The creditors meeting to determine the outcome of our IVA application is tomorrow. I am starting to panic that it might be refused and if it is how we can possible catch up with the missed payments? We went downt the IVA route because although we were managing to just keep up with our minimum monthly payments we had no extra money for shopping, clothes and unexpected things that go wrong! So we have basically lived on credit. When we started the process we were told to stop all payments so that we could live without putting stuff on the cards which would obviously be stopped so now everything is frozen and we are getting letter after letter, we just wont be able to catch up again and feed our family!
So long as you are making your best offer, I am sure that your creditors will support your proposals. Best of luck and do remember that you IP would not put something forward that was not realistic. Let us know how you get on.
I agree that most IVAs are accepted and hopefully you have no problems tomorrow but in the unlikely event that it is rejected it sounds like you did the right thing. You could not go on indefinitely so if creditors do reject have a serious look at bankruptcy which your IP should be happy to explain in detail.
