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Hi,
I owe around £90000.00 on CCs and one loan. I went to the CAB who put me in touch with a company called Grant Thornton. They advised me to try and make a full and final IVA offer of £43000. My main creditors are Natwest who I owe £21000 and HBOS £11000 all the other cc companies I owe between 2-7K on each of them. I am still making the minimum payment on all my ccs and loans but this will have to stop very soon as I have very little money left in the bank. Is £43000 a good offer for a full and final settlement. Are there any known problems with Natwest or HBOS with IVAs ? Once I stop payment how long will it take my creitors to start turning nasty ?
I owe money to
MBNA,Capital one,Amex,Egg,Morgan Stanley,M&S,Bank of Scotland,Natwest,Barcleys,Sainsbury Bank, Citi Cards. How long can a IVA take from start to finish to set up ? Sorry for all these questions but I feel quite lost at the moment.

Hi Whichwaynow and welcome to the forum. I have no personal experience of Grant Thornton, but from what I've heard from the forum you are in good hands with them. I cannot comment whether your creditors will accept the full and final offer, but your IP would not be putting this forward if s/he didn't feel it had a good chance of being accepted. Don't forget, if it's not accepted, they won't get paid!

To be honest, once you stop making the payments to your creditors the phone calls will start. Be polite but firm with them, and refer them to your IP.

MBNA were one of my creditors and they were a nightmare - they kept phoning me, and were quite rude. When it came to my creditor's meeting they didn't vote. I also had Natwest, who were very polite professional and voted yes. Egg were also ok, and Egg loans didn't vote, whilst Egg credit card voted yes!

Don't apologise for the questions, that's what the forum is here for. Just post whenever you have a question, and good luck.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

This does look like a good basis fo a settlement with your creditors. Can I ask where you are getting the money from - equity release perhaps?

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