www.iva.co.uk

Just wondering how many IVA's are not approved and is there a common reason

There aren't many rejected on here, and there is no common reason.

Its looking like I have around £27,500 in debts, and will be paying back over the 60 months £16,800 including fees if approved. Whats my chances

Good I would have thought. Your IP would not be putting your offer forward if they did not think it would be accepted.

We have debt totalling 98000 and are offering £500 a month, just hope its enough! What happens on the day of the meeting, are requested modifications usually dealt with before the meeting or on the day? We havent a clue what happens at the creditors meeting, help??

With the meeting, it is then that creditors will ask for possible modifications. You have two weeks to discuss them and agree or otherwise.

You will be phoned on the day of the meeting to be told what has happened.

can you give your IP authority to agree on the day to increase your payment offer if thats what creditors are wanting?

If you can afford a higher payment then that is what should be put forward for your IVA.

If you can't afford it then you should not agree to it. You have two weeks to sort it out.

You may get forewarning of what modifications before the meeting (that is what happened in my case, the night before the meeting in fact) if you do, it gives you the chance to look through them and see if anything seems unacceptable to you, i.e. if any increase is going to cause problems, also look at things other than just the monetary increase every month, some may slip something in to do with your pension if you have a company or private one for example... most importantly speak to your IP or a representative before the meeting if you have the chance, to let them clarify and explain any modifications which have been put forward before agreeing anything. Hope this helps, all the best

Its not a case of affording more we would rather struggle and get it approved on the day, we cant stand the waiting anymore its making us ill!

Gettingthere wrote:

You may get forewarning of what modifications before the meeting (that is what happened in my case, the night before the meeting in fact) if you do, it gives you the chance to look through them and see if anything seems unacceptable to you, i.e. if any increase is going to cause problems, also look at things other than just the monetary increase every month, some may slip something in to do with your pension if you have a company or private one for example... most importantly speak to your IP or a representative before the meeting if you have the chance, to let them clarify and explain any modifications which have been put forward before agreeing anything. Hope this helps, all the best

Hi thanks for that, we are just desperately worried it wont be sorted on the day, the wait is torture, we really are at the end of our tether, and I am struggling to cope

Do not make the figures fit! If you are really struggling then you will have problems from day one and the IVA is more likely to fail.

You have to make sure that you can live during your IVA.

Please don't make the figures fit the IVA as you're setting yourself up to fail. An IVA should be affordable, it's not a punishment.

As Skippy and Kallis have said, the proposal is put forward on what you can afford without having problems meeting payments and would not be put forward if your IP thought it would not succeed, I also know what you mean about just wanting to agree to anything to get the proposal accepted and I know how stressful it is running up to the creditors meeting, I was feeling the exact same way 5 + months ago but my IP and their "people" made sure I did not agree to things which were not acceptable to me or to them. Trust them and their expertise in dealing with these things.

Hi All,
My proposed IVA would only leave me £10 per month spare. This itself doesn't bother me too much because I want to get this sorted.As previously stated my debt is in the region of £27.5k and initial payments for the first 3 years would be £150 per month then the last two years after car HP is paid it would go up to £350 per month. But its possible after christmas I would get some overtime and would boost my spare cash. Heres hoping...I am determined to make this work and I am expecting my garden will be looking imaculate this time next year. Because I'm going to take out my frustrations on the land. And it costs nothing, keeps my fit or should I say gets me fit. May even grow vegatable next year that may save some money as well. This is assuming my IVA is approved. I live in hope.