www.iva.co.uk

Hi,

I’ve just started my IVA process. Current debt is 7000 future finance, 5000 creation, 2000 marbles, 2000 ratesetter and 900 with very.
I’ve just signed my proposal, its 11.48p/p which from what I've seen seems really low, i feel sick with worry that it wont be accepted, has anyone dealt with these creditors before?
Im using FSS, they’ve been so helpful so far when i was so nervous. They said creation always accept and future finance tend not to vote, i was just wondering if anyone else had any experience?

Basically creditors are given the dividend in an IVA and the return in bankruptcy for comparison. Quite often the choice is 'get something, however little, from this arrangement or get much less in bankruptcy' --- they usually choose to get something, rather than nothing. They are also gambling that, over the next 5 years or so, you might earn overtime, get bonus payments, maybe get a pay rise or win the lottery --- all of these will be added to your payment, so they might actually get more back. So -- don't fixate on the dividend.

Good luck with your proposal.

Hope it goes ok - let us know how you get on.

Hey worried535,

How did you get on?

I am also in the process of an IVA with FSS. My dividend return is also quite low at 14.69p/£ with outcome of IVA being £7,350 available to creditors (in comparison to the bankruptcy dividend of 3.49p/£ with £0.00 available to creditors).

I am super nervous about my outcome but trying to remain hopeful! I signed my proposal this evening so I’m really hoping to have the meeting put in for 16th-18th Dec to have this out of the way for Christmas

Best of luck to both of you --- let us know how you get on.

Thankyou for your replies!
My meeting is set for the 21st
Atleast christmas will keep my mind off everything!

Everything crossed!

Thanks for all your help!
It was approved this morning!!!
It is such a relief. Im so ready to live a debt free life and I'm finally on the way there!

Any tips on a successful IVA? Budgeting, holidays, savings?

Well done -- you are on your way !

Have a read around the forum for tips. But one biggy is to treat your IP as a friend, not an enemy and keep lines of communication open. Do not be afraid to question anything or challenge if you think they are wrong. It is YOUR IVA, you drive it.

Great news - you'll have a nice Christmas.

As to holidays, unless you can do a cheap one (Sun usually do £9.99 but who knows if they will do it next year) you won't be able to. Anything you save from your allowances you can either keep at home or open a Savings Account with someone like the Co-op. Try to use cash when shopping and stick to a list. To earn extra, do online surveys, you can earn points to get vouchers. I've done them for years and it pays for Christmas presents.