Creditors meeting this friday

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givemeatbreak
givemeatbreak Posts: 3 Newbie
in IVA & DRO
Hello

My partner and I made a hard decision and applied for an IVA - with have 42K between us.

Our meeting is this Friday, im so stressed out - I have major anxiety issues and I feel i cant cope.
the waiting is really hard, im trying to go to work and not flee home. Nothing ever seems to go our way. If the IVA is not approved I dont know what we are supposed to do.

I know we got ourselves into this mess. wish I had been more responsible.

I feel sick to my stomach.

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  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
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    Hi there and welcome to MSE,


    This really is nothing to worry about, although it is referred to as a 'meeting' the creditors realistically just send a written response to the offer proposed by your IP. Your IP will let you know if enough of the creditors agreed and if they have the IVA will go ahead.


    If an insufficient percentage of the debt agrees, don't panic at this either. You may be able to considered a revised IVA offer (but should be careful with this, and not be pressured into increasing your offer above what you can realistically manage), or you can look other options (such as informal payments plans or bankruptcy). However, don't get too far ahead of yourself. There is no more you can at this stage, so sit back, try and relax, and wait for your IP to get in touch. You may want to speak to one of the free debt advice charities in the meantime to check your situation and that the IVA is the most suitable choice (just in case). Let us know how you got on,


    Laura
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • mwarby
    mwarby Posts: 2,048 Forumite
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    givemeatbreak wrote: »
    Hello

    My partner and I made a hard decision and applied for an IVA - with have 42K between us.

    Our meeting is this Friday, im so stressed out - I have major anxiety issues and I feel i cant cope.
    the waiting is really hard, im trying to go to work and not flee home. Nothing ever seems to go our way. If the IVA is not approved I dont know what we are supposed to do.

    I know we got ourselves into this mess. wish I had been more responsible.

    I feel sick to my stomach.

    In my case I think the meeting was more stressful for the IP than me. Most of the creditors had something to say about the fees, they all wanted something different and a few contradicted the others. All I had was a minor technical point on a timescale, which was much more generous than we thought it would be
  • givemeatbreak
    givemeatbreak Posts: 3 Newbie
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    thanks for the replies. im trying hard to be positive, but at the moment nothing is going right for me in everyday life, so why should this be any different :'( - stressing so much. Got the day off tomorrow - wish i didnt now.
  • sourcrates
    sourcrates Posts: 28,878 Ambassador
    First Anniversary Name Dropper First Post Photogenic
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    givemeatbreak wrote: »
    thanks for the replies. im trying hard to be positive, but at the moment nothing is going right for me in everyday life, so why should this be any different :'( - stressing so much. Got the day off tomorrow - wish i didnt now.

    Stop stressing, there really is nothing to worry about, my majority creditor wanted me to up my payments by £20 and on that basis they would accept it, so i did, it was approved, the rest is history.

    If its not approved outright, after a little re-negotiation, it will be, so dont worry.

    Let us know how you got on.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • givemeatbreak
    givemeatbreak Posts: 3 Newbie
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    Hello

    It was touch any go for a bit! Nobody voted!! So ip rang around and managed to get two yes votes so it was approved!! Finally we can breath. Still can't believe it :)
  • sourcrates
    sourcrates Posts: 28,878 Ambassador
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    givemeatbreak wrote: »
    Hello

    It was touch any go for a bit! Nobody voted!! So ip rang around and managed to get two yes votes so it was approved!! Finally we can breath. Still can't believe it :)

    Its common for creditors to do that, its like they are not really bothered about the process at all, its just numbers on a spreadsheet to them, told you it would be ok, well done.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
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