success but additional contributions needed

[Mike74]

As the dust settles, I feel reasonably positive and quietly confident my IP will swing things around, as it's only just shy of the 75% required (which is the real killer!). There's no equity in the house, so yes, the creditors would get absolutely nothing if the IVA fails, but apparently some institutions such as Halifax write off on average £18 million pounds of debt each month, so I'm sure this is just a drop in the ocean to them! Thanks for all your support guys, I'll keep you breifed.

"I will creep into your thoughts like a bad debt, that you can't pay, take the easy way out - and give in." Morrissey.

[caraf]

Good luck, and keep in touch. Keep logging in, it keeps you positive !! Thats what you are paying your IP for, is the swing it for you. When will you know ?

[Mike74]

At some point before Christmas hopefully! Not the ideal run up, but hey, I only really have myself to blame for running up such excessive debt, although alot of my investments backfired and gambles did not pay off, which didn't help the cause... Anyway, I'll keep faith with the IP and hope for a Christmas blessing.

"I will creep into your thoughts like a bad debt, that you can't pay, take the easy way out - and give in." Morrissey.

[debbiw]

Thats the spirit Mike74. Just hang in there. Your not far under the 75%. I'm sure the IP will pull out all the stops now.

[caraf]

Mike74. Where clearstarts fees modified ?? to bring you p in the £ up a little ??

[Mike74]

I really don't know at this stage, until I receive a chairman's report I doubt I will...

"I will creep into your thoughts like a bad debt, that you can't pay, take the easy way out - and give in." Morrissey.

[cr15py]

That's a shame that you just fell short of the 75%, but like the others have said, hopefully your IP can convince a couple more of your creditors to agree to the proposal.

[Adam Davies]

Hi Mike
Your IP will have a good chance to get a non voting creditor to vote and swing your result..........good luck
Also if you do decide on bankruptcy you do not need the services of a company,and hefty fee,you can do it all yourself quite simply.
There are many on this forum who can help and guide you
By the way i had to smile at NRs reason for rejecting your proposal,insufficient dividend.How much will they get in bankruptcy ? NIL
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Mike74]

Too right! But I think this is down to stubborness more than anything, I was hoping they may have changed their stance post Bank of England funding & pre-takeover! But I will definitely take on board your suggestion regarding bankruptcy. Cheers!

"I will creep into your thoughts like a bad debt, that you can't pay, take the easy way out - and give in." Morrissey.

[aguise]

Good luck Mike I hope the Ip can get the extra few percent needed. All the very best.

Ang


Please visit my blog at http://aguise.blogs.iva.co.uk/

[Mike74]

Thanks Ang - This is a real nice community, just proves how people in adverse situations can really stick together and have great spirit.

"I will creep into your thoughts like a bad debt, that you can't pay, take the easy way out - and give in." Morrissey.

[cat 1]

Hi Mike. This is precisely what happened to us with Clearstart and NR approx 6/52 ago. They persisted with NR, negtiated a 6 year IVA and not 5, dropped thier fee and we managed to both get IVA through for a combined £60.000 debt for £600 month combined. I was please with this, but thought my world had collapsed at the time.Cat 1

[Mike74]

Thanks Cat1 - That's encouraging and gives me the hope they will thrash out an agreement even if it stretches the standard IVA terms -Cheers! [:)]

"I will creep into your thoughts like a bad debt, that you can't pay, take the easy way out - and give in." Morrissey.

[Martin2011]

Good luck Mike, I'm with CS too and they will try hard to make it happen I'm sure. Seems odd thatNR are allowed to vote at all on these matters, given they are in real terms BR themselves - the only thing between them and us, is our money - flaming cheek!!!

Martin

[Mike74]

Too true Martin! Cheers.

"I will creep into your thoughts like a bad debt, that you can't pay, take the easy way out - and give in." Morrissey.