Got my Date!

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Lou74

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Post by Lou74 » Fri Sep 24, 2010 6:37 pm
Well, I now have my date for the creditors meeting! It will be on 12th October at 10.30. Got the butterflies in my tummy already! I think I will just try and put it to the back of my mind until the date comes, or I may go mad! (easier said than done, I know!)
We have debts of around £120k[:0] and are proposing a payment of £730 a month which is a dividend of around 27p. Our debts are spread over about 16 creditors, so no-one has a "deciding" vote. A good thing I presume? I've every confidence in my I.P, but just wondering how that looks in other peoples experience? Do they often try and increase the monthly payment? We do have a few higher areas of expenditure like petrol, and clothing, which are essential due to work. But I know that the amount we're offering is manageable for us, whilst still paying back as much as we possibly can.
It's the not knowing that's driving me crazy! I just desperately want to start the payments, and count down the 60 months!
I wish I had a crystal ball!
 
 

Goosed

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Post by Goosed » Fri Sep 24, 2010 6:58 pm
I`m sure all will be fine Lou74. Your creditors are sure to be getting a better deal than if you went bankrupt, they`d be daft to reject.
Good luck anyhow.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".

Eric Cantona
 
 

Broke of London

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Post by Broke of London » Fri Sep 24, 2010 7:20 pm
IVAs get accepted with much lower dividends than yours and I'm sure it is a better return than bankruptcy so you have every reason to feel positive.

Good luck for the 12th. x
 
 

Julie

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Post by Julie » Fri Sep 24, 2010 7:23 pm
Just remember your IP would not have put the proposal forward if it didn't have a good chance of approval.

I know its easy to say don't worry, but its out of your hands now. Use the forum for support and I look forward to seeing a positive post on the 12th [:)]
 
 

kallis3

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Post by kallis3 » Fri Sep 24, 2010 7:28 pm
Great news Lou, good luck for the 12th, I'm sure it will all be ok.
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
 
 

Sinking Fast

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Post by Sinking Fast » Fri Sep 24, 2010 7:50 pm
Hi Lou,

Good luck with your creditors meeting. We owed £127k and 12 creditors. Our return is 29p in the £, and Melanie Giles and her superb team got it through with very minor modifications.

Best of luck, and rest assured your IP will be confident of a positive outcome.

Be sure to post back with your experiences once your IVA is approved.
 
 

MelanieGiles

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Post by MelanieGiles » Fri Sep 24, 2010 8:16 pm
That's my birthday Lou - so I am predicting a good day all round!
Regards, Melanie Giles, Insolvency Practitioner
 
 

Lou74

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Post by Lou74 » Fri Sep 24, 2010 8:55 pm
Thanks so much for all your words of support! Everyone on here is so encouraging and non - judgemental. I don't know where i'd be without the support of this forum. It really helps to hear success stories of people in situations so similar to your own - sinking fast, yours sounds just like mine!
Early Birthday wishes to you Melanie- Surely this must be a good omen! Thanks to you and your wonderful team for all your help and advice so far.
Will let you know what happens on the day. In the meantime, will keep busy and try to relax!
x
 
 

Shining

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Post by Shining » Fri Sep 24, 2010 8:57 pm
All the best for the 12th x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

DMB

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Post by DMB » Fri Sep 24, 2010 10:01 pm
Good Luck to you Lou74.
 
 

Imhotep

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Post by Imhotep » Fri Sep 24, 2010 11:26 pm
Good luck!

Out of curiosity how long did it take from making 'first contact' regarding an IVA to getting a meeting date?
 
 

maximoose

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Post by maximoose » Sat Sep 25, 2010 12:49 pm
Good luck Lou74, mine was agreed on thursday so the wait and worry is still fresh in my mind. I know its easy to say but, trust your IP im sure it will be fine.
 
 

spurs

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Post by spurs » Sat Sep 25, 2010 1:37 pm
Good luck Lou, I have mine on the 8th so hopefully we'll both have good news!
 
 

Lou74

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Post by Lou74 » Sat Sep 25, 2010 3:13 pm
Thanks Guys,
I made that first call on 9th July. It then took about 6 weeks to ensure I had supplied all necessary documentation, which involved chasing up missing wage slips, statements etc on my part. I then had a proposal meeting over the phone at the begining of September, and sent back my signed complete proposal last week. I believe you have to give 16 days notice to your creditors of the meeting date. So all in all it will be about 12 weeks by the time of the meeting. Hope all is going well for you imhotep, I can honestly say the last couple of months has flown by!
Congratulations to you maximoose on your IVA approval, and all the best to Spurs for the 8th!
x
 
 

running_woodchucks

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Post by running_woodchucks » Sat Sep 25, 2010 5:50 pm
Hi, good luck from me, hopefully I am just a few days behind you in the IVA process, here's hoping for good news all round.

Oh & happy birthday Mel :)
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