I am awaiting my creditor meeting on Friday. I have approx £40000 from creditors such as first direct, very, aa loans and lending works. My IP has put a proposal together for £180 pm which seems very low and I am very concerned it will be declined. IP said they are very confident. Any advice would be fab x
Thank you! I have seen you are very active on here and seem to know your stuff so can I ask.....
1. Do you know if my creditors usually accept iva?
2. How long after the meeting should it take to hear the outcome?
I can only go by experience and what gets reported here. Of your creditors, I had a £20k+ loan with AA Finance and they voted yes and I have seen mention of Very voting yes as well.
As for when you will hear the result of the meeting -- this is a "How long is a piece of string" question and varies from firm to firm. In theory they should be able to tell you within an hour or so of the meeting, but, it seems, some firms actually seem to forget they have a client waiting and leave you hanging. Generally, I would wait for a couple of hours and give them a call if you have heard nothing.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk