www.iva.co.uk

I've signed my proposal and the creditor's meeting is on 9th Feb but I'm worried about Everyday Loans. I've heard they reject iva and their debt is about 28%. Any advice welcome please.

Hi and welcome,

Depends on what percentage of the overall debt they hold but your company would not put the proposal forward if they did not think it had a good chance of being accepted.

It's around 28% of the overall debt.

It needs 75% by value of creditors who vote on the day to have it accepted - it's one of those that you will have to wait and see.

The balance will depend on who actually votes and is difficult to predict.

Unfortunately, they are not great supporters of IVA's.

Statistically, it is very likely they will vote against, however they do sometimes accept. If they are getting a good amount back that will help, if the loan has been going a while and you have had a change in circumstances then that will help also.

If, however, the loan is relatively recent and there is little change in your circumstances, then you may be fighting a losing battle.

This is only anecdotal evidence, but there you have it.

Regards.

Thanks all - unfortunately I only took out this loan last August to try and consolidate some debt. They would be getting back 40p/£. I'm in for a long anxious wait!

I'm also confused.....my proposal gives the total amount owing with interest to Everyday Loans yet I've just read on this forum ( a post on 23 Jan) that the interest should be frozen and so the amount I owe according to my credit report would bring the figure below 25%. Any help greatly appreciated!

torandg wrote:

I'm also confused.....my proposal gives the total amount owing with interest to Everyday Loans yet I've just read on this forum ( a post on 23 Jan) that the interest should be frozen and so the amount I owe according to my credit report would bring the figure below 25%. Any help greatly appreciated!

Interest is frozen from the date of the IVA being agreed -- if this has already been rolled into the loan it should be re-adjusted during the claims verification.

Thanks all, very grateful to have found this forum!