Our wait is almost over, our meeting is on Weds 23rd at 10am.
The emotions are too much at the moment and I cannot stop thinking that our creditors will reject.....and then we will be made bankrupt.
Our biggest creditors are Barclays, Tesco and MBNA. All hold enough clout that if they reject then that'll be it.
We are offering 44p in the £.
I've been on this forum (massive support) since our journey started and have read lots of posts about others success in their IVA being approved. Not so many re rejections.
I guess I would like some comfort from others who have experienced these creditors....and also some advice if they reject.....is it straight to bankruptcy OR do we have an opportunity to submit another IVA PROPOSAL with another company?
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
As far as I am aware they are all reasonable creditors. IF they reject you will have a chance to address the reason why (there might be a work around) or try for a DMP while you regroup. Creditors rarely go straight for the jugular if you are trying to come to some form or arrangement.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I am going to put my response in the "you need not worry" camp . Nerves are normal, but the worse case is a small chance of an amendment to the terms or the fees. Don't even think about the consequences of rejection as your IP would have formatted the proposal to your creditors with care and he/she will know the voting parties far better than you may think. Good luck.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
I've not long had mine approved and I was such a nervous wreck from the first to last phone call, you never think you'll get approved. I'm around 32p/£ so trust me your offer is very good, but like other posts even as long as like 15p/£ gets accepted as it's still better than bankruptcy so honestly you're worrying for nothing.
The only thing that happened in my meeting was that they wanted to change the IPs fees so the creditors get more money, which I was told is common practice and doesn't affect your payments.
I just wanted to let you know I will be thinking of you this morning...everything is crossed...and although I don't have experience of any of your creditors, I am sure it will all be ok.
A couple of weeks ago we were in the same position as you, waiting on the results of the creditors meeting....and when I got the call to say the main one (who we had been warned a few days before was notoriously difficult) had rejected it, I felt as though I was going to collapse - the strain and nerves at that stage are all too much. Plus I could find so few stories of people who had also been through that stage of what to do next - everything I was found seemed to be about successful IVA's accepted at the first meeting,
BUT fast forward a couple of weeks, a few modifications were made, a slight addition to the monthly amount and it was all accepted - we have just made our first payment!
I have no doubt all will be good for you (please do let us all know)....and while it feels like such an isolating lonely experience when you are going through this initial stage, as everyone else who has commented has demonstrated, please know you are not alone.
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
. Nerves are normal, but the worse case is a small chance of an amendment to the terms or the fees. Don't even think about the consequences of rejection as your IP would have formatted the proposal to your creditors with care and he/she will know the voting parties far better than you may think. Good luck.
