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Hi. My IVA proposal was rejected in December, I was offering 29p in the pound for 47,000 debts. I have since had a payrise and removed 7,000 (my student loan) from the equation, and now am offering 53p in the pound. Last time only Northern Rock voted (no obviously!). Do you think I stand a better chance this time? My biggest debts are with Barlcays, Egg and Lloyds TSB. My meeting is scheduled for early Feb. I am so worried it will be rejected again! Anybody have any advice/opinion? Thankyou

Gee, I am surprised your IP had your student loan included in the original amount. As far as it being accepted, it's a throw of the dice. From coming to this form, I have learned that in creditors meetings anything can happen.

Someone in the know will come along and tell you about the individual creditors and how they vote. My worry is HSBC as I know from my IP they can be difficult.

Good luck and keep us posted.

All I have left is my humour.

Hi fionaj

That sounds a good proposal to me. Do make sure that your IP makes it very clear to your creditors that this is a second presentation. They get very upset if this does not happen, and have been known to reject out of principle.

Good luck second time around.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

I had debts with Egg (loan and credit card) and Barclaycard. Egg only voted regarding the credit card (they voted yes) and Barclaycard didn't bother to vote at all. My full list of creditors is:

Natwest - c£27k, voted yes with modifications
Egg Loan - c£19k, didn't vote
MBNA - c£9k, didn't vote
Barclaycard - c£7k, didn't vote
Egg Credit Card - c£2k, voted yes with modifications
Tesco Credit Card - c£2k, voted yes
Littlewoods - £80, didn't vote
Next Directory - £70, didn't vote

The modifications were nothing drastic - things like 50% of overtime or bonuses to be paid into the IVA, if I come into money I have to pay in full, things like that. I couldn't understand why they were modifications as they were part of the original proposal anyway!

Natwest, Egg and Barclaycard were great before the IVA was approved - Egg and Barclaycard both rang me once and when I said I was proposing the IVA they said they wouldn't call back, and they didn't. MBNA were a nightmare - really rude, and when it came down to it they didn't even bother to vote! Perhaps they should make it no vote = no money!

Good luck with your IVA, and keep posting to let us know how it goes.

Three down, fifty seven to go until freedom!

LLoyds TSB and Barclays are two of my creditors and they did not bother voting, my iVA was passed becasue the only creditor who voted voted yes.

Good luck second time around.

Please keep us posted.


Regards,


Julia

For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

It is quite normal for IVA proposals to be adjourned as despite the fact that many creditors seem to be lambasting IVAs in the press (mentioning no names, BARCLAYS!!!!), several creditors are notorious for not bothering to vote on IVA proposals. Try not to panic as often your IP will use specific contacts within the companies that vote on the creditors’ behalf to secure a vote on your IVA.

Good luck and please keep us posted on the outcome.



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

I agree with everything that has been said here. It sounds as though your new proposal is a good one. I do not recall there being any particular problems with the creditors you have listed. Although Barclays may not vote, I believe that Egg and Lloyds will so there is every chance of this being accepted 2nd time round.

Let us know how you get on

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. I am regularly featured on BBC News, Finance Programs and Radio.

Visit my blog at: http://jamesfalla.blogs.iva.co.uk