What are the chances??

[no money eva]

Just returned my proposals returning 0.22 in the pound. My IP is John Harrison at Payplan.

Am I right in thinking that the Insolvency Exchange have to vote for the creditors it states above their address.

My creditors are:

HBOS 12K
Lloyds 15k
GE Money
Citi card
First Direct 1200
Capital One

In total 35k is there anyone that presents a problem

Now to await a date for meeting

Thanks again

[no money eva]

forgot to say it shows they would get a big fat 0 in BR.

[Adam Davies]

Hi
You should be fine.
Be ready for modifications asking for a higher payment,make sure that you can afford any extra asked for,if you can't then stand by your guns
Regards

[no money eva]

Andy what sort of increase may they be looking for??

thanks for your quick response.

[Adam Davies]

Hi
It's impossible to say but there seems to be a common practise for creditors to squeeze expendture and ask for an increase in your IVA payment,it may only be a few pounds [20-50 per month]but that can make a big difference to you over the five years of your IVA.
Don't worry about it now,just be aware of the possibility
Regards

[no money eva]

I have just worked out the percentage of debt by creditor

Capital One 3.9%
GE Money 7.25%
HBOS 32.8%
RBS/Mint 10.6%
Citi Card 1.7%
Lloyds 40.5%
First Direct 3.4%

What are your thoughts Andy or Melanie if you are around

Thanks again. (very worried) No money eva

[carlmcmullen]

The insolvency exchange do have majority vote on your case.

If your IP has drafted your proposal to the CCCS guidelines and given a good enough explanation why an expenditure is outside these guidelines then you may not see an increase.

But as Andy said it is hard to perdict but Payplan will be working on your behalf to get the proposal agreed on your terms.

If they do propose an increase I always suggest that you dont accept it immediatley after the meeting, take time to make sure you can afford the proposed payments (even if this is only two hours) becuase the key to a sucessful IVA is an affordable one.

Good luck sure all will go well.

[Adam Davies]

Hi
Tix are an organisation that vote on behalf of creditors and as long as your proposal meets their clients criterea then it will be accepted.Lloyds also have a deciding vote and they are a very pro IVA creditor.
Rest assured,you have done all that you can now.Leave it for your IP to get your proposal accepted,afterall they have a vested interest
Regards

[no money eva]

Thanks, are the Insolvency Exchange usually in favour of IVAs?

Thanks again for your responses

[Adam Davies]

Hi
Absolutely,otherwise they would be out of business !!

[no money eva]

Thanks for your replies they have set my mind at rest for the time being. lol.

I'll post when I know when the meeting is

Thanks again