IVA fear

[sparklywatcher]

Well they would have received it today so will wait and see but would you believe Lloyds have already written to me saying the direct debit for my loan has been cancelled so can I please send them a cheque for the amount and set up a new direct debit immediately. The payment was only due today!!!

[Pap]

They don't waste any time, do they?!!

P x

[mole]

Now the funs begins for you sparklywater. I think I said it was about 7-8 days when I got a call back and we discussed the proposal and moved round and adjusted a few things on the I&E form. I got the draft form the next day to check and returned immediately. 3 days later I got the final proposal through in the post and had a phone call with the main IP. I then returned the signed copy and was notified of my creditors meeting (about 17 days in the future).

So, by my reckoning you should have your meeting in the 1st week of June. [:)]

[sparklywatcher]

That is if after considering the horrendous amount of paperwork I sent in, they believe an IVA will be accepted for me...still wait and see is all I can do hope it goes well, but if not I guess I am going to go bankrupt as I live in a Council House and have no assets apart from my car which is worth about £800 there is not a lot I have to lose.

[sparklywatcher]

They don't waste any time, do they?!!

P x

Hi Pap, havent had contact with you before... hello to you xx they were a little fast off the mark, they actually sent out the letter before the payment was due... impressive!!!

[mole]

Hi sparklywater, cleardebt have a great record with low divident IVa. And I'm sure your creditors will realise an IVA is the best offer on the table for them.
Like you I have no real assets and my house is in servere negative equity. If they turn down my IVA on the basis that I could pay off my debts X years via a DMP, then they are going to get a shock! BR for me.

[sparklywatcher]

Lets hope so Phil, would rather avoid BR but if am left with no other option then so be it

Emily xx

[Pap]

I really believe that your ip's wouldn't put something forward if they didn't think it would go through and these creditors must realise that it makes no commercial cense whatsoever to reject an iva only to get nothing back through bankruptcy. Like you both, had mine not been accepted I would have considered it (negative equity etc) but I would have lost my job so they really would have got nothing back.
Keep smiling, before you know it you'll be sorted and be well on your way to being debt free.

Good luck

P x

[sparklywatcher]

Thanks P we all just keep going xxx

[mole]

You are right Pap.

Emily, I was terrified of bankrupcy and was really panicking over my IVA approval. Then I actually spent a half a day properly looking into it. Its not has bad as it seems. I prefer the IVA route but if not so be it, we will all pull through together.

[Pap]

I know exactly how you feel, we were only accepted 11 days ago so I'm still not used to it yet!
But keep on posting here, I found it invaluable when I was having my 'meltdowns' (regularly!!) and I'm sure it will be ok in the end.

Take care

P x

[Pap]

Good luck for next week Phil,
I'll be keeping my fingers crossed for you.

P x

[mole]

Thanks for the well wishes Pap, NR have about 31% of my debt so I think like you they may want me to go for 6 years. I have some arguments to resist this but not sure if they will listen.

[ivas4us]

totally agree if they dont accept my IVA (which they will be stupid not too) then they will get nothing. I am in rented accommodation so nothing to lose.

[Max]

Best of luck to you Phil and you too Paul