www.iva.co.uk

Hi, have now filled in my iva paperwork which took some time to do!! I am not sure when to send this off as just applied for new bank account over phone with co op and waiting for paperwork to come through to sign and let them have id etc. Until I have new bank account details cannot let my employers know of change in payment of salary and do not want this going into my old bank account once natwest are aware of iva proposal as natwest are one of my larger creditors. Should I wait until have new bank account details and have ensured employers will be paying my monthly salary into that eg wait until salary paid in then send off iva forms?

Can anyone tell me what these creditors are like with a view to accepting iva?

Natwest 8500 loan and two overdrafts
Natwest 2600 credit card
RBS 2850 credit card
Capital One 3400 credit card
Egg 2700 credit card
Barclaycard 2950 credit card
GE Capital 1100 store card
Creation 700 store card
24800

Debt free direct have worked out I will have about 250 surplus income to pay into an iva?

Many thanks.

As far as I am aware, your creditors are generally favourable towards an IVA. You have no obvious problematic creditors in that list, so there should be a decent chance of acceptance as long as the proposal is drafted fairly and offers the best return possible to the creditors. I would estimate on those figures you will be looking at around a 30p/£ return - but it depends how much DFD are taking in fees.

Thanks for this, much appreciated, am panicking so much and only just filled in paperwork and not sent back yet. Have just worked out natwest/rbs have 56% of the total debt owed so two scenarios would be that if they vote and they refuse it the iva proposal fails howeveer if they do vote yes then only need 19% of other votes needed, hope this makes sense or have I got it completely wrong?

No, you have it about right. Obviously natwest/rbs are the ones to win over in your proposal and Im sure your IP will be concentrating on this.

Hi dorset70,

What you have calculated looks right to me so try not to panic. The creditors listed above in my experience are receptive to IVA's. As long as you are offering to pay as much as you possibly can, I don’t think there should be a problem.

Best Regards. IVA Experts

thanks for advice, trying not to panic especially at this early stage, advice which is hard to follow all the time but am trying, just seems every day to have a new set of worries about it and questions.

Thanks again.

I agree with the others, your creditors have all historically been open to IVA proposals so I would be confident that if you are making your best offer then you will have your IVA accepted.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

And I can concur that, providing your IVA proposal represents the best return for your creditors, that the ones you have mentioned are generally supportive - but will review each case on its own merits.

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

Many thanks for your advice everyone, would someone just be able to comment on first part of my posting eg bank account, heard from coop today and account was confirmed yesterday and should be getting paperwork in post next two days.

Also, could anyone tell me, if to make token payments while company receive my iva paperwork, what is an acceptable amount?

Do the creditors normallly let your ip know in advance of creditors meeting of their intentions eg if they are going to ask for more per month etc?

Work out the level of your disposable income, and the divide this in direct proportion to the level of each individual debt. I suggest round up or down to the nearest £5 for ease of cheque writing.

Creditors will not let the IP know in advance of their voting, but some do vote quite well in advance of the meeting.

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