I finally have my creditor meeting date and am so worried - I am 6 months pregnant and partly due to this a family member has offered a lump sum that pays back about 22p/pound - is this too low? My IP seems happy to put it forward but I really don’t feel too hopeful. Before any fees are deducted it only really offers just under a third of the total debt...do creditors tend to reject lump sums or come back with possible modifications or ask for a larger sum? And if it is a flat out no what do I do next? I think the lump sum would still be available, and am just trying to see if there is anyway I can manage not to go bankrupt lose our family home. Sorry for the rambling - it just kind of helps getting it out of my head and into words.... any advice would be really appreciated x
Ramble away ..we are here to listen and offer support.
The offer being made to your creditors is the best option available based on your circumstances.
22p in the £ is not the lowest I have seen offered and accepted. Your chosen IP would not have put it forward if they felt it was not achievable.
I understand the 'what if' question, but right now I would say focus on the offer and creditors date ... there are other options depending on your circumstances and level of debt and income such as debt management plans or relief orders. Bankruptcy is another potential option. But as I have said, focus on the IVA offer that has been made.
When is your creditors meeting ? Be sure to let us know the outcome x
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
22p is a healthy return, especially when you consider that they will, in the long run, be saving on admin ( not having to process small payments over the coming years) and they will be able to write the "toxic debt"m off of their books (which makes their accounts look healthier, strangely).
Best of luck from me.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
thank you for listening! Creditors meeting is on 21st Feb so will concentrate on that for now... one step at a time, thanks needed to be reminded of that! x
Foggy wrote:22p is a healthy return, especially when you consider that they will, in the long run, be saving on admin ( not having to process small payments over the coming years) and they will be able to write the "toxic debt"m off of their books (which makes their accounts look healthier, strangely).
Best of luck from me.
Many thanks to you both...feeling a little better about things, will see what happens and then take it from there x
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
Hello all, i’m not too sure if you will see this reply, but just wanted to say thank you for all the advice and kind comments, they helped massively during a horribly stressful time. I had my creditors meeting this week and all lenders voted to accept my lump sum offer. I do realise that I am incredibly lucky to have an in-law who could help us out, am now concentrating on our new arrival due in May and rebuilding both my marriage and further down the line my credit history and just generally financially getting back on track with a completely different mindset for the future - no more burying my head and in the sand and hoping for the best. Thanks again x
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
