How they voted/chairman's report

[kitty]

Hi all, thanks for all the posts,
Just looking through my chairman's report and here's how the voting went..

Acceptance

Cap 1 @ IVA watch @ GT (c/c)...............................£6,320
HSBC @ the insolvency exchange (loan)......................£5,955
HSBC @ the insolvency exchange (o/d).......................£1,825
RBS @ the insolvency ex (mint c/c).........................£3,700
RBS @ the insolvency ex (mint loan)........................£8,310

TOTAL.....................................................£26,113
79.25%

Rejection

Barclaycard (c/c)..........................................£1,250
Egg @ IVA watch @ GT (c/c).................................£3,430
MBNA (c/c).................................................£1,000
Virgin (c/c)...............................................£2,000

TOTAL......................................................£6,840
20.75%
A couple more no's than I thought!
I realise that this was quite a close call.
What I don't quite understand is that with assets thrown in to this, it states that I am offering 96p/£....and creditors still vote no?
Are these creditors who are rejecting iva's at the moment?

Thanks,
Kitty

[buttercup]

Kitty
That was close. I wander why they would reject it if you are offereing so much? A bit worrying!

[MelanieGiles]

Perhaps they feel that in offering 96p in the £, you ought to be paying them directly without the costs of IP supervision?

[andrewgoodman121]

Don't worry about all that who voted in favour and who not,YOURS! has gone through and thats what matters the most.
Set yourself a realistic budget and you should complete a succesful IVA and the target is DEBT FREEDOM!!.
You have been given a GET OUT OF JAIL CARD!!!
DON'T WASTE IT!!!.

[kitty]

Thanks guys,
Melanie, that would make sense of course.
Andrew, I'll not be wasting my get out of jail card, 5 years of budgeting ahead now.
Just posted the figures on the back of an earlier post.
Are you in an iva yourself?
Kitty

[andrewgoodman121]

I know im a bit late answering this post but yes i am in an IVA and it is loads better than living on overdrafts and credit cards.
what is the point of keeping on living like that!!
I know that in reality there are millions and millions of people living like that , but i want to be debt free and retire happily rather than swamped with debt.
My DEBT was £23500 and i pay £345 per month and am 2 payments in with 58 to go.
I am 43 years of age and nipped it in the bud before it got to the sort of figures you could only have NIGHTMARES about.
Good Luck with your IVA you have been successful
and your DEBT was nowhere near as bad as some people on here and in 5 years time you will look back and think that easy credit should be used sensibly not outrageously as when you had your fingers burned.

[kitty]

Hi Andrew,
Thanks for the reply.
Would just like to wish you all the best for the future, and congratulations on having you IVA accepted.
I'd have to agree that living off overdrafts and credit cards is totally stressful and like yourself, I am glad of not being in that situation anymore.
It is very sobering to read posts from people who have hit the point where they realise that their debt is out of control, as you know, this is a very worrying and often frightening situation to find yourself in, but it is great that people find this forum at this point, as they can receive a lot of sound advice and reassurance, which is exactly what is needed at this crucial point...they have addressed the debt issue and are taking the first positive steps to finding a solution.
It's also reassuring for people in this situation to know that they are not alone.
This forum is a godsend at this point, and I guess if we can't answer specific questions (and there is always somebody here who can), then at least we can offer moral support.
All the best for the future.
Kitty x