Creditor meeting arranged - Is 65p to the £ enough?

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Amos0616
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by Amos0616 » Sun Jul 30, 2017 1:38 pm
Hi all,

I'm new to this forum.

My creditors meeting has been arranged for the 10th August. I have mixed emotions and feeling very nervous.

This forum has been great for advice :)

Amy
xx
Last edited by Amos0616 on Sun Jul 30, 2017 3:17 pm, edited 1 time in total.
Amos0616
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by Amos0616 » Sun Jul 30, 2017 3:06 pm
I am proposing 65.8p to the £. Is this a good offer?
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kallis3
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by kallis3 » Sun Jul 30, 2017 3:23 pm
Hi,

It's a very good offer! Mine was only 40p!
Amos0616
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by Amos0616 » Sun Jul 30, 2017 3:27 pm
Thanks for the reply Kallis3.

I suppose I will just have to wait and see :D
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kallis3
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by kallis3 » Sun Jul 30, 2017 4:02 pm
I am sure you will be fine - not long to wait now!
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watzki
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by watzki » Sun Jul 30, 2017 5:05 pm
Mine was 21p in the pound I think and paid 29p in the pound so I think you will be fine
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harrysmummy78
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by harrysmummy78 » Sun Jul 30, 2017 5:29 pm
It is a good offer mine was accepted at 14p in the £.. Good Luck with your Creditor meeting :)
Amos0616
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by Amos0616 » Sun Jul 30, 2017 5:33 pm
Thanks for all your comments.

I have a feeling the next 2 weeks are going to go very slow.

I have everything crossed that it goes through

Thanks
Amy
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MerlinL14
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by MerlinL14 » Sun Jul 30, 2017 6:03 pm
My initial proposal was for 27p which I didn't think would get accepted, but did without issue. Due to PPI (that I claimed back so didn't get ripped off by broker fees) a change of job with a significant pay increase I ended up paying back over 75p. So yes, 66p is a good stating figure.
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Foggy
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by Foggy » Sun Jul 30, 2017 7:58 pm
My proposal was 32p in the pound. I ended up paying 31 p ion the pound --- yours is a very good offer.
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luluj
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by luluj » Mon Jul 31, 2017 3:23 am
Good luck for the 10th - 65p return is a good offer and one that your IVA company believe will be accepted .... use the next 2 weeks to get all your odd jobs done - keep busy !

Look forward to your update on the 10th to tell us you are in an iva !
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Lisa Thomas
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by Lisa Thomas » Mon Jul 31, 2017 8:50 am
It is impossible to say as is up to creditors to decide if they want to accept this but 65p/£ is quite high and your Nominee would not be able to recommend it to creditors if they did not think it was viable.

Best of luck.
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Michael Peoples
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by Michael Peoples » Mon Jul 31, 2017 9:02 am
My only concern is that the dividend is too high if that makes any sense. Some creditors will reject IVAs where they would be repaid in full via debt management within a reasonable period of time. If you add the fees and costs of the IVA to the dividend creditors may be cleared anyway within 5-6 years so could reject. However if the dividend includes an estimate for equity release then it is more likely to be accepted. It really depends on which creditors and the overall level of debt but hopefully yours is accepted.
Amos0616
Posts: 10
by Amos0616 » Mon Jul 31, 2017 12:08 pm
Thanks Michael.

This was my concern, however I can't keep up with the contractual payments they are wanting hence why proposing the IVA.

Main creditor is HSBC with loan, credit card and overdraft.

Overall debt is around £33,000 and proposing to pay £358 for 26 payments then £478 once my HP on car runs out

Thanks
Amy
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Michael Peoples
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by Michael Peoples » Mon Jul 31, 2017 2:49 pm
I think you will be okay as HSBC will usually be supportive of IVAs. It would take over six years assuming the car did not need replaced so fingers crossed all goes well.
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