How do I work out the pence to pounds??

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tasha_shero33
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by tasha_shero33 » Fri Dec 07, 2018 12:10 pm
Hi

I have my meeting on 17th of this month to see if my IVA will go through.

How do I work out my pence to the pound to see if it is likely to be authorised,

I have 18 creditors ranging from £35 to £16k I am just wondering who is likely to say no and who is likely to say yes. What happens if hardly anyone replies? How many do I need to say yes.

hurry up the 17th !!!

Also last question if I was to have a big win before the 17th I do not have to advise the IVA, however a windfall over £500 has to be declared once in the IVA doesn't it? So anything up to £500.00???
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Lisa Thomas
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by Lisa Thomas » Fri Dec 07, 2018 12:28 pm
Tasha

The figure should already be detailed in the proposal you have signed.

I am concerned you do not know the figure if you have properly read and understood the proposals and appendices.
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Lisa Thomas
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by Lisa Thomas » Fri Dec 07, 2018 12:29 pm
You need 75% in value of creditors voting to vote in favour.

Your IP should have explained all of this to you already and it must have been in the paperwork you have agree to...
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kallis3
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by kallis3 » Fri Dec 07, 2018 12:41 pm
Which company are you going with? We can't say who will agree or not.
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Foggy
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by Foggy » Fri Dec 07, 2018 1:29 pm
The dividend (pence in the pound) should be quoted in the preamble to your proposal. It is difficult to pluck a figure out of the air as what the creditors finally get will depend on the fees charged, which also comes out of your regular payments.
tasha_shero33
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by tasha_shero33 » Fri Dec 07, 2018 2:56 pm
Thanks for all your replies.

I am with pay plan.

I have not spoken to the woman I have only corresponded through emails looks like I am doing 26p to the £.

Lets hope they all agree it and there are no changes,

I have printed out my IVA proposal and will re read it over again as I don't think alot of it has stuck, the more I read the forums the more i am learning, and the more questions I have.

Thanks for all your help
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kallis3
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by kallis3 » Fri Dec 07, 2018 3:03 pm
We're always here for you.
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MerlinL14
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by MerlinL14 » Fri Dec 07, 2018 3:38 pm
26p is a good ballpark figure, I have read of far lower dividends having no issues being accepted. It is all experience that we express when telling you to read the small print, looking back I definitely didn't 100%. I needed a way forward and the IVA gave me that I trusted a lot more in my IP writing the correct proposal than worrying about the dividend my creditors would get back. During my IVA there were things I did to improve the initial proposal figure, but had no idea I would be able to when I started the process. Good luck and don't stress, your IP has just as much to lose by their proposal failing.
tasha_shero33
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by tasha_shero33 » Fri Dec 07, 2018 4:08 pm
Thanks

Thats what I think i've done i have trusted the adviser and they have been brilliant and even when I said no I don't have budget for that etc she advised me to put figures in as going forward I should be getting my hair done and buying clothes when for so long I've gone without.

I have re printed my proposal out and I am going to have another good read this weekend and keep myself refreshed.

Hopefully the 17th comes about quickly and I can make my first payment even if it will include my bonus and overtime payments hehe.

that's a question if I get asked to change figures etc are we expected to agree to that straight away or do they give you time to think?

How often do the meetings get adjourned if not enough creditors agree disagree? (worried all my pay day loan people wont even reply as they have been so hard to deal with )

x
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Foggy
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by Foggy » Fri Dec 07, 2018 4:14 pm
Most firms get a result on the day (except one -- not yours -- who make a habit of it !). If they come back with changes people usually agree during that phone call, but it would not be unreasonable to ask for time.
tasha_shero33
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by tasha_shero33 » Fri Dec 07, 2018 4:29 pm
Oh no Foggy is mine not a good company to go with?

I went with them as they where suggested to me and because there like step change and citizen advice (Government based) I went with them.

Think I am starting to panic a bit more now ..... they have been so helpful in the lead up to it all.
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Foggy
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by Foggy » Fri Dec 07, 2018 4:39 pm
tasha_shero33 wrote:
Oh no Foggy is mine not a good company to go with?

I went with them as they where suggested to me and because there like step change and citizen advice (Government based) I went with them.

Think I am starting to panic a bit more now ..... they have been so helpful in the lead up to it all.



They are a perfectly good company to go with -- It's the other firm who makes a habit of adjournments, not yours --- Like all they have their faults, but nothing major. I might add that neither Stepchange nor Payplan are government based but are charities and are funded by the creditors ... for IVA's they are no different than any other reputable firm. Considering the volume of work they do we have relatively few moans about them.
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