Just looking for a little reassurance

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kat609

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Post by kat609 » Sun May 09, 2021 8:38 pm
Just looking for a little reassurance. Applied for an IVA through Debt Movement UK, they've been great and supportive and I followed up with them Friday and have been told my expected creditors meeting will be 17.5.21. I'm just so anxious!
I have a total of 24k debt, 18.3k of that is with Natwest (the rest is made up of 5 other lenders for smaller loans), so by my calculations if they accept that's pretty much the 75% vote I'd need. The IP and I did my budgets and I can over 64p to the pound, and proposing to pay £315pm. My gut is telling me it'll be fine, but I can't shake the nervousness and worry that it won't be accepted!
I've got 2 loan payments due 1st June and 12th June, I'm thinking if for whatever reason the creditors meeting is postponed, then I'd not pay those until I've heard a definitive answer..? just thinking if it's agreed around those dates I'll need that money for my first months IVA payment.
I'm just sounding off out loud really but this forum looks great for advice so it would be lovely to hear what some think of my situation and what might come of it...

Foggy

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Post by Foggy » Mon May 10, 2021 6:53 am
64p is an excellent dividend, so has every chance of being accepted.

Best of luck for the 17th.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Mon May 10, 2021 8:09 am
Best of luck from me as well. Most of us didn't make any payments to our creditors prior to the meeting to build up a bit of an emergency fund and, as you say, you need this money for your IVA payment.
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

kat609

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Post by kat609 » Mon May 10, 2021 4:01 pm
Thanks both!
I’m a bit worried as I relooked over my proposal and they’d written it out a couple of weeks back now & based on that it looks as if Natwest have 72% of the value, however some of the money owed to them has increased due to having to survive in my overdraft (I was only part way through it when I contacted IVA firm) and interest has been added to my loans. I’d say based on that with my calculations natwest actually have 75%. Do you think in the creditors meeting they’ll take that into consideration and discuss the actual level of debt now?
My other creditors are small amounts with payday loans, 118118 have about 9% and bamboo loans have 8% and from what I’ve read they typically don’t respond :roll:

Foggy

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Post by Foggy » Mon May 10, 2021 5:22 pm
You cannot second guess the percentages as they are based on those who vote, not all creditors. So, if, say Natwest didn't vote, it could all be decided by one of the little guys !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Mon May 10, 2021 5:26 pm
Less than a week to go now so try and stay positive.
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

kat609

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Post by kat609 » Mon May 10, 2021 7:55 pm
If Natwest don’t go for it then it’s all over :lol: but I’m feeling a bit less stressed right now. Peaks and troughs... thanks again to both and I’ll update with the outcome!
Really great forum too been reading for hours loads of similar situations & making me feel a bit more at ease!

kat609

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Post by kat609 » Fri May 14, 2021 3:15 pm
Hi folks,

Just an update and after a bit of advice if possible for people who have been in similar situations...
I’ve called today to follow up and see if I can find out who’s gotten back to IVA company now.
They said only natwest and mr lender have. Natwest is my biggest creditor, but just hits around 72% of my debt (from my calculations).. MRL is 0.7%.

He kept assuring me on the phone not to worry, but it’s friday - the meeting of credits is Monday??? I know if it’s just those 2 there’s no way it’ll go through. Do they call the creditors even if they haven’t filled in and sent back IVA proposal paperwork by the day of the meeting?! So bloody worried now. Wish my curious head didn’t bother calling...

Foggy

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Post by Foggy » Fri May 14, 2021 3:50 pm
It is 75% by value of those that vote, so if NW say yes, it is pretty much there.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kat609

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Post by kat609 » Fri May 14, 2021 3:55 pm
But Natwest have like 72% 😭 it’s not enough... I know they may well vote no but it’s so frustrating that the others haven’t gotten back to them yet. The other is 0.7, that’s nothing. I’m right in thinking it’s a strict 75% value of the debt aren’t I? They don’t hold enough...

kallis3

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Post by kallis3 » Fri May 14, 2021 5:02 pm
You have to keep calm. The votes will not count until Monday - I am sure you will 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

Mrs_Brown

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Post by Mrs_Brown » Sat May 15, 2021 5:53 am
Natwest were not my biggest lender, but I did have £300 in overdrafts, £5k loan and £2k credit card debt with them. They passed the vote to another company, who voted yes on their behalf, and the debts have since been passed onto a debt recovery company Max Collection. They sent me a statement every month before covid, not a demand, acknowledging the IVA and showing the balance going down. They say it is a legal requirement, but they are the only company who do so. Anyway, I digress, my repayment was 39p per pound and mine went through, your dividend sounds far more attractive.

Also, remember that if you went through bankruptcy, they might get nothing or very little, so 69p in the pound is better than nothing.

kallis3

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Post by kallis3 » Sat May 15, 2021 7:51 am
As Foggy says, it is 75% of votes on the day - if they don't vote and the others do it should go through.
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

kat609

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Post by kat609 » Sat May 15, 2021 12:35 pm
Thanks again for all your support!
I think I've sat and read so much stuff and guidance online that I'm getting myself panicked, confused, excited, calm... whole range of emotions!
I got a letter from NW today acknowledging they've been told of my proposal, what next steps are if it gets accepted or rejected, which I thought was nice of them. Probably an automated procedure but still, it's more than what the others have done!

I choose to spend my weekend relaxing and whatever will be, will be on Monday!

Foggy

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Post by Foggy » Sat May 15, 2021 1:05 pm
Best of luck for Monday -- let us know how you get on.

My biggest creditor was AA Financial --- they phoned me before the creditors meeting to wish me luck !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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