WORRIIIEEEEDDD......

[lessie]

hi.. merry christmas to and a prosperous new year to all..it is very difficult and has been to hard for me until this day thinking of what is going to happen.. we will be having the creditors meeting for my IVA on the 8th of january,2007..and... my biggest worries is i receive letter from capital one and this is after the meeting is set, informing me about petition for banckruptcy in where i applied for IVA because we don't want to go banckruptcy.. ..and then phoning natwest as well to tell them what is going on onw with me the answer was.. "it's okay we received a letter for your iva/banckruptcy"i'm scared and really nervous about this and thinking that no one to answer my queries from my IVA company coz it's holiday, i am like really under pressure thinking about bankcruptcy,, i don't want this to happen because i have two children, i don't want to lost my job since that is the only job that we know and i don't want to lost our house as well PLEASE,..... ANY IDEA WHY I AM RECEIVING THIS INFORMATION REGARDING BANCKRUPTCY IN WHERE I HAVE APPLIED FOR IVA... DOES THIS MEAN THERE IS A POSSIBILITY THAT MY IVA WILL NOT BE APPROVED... PLEASE,,,PLEASE,,PLEASE I NEEED AN ANSWER AT ONCE IF ANYONE COULD HELP EASE MY MIND UNTIL THE CREDITORS MEETING.. THANK YOU SO MUCH

lss

[bluebelle]

Hi Lessie, My IVA was approved in Nov. A week before the meeting i received a default notice from Capital one...in there it went on about bankruptcy etc (is that what you have a default notice or something else?). Like you I panicked but was told to relax as it is just a formality...it is an automated response that some companies send out on official notification of an IVA. They will put IVA/Bankruptcy because these are the 2 options that are likely to happen to you. Bear in mind that Capital One will not know if your other creditors will vote yes or no....so even if they say no they might be out voted. Capital One voted yes to my IVA. Another thing to point out is that a creditor cannot petition for bankruptcy whilst you are undergoing the IVA process...at the stage where you have a creditors meeting arranged, your IVA proposal will have been logged by your local courts and this will legally protect you from further action. If you do have an actual 'Bankruptcy petition' then speak to your IP asap. He/she will be able to sort this out...like i said a creditor cannot legally do this where there is an impending IVA creditors meeting.
I hope this helps. Try not to worry (I know it is hard, been there got the t-shirt)...I am sure it will be fine.

Regards

Bluebelle

[bluebelle]

Sorry another reassuring thing i meant to say was....IPs would not waste their resources on putting your IVA proposal through unless they thought you stood a good chance of getting it approved.

[lessie]

hi,, thank you very much bluebelle for your kind reply yes capital one sent me a default notice and then informing me about the bc and what to do and thanks you give me a relief and really hoping that my iva will be approved.. anymore you can advice me what to do while waiting ..thank you

lss

[bluebelle]

Hi i am glad you feel more relieved now. Like i said above Capital One sent me a deafult notice and i freaked out because it went on about bankruptcy and contacting a solicitor etc.....but it was just a formality, they voted yes to the IVA. I was offering 29p to £ and had 8 creditors (total debt £64K). 6 out of the 8 voted yes.
You will probably fine that your telephone calls will die down a bit now creditors know the date of the meeting...mine did although i still got sent mail. If anyone does phone when you tell them that you have a creditors meeting they do tend to back off.

Waiting is the worse part...especially when you have a date for the meeting...you just want to get it over and done with. My meeting was at 3.30pm...i phoned my IP around 0930am on the day just to check what was going to happening and how quickly they would let me know the result...they told me that they could give me an indication on the voting and then told me at 0930 that 6 creditors had already voted yes and i then knew i had got well over the 75%. that saved me worrying all day..the phone call at 0345pm was just to confirm that it was approved. If you meeting is in the morning try phoning the afternoon before and just see if they will tell you anything, or if it is in the afternoon do like i did.

[neverending]

Lessie
What you are experiencing are the standard procedures that most of us go through when arranging an IVA.You have done all that you can and have a meeting date set so try and relax,send all communications to your IP.Bankruptcy is the last option that your creditors will take,so try and stop worrying.
Great response from Bluebelle

[lessie1]

hi,, once again bluebelle and neverending,, i do appreciate indeed your support and very thankful for that.. one thing more,,we have been receiving letters from creditors that the letter content saying as if they have not been informed yet about my IVA and the creditors meeting, asking to phone them and talk to them regarding my financial situation and says if they could do something about it,and if not they will take legal actions, just curious though if the creditors meeting is already set why they are still writing us as if know nothing about the IVA coz i would expect them to send me default letters instead..

really.. most of the time i feel i'm going to have nervous breakdown even at work myself always nervous,my heartbeat goes so fast at times, and what i always do to calm down myself is go to this iva forum and read your experiences and comments and emotional supports to each and everyone who are at the same boat as me which and as what i have said giving me relief, i cried most of the time if i'm alone feeling guilty and ashame of what i've been into to the people around me thinking they are aware of my situation

i know i should think positive for my IVA but i'm nervous because i don't know obviously what will happen on the creditors meeting and what will i do if they decided bankcruptcy instead which I dont want to happen,.

my biggest creditor is natwest and my husband is barclays in where we have our main current accounts,, my mortgage is with natwest, we have 13 creditors all together and i am so under pressure what is on thier minds though i know they are all not happy about me but as what you've said what can i do for now is wait miserably hoping for their approval.

anyway thank you for being a shoulder to cry on and please if anymore you can share while waiting for my meeting that will be greatly appreciated.. a very heartful thanks to all of you..






lss

[neverending]

Lessie
You will continue to receive computor generated letters from your creditors simply because they are huge organisations and a small part of that organisation will be dealing with your IVA,like most huge companies they do not communicate too well.Do not think that because you are still getting letters that they have rejected your IVA,trust me.
There has been 3750 IVAs approved in November alone and when you consider that most creditors fall into about 10 actual financial companies then you can see that each company is dealing with about 100-200 IVA,S + a DAY!!!!
You are just a number I,m afraid.Your quote"we have 13 creditors all together and i am so under pressure what is on thier minds though i know they are all not happy about me" is how we all felt at the time of setting up an IVA but the truth is that your creditors will be happy that you are addressing the situation.Your actual creditors meeting does not happen in the way that you think.It is all done by postal voting,they do not actually "meet" and your IP may well have a positiuve answer for you before the 8th so it may well be worth phoning them a day or two before.
Relax

[lessie1]

THANK YOU VERY MUCH NEVERENDING FOR A NEVERENDING SUPPORT SO.. WISH US ALL THE LUCK AND FOR THE MEANTIME A VERY HAPPY AND PROSPEROUS NEW YEAR TO EACH AND EVERYONE

AND FOR SURE I'LL KEEP IN TOUCH TO YOU AND TO ALL... BEST WISHES...

lss