Lump sum iva creditors meeting tomorrow !

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Clairedd26
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by Clairedd26 » Tue Aug 22, 2017 1:49 pm
Hi

I have a creditors meeting tomorrow after my first one was delayed two weeks ago because one of my 8 creditors hadn't receive the relevant paperwork !

I am worried sick, trying not to be but cannot help it !

My questions are , does anyone know the percentage of lump sum/full and final iva that are excepted ? And are there certain creditors that are more likely to reject an offer ?

I have offered 30p in the £1 for a debt of approximately £60k lending the money from a family member.

Any information would be gratefully received.
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Foggy
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by Foggy » Tue Aug 22, 2017 1:57 pm
30p in the pound is a good return on the debt -- in a lump sum even better as there are less costs involved. Not many proposals are rejected these days.

Fingers crossed for you -- best of luck.
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kallis3
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by kallis3 » Tue Aug 22, 2017 2:02 pm
Fingers crossed from me as well!
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Clairedd26
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by Clairedd26 » Tue Aug 22, 2017 2:11 pm
Thank you, the offer is infact £23k so the figure of 30p in the £1 is after costs I believe. The delay for 2 weeks has frightened me to bits and can't help thinking they've got more time to analyse the situation and reject it !
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Foggy
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by Foggy » Tue Aug 22, 2017 3:36 pm
Clairedd26 wrote:
Thank you, the offer is infact £23k so the figure of 30p in the £1 is after costs I believe. The delay for 2 weeks has frightened me to bits and can't help thinking they've got more time to analyse the situation and reject it !


Yes, costs have been factored into the dividend figure -- but these reflect fees and disbursements. The creditors will also be saving the costs in time and staffing dealing with several years of quarterly dividends, so they are actually getting more than if you paid the same amount spread over 5 or 6 years.
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Michael Peoples
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by Michael Peoples » Tue Aug 22, 2017 3:44 pm
It really depends on whether you have equity and/or a surplus income. An IVA is a comparison with bankruptcy so if the £23k is much more than creditors would get they will likely accept and conversely if it is much less they may reject. If for example you do not own a property and have no surplus income then your family member is paying £23,000 for you to avoid any of the complications of bankruptcy which is a lot of money.
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luluj
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by luluj » Wed Aug 23, 2017 5:34 am
Good luck today and please do let us know your outcome
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Clairedd26
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by Clairedd26 » Fri Aug 25, 2017 9:25 pm
I'm sooo pleased to say the creditors accepted my offer !

I do own a property with my ex partner and there is equity in the property so they obviously agreed it was the best offer for all involved.

PayPlanPlus have been amazing so far, from the start of my payment plan to the Iva. Although they weren't always forward at answering my questions I cannot fault them.

I would urge anyone with debt problems to seek help ! It's such a relief to be able to start a fresh !!

Thanks for all your support and advise x
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Foggy
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by Foggy » Sat Aug 26, 2017 8:39 am
Well done Claire. Your creditors and your IP are doing well out of this arrangement but, more impoertantly, it works for you -- you are now debt free !
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kallis3
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by kallis3 » Sat Aug 26, 2017 9:04 am
Great news!!! Well done.
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Michael Peoples
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by Michael Peoples » Tue Aug 29, 2017 8:06 am
Well done from me too and you can now move on.
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