Hi all
(Draft proposal arrived today). Please could someone give me little more explanation. Our total unsecured creditors 38,637. IVA proposal 31,680 Equity to be released 14,706 so total contribution 46,386. Does the excess cover interest that our creditors would have expected to receive or am I missing something. Thanks in anticipation.
Last edited by shellmat on Wed Oct 21, 2009 7:49 pm, edited 1 time in total.
Ahh fees - get it, was slowly coming to that conclusion - thank you. That makes sense. I'm happy with that unless someone comes back and tells me that those are high fees?!
Being able to use the forum has been sooooo helpful; bag of nerves at the moment but still feeling positive.
Take care all X
If you are contributing more than you actually owe, do you not feel that a DMP might be more suitable for you? Has your IP explained all of the options to you? And I would be very wary of putting any finite figure on the equity in your property.
Hi Melanie
Your questions are brilliantly timed and make us stressed out debtors reflect carefully. So on reviewing situation we are still positive and relieved to be progressing with IVA (just hope creditors agree)
We considered DMP but are both stressed to breaking point not just money but ongoing family stress and if IVA agreed then feel one are of worry under control (we have been worried for so long).
As I understand some of our creditors would be reluctant to DMP because of age of some debts and I would just worry all the time that the creditors may pull out during the arrangement. With the IVA we feel that we can work to a reasonable end point that is within sight we can just get on, budget and pay it off. We always intended to pay it all back and expected to pay loads more interest and charges. So happy with the arrangement which seems to be fair. We get to pay back £528/month instead of £1000+ we have struggled so long (robbing Peter to pay Paul doesn't come into it) but managed to keep paying.
Thank you for your interest and for looking out for all of us, it really helps. You do a fantastic job. Take care.
IVAs generally mean that creditors have to write-off some of the outstanding debt but on occasion, creditors do have the full debt repaid and sometime the benefit of 'statutory interest'.
The benefit of the IVA here is to give an individual protection against further legal action, manageable budget and peace of mind to concentrate on other more important areas of their life.
Despite the benefits on an IVA where payment is made in full, some creditors will vote to reject an IVA where it can be demonstrated that an alternative solution - DMP perhaps - can repay the debt in full in a period less than 10 years. Hopefully, this has been taken into consideration in respect of your particular creditors and this possible scenario has been explained to you.
Very best of luck.
Kind regards,
Angela Rosler
Insolvency Manager
Helping people with their debt problems for nearly 10 years.
Contact me directly for free, impartial, confidential help and guidance.
You will be able to pay back your creditors in full, which is good.
I do agree with Mel though that you could perhaps consider a DMP which wouldn't involve such high fees.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Angela
Once again thank you for making me check through the paperwork, messages and draft proposal. It can't be checked too many times can it. But without specific questions in mind can be like, headless chicken reading the financial times!!
The points made by posters on here do make it possible to check and recall details of the process and reasons with focus.
I have been working with Blair Endersby team and they have been incredibly patient and supportive especially in my more hysterical moments and I feel that we have reached this conclusion together.
We seriously investigated DMP solution first with Baines and Ernst then BE. Reasons for choosing IVA route combination of 1) Our spread of creditors unlikely to support terms of DMP so if interest and charges not frozen DMP could extend for intolerably long period. 2)Exactly as quote from your post
'The benefit of the IVA here is to give an individual protection against further legal action, manageable budget and peace of mind to concentrate on other more important areas of their life.'
Thats us ! These reasons are in the proposal too in so many words.
Posting and raising these points is so helpful, ultimately we have to be certain and your expert 'interjections' help us come to right decisions.
Thanks again and take care
IVA approved with Blair Endersby after two adjournments not good for the nerves.Egg, Sky, Wesleyan voted for MBNA, Capital One, Max recovery voted against. Lloyds TSB, Santander Cards did not vote.
We have agreed to run for 6 rather than 5 years that was a Wesleyan modification, and as their loan was under a year old and for 56% of votes caste seems fair enough.
Approved dividend 74.17 p/£
We feel really positive and relieved and back in control. Budget is fair and workable although kids are outraged at prospect of Victorian Christmas for the forseeable hee hee. Thanks everyone on here for giving us the info and confidence we needed to get the right result for us. XX
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
