Posted: Mon Dec 18, 2006 11:18 pm
Well good news of course but scary when I actually saw the results of the vote.
My IVA took about 5 months to get finally sorted. Few hiccups here and there mainly due to issues regarding who loans actually were with, strange but true.
I'll round the figures to make the math work easier. So here I was 50K in trouble. Divided between 8 creditors all unsecured. December 6th arrived the dreaded meeting date . Personally feeling confident. I do earn a good wage and we were talking 55p in the pound payback. I thinks that's pretty high by normal standards.
Get the phone call - approved. Wow, someone just gave me the best christmas present myself and my family could ever receive.
A week later, get the votes that were casted, ok it's approved but it gave me one last scare.
Only my 4 lowest creditors voted representing about 14K of 50K and the creditor I owed the least too voted against making me scrape through at 80%.
Now if you had asked me before the meeting if I could have put £100 on the one that I thought would voted against - I'd have won.
The scary bit is that due to low votes casted the creditor I owed the least too could have scuppered an very high payout IVA.
I certainly don't want to put anyone off by this as the feeling you get when it does get approved and suddenly their the realisation that there is light at the end of the tunnel is overwhelming but the moral here is if you can't get your big creditors to vote in yur favour then some tiny minnow could seriously wreck your proposal.
1 down - 59 to go
My IVA took about 5 months to get finally sorted. Few hiccups here and there mainly due to issues regarding who loans actually were with, strange but true.
I'll round the figures to make the math work easier. So here I was 50K in trouble. Divided between 8 creditors all unsecured. December 6th arrived the dreaded meeting date . Personally feeling confident. I do earn a good wage and we were talking 55p in the pound payback. I thinks that's pretty high by normal standards.
Get the phone call - approved. Wow, someone just gave me the best christmas present myself and my family could ever receive.
A week later, get the votes that were casted, ok it's approved but it gave me one last scare.
Only my 4 lowest creditors voted representing about 14K of 50K and the creditor I owed the least too voted against making me scrape through at 80%.
Now if you had asked me before the meeting if I could have put £100 on the one that I thought would voted against - I'd have won.
The scary bit is that due to low votes casted the creditor I owed the least too could have scuppered an very high payout IVA.
I certainly don't want to put anyone off by this as the feeling you get when it does get approved and suddenly their the realisation that there is light at the end of the tunnel is overwhelming but the moral here is if you can't get your big creditors to vote in yur favour then some tiny minnow could seriously wreck your proposal.
1 down - 59 to go