Would IVA be likely to get accepted

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ryan773
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by ryan773 » Tue Aug 21, 2018 1:28 pm
Hi. I currently have an unsecured debt of £32,000 with 13 creditors and my proposed payment is £85 per month for 5 years. Would this be likely to be accepted at the creditors meeting?
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kallis3
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by kallis3 » Tue Aug 21, 2018 1:41 pm
Hi,

It's a very low payment. Have you spoken to anyone yet?

If you have no assets to protect have you considered bankruptcy?
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Foggy
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by Foggy » Tue Aug 21, 2018 1:43 pm
That is something like 10 pence in the pound that the creditors will get back --- not a great amount and I would say borderline. But I have seen such dividends accepted before.
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ryan773
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by ryan773 » Tue Aug 21, 2018 1:57 pm
Foggy wrote:
That is something like 10 pence in the pound that the creditors will get back --- not a great amount and I would say borderline. But I have seen such dividends accepted before.


I have 2 cars valued under 2k and a secured loan of 2.5k. The payments go up to £279 when the cars hp has finished in May and March. Then it goes up again to £379 whenever the secured loan is paid back in a year's time. This is the proposal put forward by creditfix.

Does this sound a bit low then?
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kallis3
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by kallis3 » Tue Aug 21, 2018 2:00 pm
It is low at the moment but will go up next year so hopefully creditors will be happy.
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Foggy
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by Foggy » Tue Aug 21, 2018 2:06 pm
ryan773 wrote:
Foggy wrote:
That is something like 10 pence in the pound that the creditors will get back --- not a great amount and I would say borderline. But I have seen such dividends accepted before.


I have 2 cars valued under 2k and a secured loan of 2.5k. The payments go up to £279 when the cars hp has finished in May and March. Then it goes up again to £379 whenever the secured loan is paid back in a year's time. This is the proposal put forward by creditfix.

Does this sound a bit low then?



That sounds a lot better :-)
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Lisa Thomas
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by Lisa Thomas » Tue Aug 21, 2018 2:07 pm
Do you need 2 cars?
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Lisa Thomas
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by Lisa Thomas » Tue Aug 21, 2018 2:16 pm
I presume you have already called the IVA meeting of creditors to consider your proposals so what chances does your Nominee think you have?
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ryan773
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by ryan773 » Tue Aug 21, 2018 2:18 pm
Lisa Thomas wrote:
Do you need 2 cars?


One is mine and the other is my wife's. We both need them for work.

He seemed confident that it would be accepted.
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Lisa Thomas
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by Lisa Thomas » Tue Aug 21, 2018 2:20 pm
Are you both proposing interlocking IVAs?

Who is covering the expense of her car?
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ryan773
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by ryan773 » Tue Aug 21, 2018 2:24 pm
Lisa Thomas wrote:
Are you both proposing interlocking IVAs?

Who is covering the expense of her car?


Yes, it's an interlocking iva. Both the cars are in my name and they are both on hp. One is paid off in May and the other is paid off in March.
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ryan773
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by ryan773 » Thu Aug 23, 2018 10:48 am
ryan773 wrote:
Lisa Thomas wrote:
Are you both proposing interlocking IVAs?

Who is covering the expense of her car?


Yes, it's an interlocking iva. Both the cars are in my name and they are both on hp. One is paid off in May and the other is paid off in March.


I had a look through our proposal and its coming out at 45p in the pound. Does this sound like a good proposal?

Thanks for all your replies everyone, sorry I didn't thank you all before.
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Foggy
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by Foggy » Thu Aug 23, 2018 10:50 am
45p is a very healthy dividend.
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kallis3
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by kallis3 » Thu Aug 23, 2018 12:23 pm
Excellent dividend.
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ryan773
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by ryan773 » Mon Aug 27, 2018 12:15 pm
Hi Guys.

My Creditors meeting is scheduled for tomorrow at 12pm, needless to say I have no fingernails left. If IVA gets rejected would Bankruptcy be my next option, and would my house be at risk if this was the case? Home is valued at £80k with existing mortgage of £76k and there is a secured loan on property with 2 years remaining. I just want to be ready for any eventuality.

Thanks in advance

Ryan
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