Creditors meeting

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Chappie
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by Chappie » Sat Nov 17, 2018 9:04 pm
Hi

Just a quick question if any one can answer please. I have a creditors meeting 12th December for aperture to try and conclude my iva. My dividend has reduced down to 21p because of a shortfall on a secured loan when my home was repossessed by the secured loan company.. I have been in an iva since January 2008, what do you thin my chances are of getting this sorted. If it us what alternatives is there, and how long can this iva continue to run.?

Thanks
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Foggy
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by Foggy » Sat Nov 17, 2018 9:22 pm
21p is still a reasonable dividend and they knew of this possibility at the start. They might propose an extra year, but leave that to them, do not plant that seed now. Let's hope they see sense.
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abbiesmum2003
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by abbiesmum2003 » Sun Nov 18, 2018 9:26 am
I dont have any advice about the chances of it being sorted, I just wondered why youve been in an IVA 10 years? Im not surprised you want things wrapped up. Thats a very long time tohave it hanging over you.
Hope it is accepted in december.
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Chappie
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by Chappie » Sun Nov 18, 2018 4:29 pm
abbiesmum2003 wrote:
I dont have any advice about the chances of it being sorted, I just wondered why youve been in an IVA 10 years? Im not surprised you want things wrapped up. Thats a very long time tohave it hanging over you.
Hope it is accepted in december.


I often wonder that. I have had loads of ups and downs. Changed companies no end of times. Being made redundant 3 times. It's being a nightmare as much as i thought I was doing the right thing to keep my home. Circumstances dictated that wasn't to be.. In hind site I should have gone bankrupt. All this would have been finished years ago. Until thus is sorted I am unable to move on.. Thanks for the message. I too hope it gets sorted x
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luluj
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by luluj » Sun Nov 18, 2018 5:58 pm
Fingers crossed all gets approved for you in December.
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kallis3
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by kallis3 » Sun Nov 18, 2018 10:15 pm
Hope it all goes ok.
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Waitingforship
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by Waitingforship » Sun Nov 18, 2018 11:02 pm
I’m not overly religious but I am saying a little prayer for you this evening. Really hope you get to put this behind you.
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dorothy245
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by dorothy245 » Tue Nov 20, 2018 10:45 am
Foggy wrote:
21p is still a reasonable dividend and they knew of this possibility at the start. They might propose an extra year, but leave that to them, do not plant that seed now. Let's hope they see sense.

hi foggy,
I have just read the last question, and I don't understand how an iva can go on for ten years, I thought an iva lasted 5 years only, I am worried now xx
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Foggy
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by Foggy » Tue Nov 20, 2018 11:23 am
dorothy245 wrote:
Foggy wrote:
21p is still a reasonable dividend and they knew of this possibility at the start. They might propose an extra year, but leave that to them, do not plant that seed now. Let's hope they see sense.

hi foggy,
I have just read the last question, and I don't understand how an iva can go on for ten years, I thought an iva lasted 5 years only, I am worried now xx


Hi Dorothy. An IVA can be for any agreed length. The usual is 5 years, with a years extension a possibility if you are a homeowner. Sometimes (often if NRAM is a creditor) they start at 6 years, with the possible extension. Other times they can be extended to make up for breaks or agreed temporary reductions in payment, or to make up arrears caused by such things as undeclared income. Added to this there is also the admin period, between the last payment and the issue of the completion certificate. so, although you are no longer making payments, you are technically still in the IVA and bound by it. Some firms do this in a couple of weeks, most in a couple of months, and a couple take 6 months or more.

This particular case is a rarity and the vast majority of arrangements are closed down, as expected, within the originally agreed time frame.
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kallis3
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by kallis3 » Tue Nov 20, 2018 1:37 pm
I am sure you will be fine - don't worry!
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Chappie
Posts: 144
by Chappie » Tue Nov 20, 2018 8:18 pm
Sorry, I don't want to put anyone off entering into an iva, my case is a very difficult one.. I have had loads of bad luck to be honest. Coming out of work partner being made redundant, losing my home.. Please think twice about secured loans it cost me dearly and is affecting the closure of my iva.. Hopefully next year will see and end to all of this as it will be my 12th year... Good luck to everyone. I will keep you posted on my creditors meeting. X
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kallis3
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by kallis3 » Tue Nov 20, 2018 8:26 pm
Hope you will be ok.
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Foggy
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by Foggy » Tue Nov 20, 2018 9:04 pm
Best of luck with it Chappie.
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dorothy245
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by dorothy245 » Wed Nov 21, 2018 11:15 am
Foggy wrote:
dorothy245 wrote:
Foggy wrote:
21p is still a reasonable dividend and they knew of this possibility at the start. They might propose an extra year, but leave that to them, do not plant that seed now. Let's hope they see sense.

hi foggy,
I have just read the last question, and I don't understand how an iva can go on for ten years, I thought an iva lasted 5 years only, I am worried now xx


Hi Dorothy. An IVA can be for any agreed length. The usual is 5 years, with a years extension a possibility if you are a homeowner. Sometimes (often if NRAM is a creditor) they start at 6 years, with the possible extension. Other times they can be extended to make up for breaks or agreed temporary reductions in payment, or to make up arrears caused by such things as undeclared income. Added to this there is also the admin period, between the last payment and the issue of the completion certificate. so, although you are no longer making payments, you are technically still in the IVA and bound by it. Some firms do this in a couple of weeks, most in a couple of months, and a couple take 6 months or more.

This particular case is a rarity and the vast majority of arrangements are closed down, as expected, within the originally agreed time frame.

thank you foggy xx
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