i have just recieved a date for my creditors meeting(16th April).Can someone tell me if i will find out the same day if it's a yes or no? will the payments then start straight away if it's a yes?
You will find out the decision of creditors on the day - but occasionally matters do have to be adjourned to allow for modifications put forward by creditors to be considered. So you may not get the yes or no on that date - but you certainly will over the next 14 days, as this is the maximum length of time for an adjourment.
Over a five year period you would be paying in almost what you owe, and in a non-fee paying DMP it would only take you six months longer to pay the debts in full, so creditors may not feel that an IVA is appropriate for you - although in my book this should not stop you putting one forward as it is a much securer option given that creditors cannot continue to levy interest and charges.
I am sure that your IP has already considered this with you, so have faith in them and remember that over 80% of IVAs put forward do run their course.
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.
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Nobby2009 - if your IVA goes through your payments start as indicated within the proposal -usual within 30 days. I am sure what you are offering and your IP would not have put your case forward if they were not sure it had a good chance of going through.
You should usually hear from your IP on the day of the meeting. Have faith and good luck.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
