hi i have debt of about 53000 and have creditors meeting next monday my ip firm which is grant thornton are putting forward 19p in the £ how do people think this would go as now in state of worry as dont know what would happen if does not go through as we have 3 small children just worries me now
Hi. I have just posted about our creditors meeting. Our proposed dividend is also 19p in the pound. Our IVA firm feel this will be accepted. If its not accepted we will have to go bankrupt and the creditors will get nothing! Hope it goes well for you, not long to wait now!
I am pretty sure IVA's have gone through for less and your IP would not be putting forward an offer if they were not certain that it would be accepted.
I would try not to worry and look forward to getting that meeting out of the way and then looking to a debt free future.
Please don't worry. You have a good IP working for you and they would not be putting this proposal forward if they didn't think it would be accepted.
If the worst came to the worst, you could always do a Debt Management Plan for a while and then try again.
I'm sure it won't come to that though.
Good luck!
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
I was told that I should do a DMP for six months before applying again as they weren't sure mine would go through. Thankfully it did.
I don't think there is a set time though.
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
Not necessarily, but as the same creditors will be allowed to vote your IP must be able to demonstrate that he has reasonable grounds to think that the new offer will be acceptable.
Your IP will be able to negotiate with any votes against the IVA and try to turn them around before the actual meeting, or adjourn a meeting if he thinks there is just cause.
