I'm right at the start of my IVA process as my creditors meeting is on 30th July. First off, I'm obviously very nervous that it won't be successful in which case I really don't know what I'm going to do. Hopefully it will all go ok. My level of unsecured debt is quite high, but I have a good and secure job (well, as secure as a job can be these days)and my proposal is 47p in the pound. On one hand I know I should be positive as I know I'm going to take control of my debts, I am confident in my IP and they obviously wouldnt have taken me on if they didn't expect success. My going bankrupt would do nothing for my creditors as I have no equity and no assets and I believe I have demonstrated my determination to get myself together. I have to say that I have found these forums invaluable. Its comforting to know that there are other people who have been through this and come through the other side. I really hope I can join you!! So..fingers crossed for Friday 30th!! Any advice on modifications, alterations or revisions to my proposal that I might reasonably expect would be great. Thanks
Dont worry about being worried its absolutely natural. Which IVA firm have you chosen?
Dont worry about modifications etc,thats why you have an IP!!
Cases really are individual so its hard to say what to expect but best advice is to read everything carefully and have faith in your IP to do their job,and fingers crossed you will be posting that you have been approved come the 30th!!(not long now).
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
First of all- hope it goes well.
Any modifications need to be explained to you and you need to ensure you understand them in fall before you agree - it is quite easy to say yes to anything on the day of your meeting as you are on edge and all you want is for your IVA to be approved - as I say clarify the understanding and the implications before you approve.
Best of luck for your meeting !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Please make sure that you understand everything on the day of the meeting. You don't have to agree if you're not happy. The meeting can be adjourned for up to 14 days for things to be sorted out if there is a problem.
Good luck with the meeting.
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 Slimfast - I am in the same nervy boat as you so don't worry! We have our meetings at 10.30am and 10.45am on Thursday. Try not to worry - I am expecting modifications but am still hopeful of getting approved and we have a much lower pence in the pound return than you.
Pugwash wrote:
I'm in the very early stages of the IVA process.Does anybody know the common reasons that some IVA's fail
If by fail, you mean creditor`s not accepting your IVA proposal, then I think that would only happen if your creditors felt they would get a better return through a DMP or bankruptcy. If you`ve no property or assets to speak of, then they most certainly wouldn`t do better if you went bankrupt, if you have a lot of disposable income they may feel you could pay your debts in full via a DMP.
Last edited by Goosed on Sun Jul 25, 2010 5:14 pm, edited 1 time in total.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
Creditors will rarely get a better return through bankruptcy.
Pugwash, I suggest you speak with your chosen IP. The choice is yours but you do need to think long and hard about how you want to go about addressing your debts.
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
If your IP is putting forward the proposal using the IVA Protocol, then you should expect few modifications especially if your expenditure is in accordance with CCCS guidelines. IP fees are generally the main thing which are changed - and that is because different creditors have difference policies in this area - very tedious, but only likely to affect your IP's pocket and not yours!
If your IP firm does not support the use of the IVA protocol, then you can expect to receive many more modifications for consideration.
Well I have a day to go until "the creditors meeting" - I am feeling very unnerved as for the last few days we are getting very few, if any creditors calling us or writing to us. How are you feeling Slimfast?? (if you read this post)
I can remember that feeling well...so many questions and worries.
I'm not qualified to give advice but I do hope that everything goes well for you on Friday I have a feeling it will and then you can relax and begin your journey. Good luck.
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