Just looking for a little reassurance

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kat609

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Post by kat609 » Sat May 15, 2021 1:08 pm
Thank you, and I will do! I'm feeling a bit better about the fact that if it doesn't go through, there are other options available.

That's so nice of them!

kat609

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Post by kat609 » Sat May 15, 2021 2:52 pm
Just wanted to add, I'm so dense.. Really couldn't figure out what you meant by the votes are counted by who votes on the day. I really had it in my head that if someone didn't vote, it's an automatic no.

googled to clarify and got "If a creditor does not cast his vote, then their vote will be counted as if they'd cast it along with the majority. Once 75% of the vote has been reached, your IVA become legally binding on all creditors in the IVA, whether they voted to accept the IVA or not."

i mean NW may well vote no but now i understand what you mean that if they vote yes, then it's pretty much there.

christ... no wonder i'm in the situation i'm in :lol:

Foggy

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Post by Foggy » Sat May 15, 2021 3:05 pm
Sat May 15, 2021 2:52 pmkat609 wrote:
Just wanted to add, I'm so dense.. Really couldn't figure out what you meant by the votes are counted by who votes on the day. I really had it in my head that if someone didn't vote, it's an automatic no.

googled to clarify and got "If a creditor does not cast his vote, then their vote will be counted as if they'd cast it along with the majority. Once 75% of the vote has been reached, your IVA become legally binding on all creditors in the IVA, whether they voted to accept the IVA or not."

i mean NW may well vote no but now i understand what you mean that if they vote yes, then it's pretty much there.

christ... no wonder i'm in the situation i'm in :lol:
Don't worry -- it is a steep learning curve made even worse by being under the pressure of debt .... things will settle down as you get into it.
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

luluj

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Post by luluj » Mon May 17, 2021 2:37 am
Good luck today ... have everything crossed for a positive outcome for you today. Let us know later.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

kat609

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Post by kat609 » Mon May 17, 2021 5:18 am
I will do - thank you!
I've actually had a really good weekend where I managed to relax, so ready no matter what the outcome today. Although I am excited/nervous!

kat609

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Post by kat609 » Mon May 17, 2021 12:44 pm
It was accepted!
£315pm for 60 months.
What a relief. Only 3 of the 6 creditors even responded but all voted yes so got 100% approved based on that!
Natwest, Mr Lender & 118 🙌
Does anyone have advice r:e saving money..? They advised I shouldn’t be able to, but in reality it’s probs best to save some? I have a good wage, but had an awful lot of expensive debt that left me with very, very little. It’s nice to be able to even consider saving now! Would be a shame if I couldn’t.

Foggy

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Post by Foggy » Mon May 17, 2021 1:27 pm
Welcome to your journey!

As all of your disposable income is supposed to be your IVA payment, the chance to save is very limited. There are some expense categories you need to save ( car repairs, emergencies, etc.), but, if you constantly underspend on, say, food, they might decrease that allowance going forward. You can, of course, also save your shares of overtime etc.

My monthly allowance for household shopping used to be drawn out in cash on pay day, and I shopped with cash --- on the basis that if I didn't have the cash, I couldn't spend it. Any that I had left over at the end of the month was then deposited in the Bank of Mattress.

One tip I followed was to only take money out with me when I was on a specific shopping trip ... wanderimg around with a few quid in my pocket was a sure way to see it disappear on insignificant (and unneeded) things, like coffees and magazines.
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 17, 2021 2:10 pm
Congratulations! Told you you'd be fine :D

You can relax now and hopefully enjoy the summer (if we have one!)
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 17, 2021 3:20 pm
That makes sense!

And thanks both, looking forward to being able to somewhat relax over the next 5 years without the mass debt looming over my head and knowing there is light at the end of the tunnel :)

Agree with you on the summer part! Fingers crossed for us all haha

Mrs_Brown

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Post by Mrs_Brown » Mon May 17, 2021 5:57 pm
Welcome to the journey! Make sure any payment direct debits are cancelled! I found it amazing at first having so much money when I had been used to about £50 a month for food shopping and nothing else before the IVA. Its amazing how quickly you get used to the budget though and I am skint by the last week of the month. At least now I have a proper selection of food each week, rather than batch cooking repetitive meals that made do when I had nothing to spare. I also do have a bit to spare for treats. I have 20 payments left to go.

kat609

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Post by kat609 » Mon May 17, 2021 6:03 pm
Thanks Mrs Brown! Wow I bet you’re buzzing to be very nearly done.
That thought did cross my mind, if history has taught me anything it’s that I definitely tend to adjust my spending to what I have... but it would be nice to break that cycle.
In agreement with you in terms of food too - can actually have something more exciting than toast and pasta 🙃
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