www.iva.co.uk

Hi,

My Creditors meeting is on the 13th of June and I’m extremely stressed it’s literally the only thing in my mind right now. I own around £35 to nationwide, Vanquis, hitachi capital, Barclaycard, Argos, creation finance and black horse car finance. The car has been written off after a car accident and still awaiting for the final figures from the insurance company.

Monthly income is around £2850 and that’s included around 50 hours of overtime. The IVA advisor is proposing monthly payment of £181 which I’m
So afraid it’s way to little. Can you advise me if that has any chance of being approved?

I meant I own £35K

Your advisor wouldn't put the proposal forward unless they believed it had a good chance -- after all, if the proposal is rejected they get nothing in the way of fees.

The payment of £181 should be based on your basic income, without overtime ( unless those OT hours are all but guaranteed ). So, your creditors will be getting that plus around half of the overtime, as and when you get it.

Fingers firmly crossed for the meeting.

The overtime it’s not guaranteed but for the last 6 months I was able to do as much as I could just to stay on top of all the monthly outgoings so the average my monthly income was over £2800.

Thank you for your good words Foggy