My draft offer is all that I can afford. Will it realistically be accepted ?

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moira717
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by moira717 » Sun Mar 05, 2017 8:42 pm
I have taken all your previous advice on board re house played for entirely by hubby and am standing my ground! Now have another concern, one new one each day at the moment. I owe about 48,000. Had to take a massive reduction in income 3 yrs ago to look after my mother whilst she was dying then again to look after my dad. Now only earning 900 pm. My draught offer is 165pm all I can afford but will realistically be accepted?
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Foggy
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by Foggy » Sun Mar 05, 2017 9:01 pm
You will be paying back around 20% of the debt, before fees. I have seen lower percentages accepted. But, at the end of the day, as you know, it falls into the lap of the creditors who vote on the day.
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moira717
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by moira717 » Sun Mar 05, 2017 9:10 pm
Thank you foggy, yes I know all boils down to decision day! IP said they will get more than if I go bankrupt which really isn't option as am power of attorney for my dad. Having many sleepless nights as so much riding on iva being accepted. Also am worried when I reduced payments to my creditors was before I had sorted a budget and are more than I would be paying into my via. My husband is helping me this month as only just sorted initial payments amid constant hounding and can see how stressed I am but these payments are unsustainable. Don't want them thinking they could get more than from via. Is it worth writing with lower payment? Don't want it to affect my proposal
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Foggy
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by Foggy » Sun Mar 05, 2017 9:20 pm
You don't get to choose the level of payment -- this is decided by the IP working out income vs expenditure with all of the surplus being the payment into the IVA. You just need to ensure that you have claimed for all of your allowable expenses ( don't forget an allowance for things like hair cuts, prescriptions, dentist ).
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benjiboo1
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by benjiboo1 » Sun Mar 05, 2017 9:54 pm
I started off paying 145 a month. 2 years later due to illness & only being able to go back to work part time my payments were reduced to 106. For the past 3 years I have continued to pay this...... (had to take a 6 month payment break due to illness in between) haven't had any problems paying this low amount & waiting now for my Iva to finish.
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plasticdaft
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by plasticdaft » Sun Mar 05, 2017 11:01 pm
If the offer is the best available then creditors are not stupid and will accept it.

Good luck.

Paul
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luluj
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by luluj » Mon Mar 06, 2017 5:35 am
There are plenty of ivas out there at that level .... its based on your circumstances and everyone has different ones - work with your chosen company to ensure your income and expenditure is manageable and not stretching you before you even start - it isn't meant to be an essy ride but you should be ok to manage
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moira717
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by moira717 » Mon Mar 06, 2017 7:09 am
Many thanks for all your replies. Should receive my draught today so a few weeks of worrying ahead but good to know I have a chance of it being accepted.
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Foggy
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by Foggy » Mon Mar 06, 2017 7:54 am
moira717 wrote:
Many thanks for all your replies. Should receive my draught today so a few weeks of worrying ahead but good to know I have a chance of it being accepted.


When you get the paperwork, don't rush it ! Have a read -- go away and have a cup of tea / coffee -- then have another read. Repeat as required :-)
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Michael Peoples
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by Michael Peoples » Mon Mar 06, 2017 9:14 am
Why does your IP think that creditors will get more in bankruptcy? If he/she genuinely believes that, then they should state this in the proposal which could cause problems with creditors. It seems an odd thing to say as it implies that you are not making your best offer so how can it be recommended to creditors?
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Foggy
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by Foggy » Mon Mar 06, 2017 10:35 am
Michael Peoples wrote:
Why does your IP think that creditors will get more in bankruptcy? If he/she genuinely believes that, then they should state this in the proposal which could cause problems with creditors. It seems an odd thing to say as it implies that you are not making your best offer so how can it be recommended to creditors?


He doesn't. Michael --- post says IP thinks they will get more than in BR :-)
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Michael Peoples
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by Michael Peoples » Mon Mar 06, 2017 11:11 am
Should have stayed in bed! Thanks Foggy.
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