and the good news is, it has been accepted!!

[tracy.h]

Heres to white rabbits,i really hope you get some good news,i never heard until the last day of my two week adjournment and it had been excepted so don't give up hpoe we are all rooting for you. keep posting

[ivoriva]

Well, got a call from the beloved HFC last night. Was a very pleasent woman who seemed to be totally on my side, and even said she would block all calls from them to me for the next two weeks as she didnt want me to be bothered! She glazed around the IVA proposal, and asked about had I thought about what would I do if it didnt go through. So I said I would probably sort out informal pro rata payments in the short term and eventually go BR. She said a lot of people had this advice after failed IVA (probably because they are responsable for failing them!!) but it wouldnt be my only option. She said they would be willing to 'rewrite' the account to a 0% loan over 10 years. I basically said thanks for the info but I prefer the IVA. At which stage she just said well good luck and dont worry, but they'll call back on the 14th too discuss things more. So dont know if that means they will reject it in the hope I'll go for their plan B. What they dont seem to understand is that another 8 creditors may take another stance if the IVA fails meaning I'll go BR even if I did take up their offer, and that the IVA is the only sure way to prevent me going BR. The saga goes on...

[Adam Davies]

Hi
You make a good point,it is unlikely that your other creditors will be as accomodating as HFC and this is the advantage that an IVA has over an informal debt management plan,it is legally binding and all creditors have to aide by it,stop interest and all calls.
Good luck

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[freelili]

Hello Ivoriva

I have just read this thread again and dont understand why your IP didnt take your wife's details in the first place and avoided all this stress for you. I am sure that is the normal way to go. ( I am divorced so it didnt apply). With regards to HFC, they seem to be OK when they can maintain dialogue, I dont understand why they offer more credit though, I had the same experience with HSBC and was amazed as I cannot afford to pay what I have, never mind more. I am quite lucky in the fact that a family member is a high street bank director and is willing to advise me, even he was shocked by this 'offer'.

Who are you using? It seems they are a little bit half soaked to me considering how important it is to you. I really wish you the best of luck, I really feel for you having to pace the floor when you are trying your best to address your debts.

Good luck



LILY

can it be, I am forever loved and you are watching over from above, isnt faith believing all power is not seen?

[ivoriva]

Hi Lily, it is grant thornton. As far as I know they have a good reputation so dont really understand what is going wrong with my case, only that you may have hit the nail on the head reg. my wifes details not being made very clear in the proposal. None of the debts are joint, they are in my own name only. She also has debts that are in her sole name, but she isnt insolvent and isnt interested in proposing a IVA for herself. From the initial interview, I declared her wage as well as my own, and GT drew up figures of joint expenditures based on a share of our wages (ie my wife earns more than me, so my contribution to household expenses was put at 40% of the actual amount). However for some reason, they didnt make this very clear on the proposal (just stated shared expenses were in proportion, but did not declare anymore details than this). I think in the resubmitted offer her wage was declared, along with details of some of her other commitments, to draw up a improved offer (which resulted in the offer going from 42p/£ to about 51p/£). I havent heard much more since then.

[freelili]

I do believe they have a good reputation but surely your IP as the professional should be building bridges and easing this difficult process for you rather than ignoring and isolating you. Its a shame communiction does not seem to be one of GT's strong points (in your case) on the plus side though, you have a good chance of acceptance based on your dividend, from what I have learned here!!!.

I just hope your nerves are up to the waiting and you will have a positive outcome, you sure deserve it.
All the best

LILY

can it be, I am forever loved and you are watching over from above, isnt faith believing all power is not seen?

[ivoriva]

Thanks Lily,

I have to agree, I think GT are not the best communicators. But I do believe they are professional and know the score, so to speak. It has been very quiet on the phone/letter front from the creditors, so at least that has been nice. I think I've had just two in the last two weeks, and one of them was the very nice lady from HFC! But I do wish the IP would call once in a while to keep me updated. As the silence & uncertainty is only making me think of the worst all the time.

[Sadsack]

Hi Ivor

I have just gone thru this thread again and I am amazed that your IP has not been in contact with you regarding your situation. Having said that, I should not be at all surprised as I never hear from my IP unless I call them which infuriates me no end. I know that this is not the best answer, but get on the phone and keep bugging them until you hear something. It is in both yours, the creditors and the IP's best interest to get this sorted out. Financially your life is going to be tighter than anything (but only for 5 years), your IP will get their money which they are working for and your creditors will get theirs. Happy Days!!!! as they say - not!!! but at least it will get resolved.

Get on the blower and demand some answers! I bet Mel would never leave one of her people out in the cold!!

Sue

[ivoriva]

Well, I'm now down to the last day two days to get my IVA through. After leaving many a telephone message and being unable to get hold of my contact at GT, I sent an email to everyone I had ever contacted there over the last 3 1/2 months! And low and behold I got a call from my contact within a couple of hours. So the update is this. I (or more they) have until tommorow to close a deal. Things have improved, my revised offer has now been accepted by kpmg at 51p/£. However, they are now trying to pursue some equity from the house, even though my name isnt, nor has it ever been, on it! There isnt a great deal either, probably 10-12k. So GT have put forward to extend the IVA length by 3 months (equating to approx £2200) to cover any possible 'beneficiary' interest I MAY have in the house. This, in his eyes, should do the trick. And I should find out in the next 48hrs. I have said I will goto 6 extra payments if need be. So fingers crossed.

[tracy.h]

Hi Ivor
I really do hope you are successfull but make sure you can afford the extra.
5 years is a long time,what will your new payments be as regards the first figure you agreed.I know you want the iva to be approved and obviously GT are a reputeable firm just don't over commit yourself.
Well i will keep my fingers crossed for you
Goodluck
Tracy

[gimmewine]

I've got fingers and toes and everything else crossed for you as well. The waiting must be almost as bad if not worse than creditors harrassing you. It would drive me mad

[ivoriva]

Hi Tracy,

Was £623, now £740. Was 60mths, now at least 63mths! At the end of the day it means my wife gets less from me, which is a bit unfair but she is ok with that - as she can absorb the costs at a push but she will also have to be careful from now on so that she doesnt end up going the same way as me! Its kind of ironic that she got a better paid job just before I declared my full situation to her, and as a result that in turn has meant I will pay more for my iva (if accepted) so she wont really see the benefit of her extra wage. So she'll be doing more in work for the same she got for doing less! I do feel bad about that, but hopefully in 5 yrs time it will give her a chance to ease off a bit, and give me a chance to pay her back - plus have a kid which is something I've always abstained from due to my debt problems, but something we've wanted for a while now. So the hardships will be worth it, for the end result.

[tracy.h]

I am so glad that you have such a supportive partner,i feel this really does make the difference and long term will make the relationship stronger,and also having goals to achieve will give you more detemination to struggle through the next 5 years as you can see the end result will be worth it.
I really do hope you get good news asap so that you can move on to happier times.
Goodluck Ivor and i really do mean that let us know as soon as you do and i hope you will keep posting to share your experience and knowledge to help others

Tracy

[MelanieGiles]

As Grant Thornton also represent various creditors, and consistently look to increase clients payments where I would question affordability, it is interesting to see them on the other side of the coin!

Do be sure that you can afford the payments before commiting to this arrangement, or that you put your wife into financial difficulties as a result. IVAs are meant to bring comfort to your finances, and not to simply replace the struggle you have been experiencing with your creditors so far.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[ivoriva]

Hi Melanie,

We will tread very carefully, and thanks for the advice. I was aware GT vote on behalf of some creditors, though with the struggles I've had with my proposal I dont think many of my creditors were represented by them! Unless they are Jekyl & Hyde type characters!

Thanks Tracy for your kind words, if we dont have a dream or aspiration, we dont have much at all. If I get this chance to rebuild my life, rest assured I wont be messing things up again!