New to forum and after some advice please

[Baldylocks]

Hello everyone,

Can i just say what a great forum this is. I have been checking it out for a while now and its been so helpful.
I have spoken with Payplan about my situation and they have gone through things with me and advised i set up an IVA.
They have a meeting arranged with the creditors for next month. The query i have is that the offer they are putting forward is £109 a month for 5 years. I think that seems a really low payment for a 32k debt!
They have worked out all my expenses and everything. I just wondered what could be the chances of it going through with such a low monthly payment.
There are 11 creditors in total. The main one being halifax with just over 15k.

Thanks

[kallis3]

Payplan would not be putting this forward if they did not think it had a very good chance of being accepted. They have worked out your details and obviously the sum is acceptable to them.
I am sure you will be ok.

[Foggy]

I have seen lower dividends accepted. Payplan have put in the work preparing the offer --- if it does not get through they do not get their fees back and, so, have a vested interest. They would not invest in something they had no, or not much, confidence in. These things can never be second guessed and it all depends on what happens on the day and the mix of creditors that actually vote.

[Baldylocks]

Thank you so much for your replies. I will keep my fingers crossed that everything works out.

[luluj]

Stay in touch and let us know the outcome of your iva ... as others have said your IP must be confident of approval otherwise it would not be submitted. Best wishes for 2022

[Baldylocks]

Thank you. I will let you know the outcome

[diego_sucre]

Hey I’m with Payplan and I had similar debts with similar payments so hopefully you will be okay

[luluj]

Some reassurance from Diego there .
Fingers crossed for you x

[Baldylocks]

Ah thanks Diego, thats great to hear. I hope its going well for you.

[bowline]

Halifax can veto this IVA as they are such a large proportion of your total debt but Payplan should have said if they think this is likely.

Can I check that you have some assets to protect in an IVA? eg a house or a car?

[kallis3]

A long time ago but Halifax were one of my creditors ( a large proportion as well) and they voted yes.

[Baldylocks]

Thanks your reply, i hope Halifax say yes to me.

I rent privately so have no home value.

I do have a car that does worry me as its needed to run my kids about and school runs. Its a 7 seater zafira but Payplan said they dont think i will be forced to sell it at all. I am worried though as i have read i probably will be as its valued around £6000.

[kallis3]

My car was worth more than that and we were allowed to keep it. Payplan were pretty good about that.

[Baldylocks]

Thats good to hear. Hopefully they will be ok with my car and things will be ok. Have you been happy with Payplans service?

[luluj]

I would suggest your car is of little interest to them at that value ... you need your car to get from A to B so be ready to demonstrate this should you be asked, but I would have expected it to have been raised already with you in early discussions