www.iva.co.uk

I have my creditors meeting set for Monday 17th and Im naturally starting to get twitchy!
Between us my wife & I have debts totalling 160K to around 25 creditors mostly credit cards.
We are with Wilson Phillips and our proposal is 40p in the £.
I am told that our offer is good but you never know do you?
We are both employed and our iva is sustainable for the 5 years.

I do have among my creditors MBNA & HSBC whose share is around 18% of the debt and have seen posts indicating these two can be problematic, but we have been told that HSBC will vote YES for 40p in £ and it depends with MBNA which way the wind is blowing....

I cannot understand why a creditor would not vote in favour of a deal which would return them 40% of the debt when the alternative in bankruptcy is only 4%.

I have no equity in my house which is subject of a 100% mortgage so I have no appreciable assets.

Can anyone give me any reassurance that we have a reasonable chance of success on Monday???

Hi there and welcome to the forum.
If you have a good proposal and it is manageable for you then I am sure you have every chance of success. It is always a stressful time waiting for the meeting and something a lot of us have been through and remember all too well. Just try to keep busy on the day, I cleaned the house from top to bottom and dont really remember doing it. Make sure you are careful that any modifications like increased payments are ok for you and you can manage on them as this can put pressure on your budget.
As for why some reject a reasonable return, when they would get little in bankrupcy can be just that a lot dont go bankrupt and return to a dmp for various reasons, for some the stigma attached to bankrupcy stops them, others it may be their job doesnt allow it.
I wish you all the best for monday and hope you will post the result, fingers crossed.

Ang

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

Hi..thanks for the info every little helps!!
I will be glad when its all over thats for sure. The telephone calls are getting us down not to mention the letters, we just turn the ringer on the phone off completely now its the only way. we are also getting ltters from creditors like MBNA telling us that our iva could well be rejected and advising us to contact them to prevent them taking us to court etc etc... my wife is at her wits end with it all but hopefully things will improve soon...

hi what is this a month

S WARD

Hi, it has been worked out at £1,229 pm

Hi frequentflyer
MBNA are renowned for trying to negotiate a settlement or agreement outside of an IVA.The problem is that you still have your other creditors to satisfy and there is no guarantee that MBNA will stick to any agreement made as it will not be legally binding.
Just ignore their letters and good luck for the
17th

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

Thanks Andy, I get the impression that some creditors MBNA, Goldfish & HFC to name three will just keep on hassling by whatever means until they wear people down. I have lost count of the number of calls they have made to me, I am so glad I have caller id and have been able to just ignore them otherwise they would have made things so much more difficult for us.
I take it that the fees that they keep going on about (an iva costs an average of £7000 to set up)which is to quote one of their letters, are the IP fees that are taken from the IVA fund?? The way they phrase things I was becoming worried that somewhere along the line I was going to have to pay someone £7000???
Presumeably that is just another 'creditor ploy'

Early days, Ah say early days (Fred Elliot)

There are some encouraging signs that both HSBC and MBNA are adjusting their attitude to IVA's.

It's too early to say what effect this change will have but I'm certainly looking at cases with heavy leanings to these creditors, somewhat more positively.

Hi Frequentflyer, My meeting is on the 17th too at 2pm. Which company are you with.

Hi, Im with Wilson Phillips, my meeting is 11.30am.
Part of me says....its a good offer Im making they would be mad not to accept it, and the other part, the pessimistic side, thinks they will just reject it to spite me!!!

Its only natural to feel anxious before our meeting, I am the same, but i am trying to keep calm. I know that it is my best offer i am proposing, and am confident that my IP would not put it forward thinking it would be rejected. Your meeting is before mine, so you will know first. I wish you all the luck in the world, keep calm, and hopefully come monday you will be letting me know that yours is all approved, and you will be buzzing!!

I hope I will be buzzing!!!!
I will let you know, I have just been reading through my creditors list again to see who I think will vote in favour....problem is I have a large number of creditors so if I discount MBNA as voting in favour, I need quite a lot of them to vote yes to get the 75% and what worries me is from other posts I have read on here quite a lot don't bother to vote, but must try and stay positive eh??

MBNA nornally sell there debt on before your meeting, so don't rule them out from voting yes.

Ok thanks for that, Im a natural pessimist so it can only get better!!

11.30 - Monday. I will keep everything crossed for you. Have MBNA not sold your debt on then. How much do you owe MBNA