
So it is possible they get accepted at such a low pence to pound.
Im really hoping this gets accepted!
@Jessie91 - If you really dont mind me asking, how was your repayments towards these creditors? im worried that i have never missed paying the minimum payment on the CC's so i dont want them to think well he hasnt had any problems in the past so we will reject it.
For the last few months ive been on a temporary payment plan was lendable - i did tell then a little lie just for some breathing space by saying ive changed job and had lower income, im hoping i havent shot my self in the foot on this!
Did you find out you was accepted the same day as the meeting?
Hi
I had:
HMRC -£20 per month
Argos card £20 per month (minimum payment)
Natwest :
1st loan - £250 per month
2nd loan - £100 per month
3rd loan - £76 per month
Credit card - £100 per month
In total Natwest were my biggest creditors
Total debt was over £18000
My meeting yesterday was at 12. I got the phone call with the yes at 12.22
I never missed a payment with any of my creditors but just couldn’t afford to live on nothing and living on the credit card to pay for my bills. Honestly when your accepted for a iva the stress will soon fade away and your begin to relax and find that the monthly payments to creditfix are more comfortable and your manage a lot more of course your budget but the minute you don’t rely on credit anymore it’s amazing.
They will probably ask you to do a secured loan but it is way in the future and not worth worrying about. Things could change massively before then.
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
I’m not that helpful with a mortgage side of things as I just rent my house. So unsure how that works but I know there are people on here that have had to remortgage or something to do with equity release I’m unsure.
Fri Jul 26, 2019 9:07 amIVA101 wrote:
Great stuff, congrats!
I do have a mortgage, and want to know abit more about the 'Remortgaging' in the 54th month of the IVA.
Creditfix tell me you need to attempt to remortgage but you 'Will not get a remortgage' which i understand, however i need more info on what if!?
If i was to remotgage and release equity which may be about X . it is just 85% of the EQUITY aint it?
I am always wary of firms who gloss over the remortgage clauses --- you NEED to know them inside out NOW --- so that, 5 years down the line, you are not taken by surprise !! In 5 years you might well be able to remortgage --- a couple of year ago it was a sure thing that you wouldn't, now some people are being hit with remortgages as lenders become available -- what will happen in 5 years ??? Your guess is as good as mine !" Additionally, you might have post 2014 terms, which include a secured loan if a remortgage isn't available --- read it -- understand it -- it is all in the proposal and Ts&Cs.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
