Would IVA be likely to get accepted

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ryan773

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Post 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?

kallis3

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Post 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?
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

Foggy

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Post 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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

ryan773

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Post 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?

kallis3

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Post 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.
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

Foggy

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Post 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 :-)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lisa Thomas

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Post by Lisa Thomas » Tue Aug 21, 2018 2:07 pm
Do you need 2 cars?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Lisa Thomas

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Post 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?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

ryan773

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Post 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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Post by Lisa Thomas » Tue Aug 21, 2018 2:20 pm
Are you both proposing interlocking IVAs?

Who is covering the expense of her car?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

ryan773

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Post 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.

ryan773

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Post 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.

Foggy

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Post by Foggy » Thu Aug 23, 2018 10:50 am
45p is a very healthy dividend.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Thu Aug 23, 2018 12:23 pm
Excellent dividend.
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

ryan773

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Post 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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