Time, acceptance rates...

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Rlh1994
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by Rlh1994 » Wed Jun 20, 2018 7:41 pm
Hi all!
Im new here and this is my 1st post, so please bare with!
I signed my proposal with Swift Insolvency yesterday, who have been amazing!
I'm yet to hear of a date for my MOC, it is being processed as urgent and I was advised all being well, we would have it in place before payment due on 29/07!
Im just so nervous!
Are rejections common? I feel like I'll never sleep another wink until I know the outcome!
I'm behind on rent so asked my IP about payments this month and they said if I couldn't keep up, then don't pay and it won't effect the IVA, I haven't missed a payment to my creditors yet, all through borrowing more, hence current situation! So it feels uncomfortable not paying!
Just any advice and support would be massively appreciated!
Have enjoyed reading a lot of these forums, it gives some form of relief!
Thanks in advance! :D
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Foggy
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by Foggy » Wed Jun 20, 2018 8:03 pm
Welcome.
I think the majority of us felt awkward at missing payments just prior to the creditors meeting, but many of us did it anyway to create a small contingency fund. It will not affect the voting and, if the IVA is accepted, would be money down the drain.
We get very few refusals these days (although they do happen) and an IP will not put forward a proposal unless they think there is a very good chance.
Best of luck.
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MerlinL14
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by MerlinL14 » Wed Jun 20, 2018 9:45 pm
Don't be tempted to make token payments if your creditors contact you, however I would make rent payments as having a roof over your head is more essential than anything else at the minute.
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luluj
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by luluj » Thu Jun 21, 2018 3:46 am
Pay your rent and then 'save' the other money normally spent on paying creditors so you are building a small contingency ahead of your IVA meeting.
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Lisa Thomas
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by Lisa Thomas » Thu Jun 21, 2018 8:56 am
Welcome to the forum and best of luck with your MOC.

What is the payment is due on 29th July that you refer to?
Rlh1994
Posts: 8
by Rlh1994 » Thu Jun 21, 2018 6:24 pm
Thanks all!
So all direct debits are cancelled, youre exactly right, i must catch up on the rent first, that is #1!
They payment is a standing order to Swift, if everything goes well, that will be my first payment into the IVA!
Keeping all fingers and toes tightly crossed! :D
Rlh1994
Posts: 8
by Rlh1994 » Thu Jun 21, 2018 7:25 pm
Sorry, me again!
Just been doing some nosing around online and have seen people saying they are paying as little as 8p of the £1 to their creditors, per my proposal, should it be accepted I would be returning 55p of the £1. Considering a lot of what I have read, this seems to be a great offer right? Or am I reading into all of this quite wrong?
Perhaps I am overthinking the situation and should adopt the wait and see attitude, much like my husband, but I am so far struggling to do so! :D
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Foggy
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by Foggy » Thu Jun 21, 2018 7:59 pm
Rlh1994 wrote:
Sorry, me again!
Just been doing some nosing around online and have seen people saying they are paying as little as 8p of the £1 to their creditors, per my proposal, should it be accepted I would be returning 55p of the £1. Considering a lot of what I have read, this seems to be a great offer right? Or am I reading into all of this quite wrong?
Perhaps I am overthinking the situation and should adopt the wait and see attitude, much like my husband, but I am so far struggling to do so! :D


You are overthinking! But 55p is a good dividend. To some extent it depends on the actual amount owing as well as the creditor make up and relative voting power. I suspect the weather plays a part too !
Rlh1994
Posts: 8
by Rlh1994 » Fri Jun 22, 2018 12:49 pm
Thanks foggy, unfortunately I am somewhat of a serial overthinker, it's a joint IVA for me and my husband, debts only total around £7000, between approximately 10 creditors, which considering some cases I've read is a relatively small amount. We have just had our MOC date through 17/07/18! So another 3.5 weeks of overthinking!
I have read a lot of people having bank accounts frozen? I wasn't aware of this, i have an overdraft with my bank but agreed to pay that off in full before the first IVA payment and not have the bank listed as a creditor. Am I still at risk of them trying to freeze me out, even if I owe them nothing?
Thanks again foggy, your advice is invaluable in this situation for me, everything is new and honestly slightly confusing. :D
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Foggy
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by Foggy » Fri Jun 22, 2018 1:25 pm
Rlh1994 wrote:
Thanks foggy, unfortunately I am somewhat of a serial overthinker, it's a joint IVA for me and my husband, debts only total around £7000, between approximately 10 creditors, which considering some cases I've read is a relatively small amount. We have just had our MOC date through 17/07/18! So another 3.5 weeks of overthinking!
I have read a lot of people having bank accounts frozen? I wasn't aware of this, i have an overdraft with my bank but agreed to pay that off in full before the first IVA payment and not have the bank listed as a creditor. Am I still at risk of them trying to freeze me out, even if I owe them nothing?
Thanks again foggy, your advice is invaluable in this situation for me, everything is new and honestly slightly confusing. :D


Some banks freeze accounts in error -- treating an VA mistakenly in the same way as bankruptcy, others do it as it is their policy. HSBC and First Direct are well known for doing this as policy, it seems Nationwide have done it a few times. The usual advice, where a bank is a creditor, is to open a basic account elsewhere ( many of us use Co-Op Cashminder accounts).
Rlh1994
Posts: 8
by Rlh1994 » Fri Jun 22, 2018 8:16 pm
Mine is nationwide current account, but i have agreed with the IP to take away my £250 overdraft facility on 28th July, with my first IVA payment being 29th July. This means they are not a creditor and are not mentioned in my proposal, should this mean my account is safe?
I am absolutely terrified of sending the dog for his operation next week and then suddenly not being able to pay! :?
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kallis3
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by kallis3 » Tue Jun 26, 2018 3:20 pm
I had no problems with Nationwide although it was a basic account.

Do you have pet insurance?
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