Creditors meeting date set for 11th April

yorkieone

We've just had word that it's set for the 11th April :eek:

Our proposals show there is a tiny amount of equity in the house and in bankruptcy they would receive NIL. The IVA affords to re-pay 18p in the pound.

Does 18p in the pound sound a realistic figure? I've asked the Q so many times I'm going round in circles, our IP said they would not put it forward if they didn't think it had a chance of being accepted.

If the IVA is refused we may have to accept the only route is bankruptcy, but it's the very last option.

I'm so looking forward to putting this behind us and breathing a sigh of relief!

judojub

Hi.
We are in the same boat. Our meeting is on Monday!!. We are offering 17p/£1. Of course the dividend is worrying and I am preparing myself for any modifications they might throw at us! But like you said, your IP wouldn't waste their time, your time or anybody elses if they thought it would be a no no! ( This is what I keep telling myself anyways). You are offering to pay back all that you can afford and this will be more attractive to them than Bankruptcy.
Best of luck Yorkieone. I am sure you will be just fine and dandy!

the_bright_side

Mine was 17p in the £1 - only mods were to the IP fees

yorkieone

Hi judojub I have been following your story, I really hope Monday goes well for you, what time is your meeting set for?

I have re-read through our proposals a dozen times, the IVA route does look more attractive than br so I'm keeping fingers and toes tightly crossed. Hopefully the next 2 weeks won't drag, I really don't do waiting and being patient very well :embarasse

the_bright_side, were you waiting long for the mods to be finalised?

FoggyBrain_2

Hi Yorkie. Most mods are done on the day, they will phone you with the details and ask if you agree. Mods to mine were cutting one of my allowances in half ( so paying £20-odd more per month ) which I had expected ... actually expected to lose the whole allowance, so, really came out on top. And they lowered the IP's fees.

judojub

Thankyou yorkieone. My meeting is at 3:30pm. Have booked the day off work, arranged for a friend to pick my DD up from school and have a cheap bottle of wine on chill just in case!!.
Neither option is an easy one. BR was always the absolute last resort for us and I will worry about this if and when....
I am also not very good at being patient. Monday can't come soon enough for me but I bet this will quite possibly be the longest week of my life!
I will keep everything crossed for you! You will be fine and on the road to debt freedom before you know it!

yorkieone

Thanks FoggyBrain, I was thinking that any mods could take a while!

judojub, I'll be checking on Monday for your good news, I think we'll probably have a bottle (or 2) of wine chilling just in case as well.

BR has never been an option for us either, being insolvent doesn't mean we're incapable of re-paying a portion of the debt. We were foolish enough to get ourselves into this mess so we'd much rather go down the IVA route before BR.

We've been in a DMP for 7 months now and I really regret not choosing the IVA route in the first place. The DMP will take approx 35 years to complete but we still have the constant demands and threats. Hubby received a CCJ last month from a very small creditor and I have one which resulted from a business debt. This company are threatening a charging order as they're not happy one bit that their debt has been added to the IVA.

FavDaughter1

Hi, lots of good luck you guys for these up coming dates,will be looking in to see your positive posts!;)

ours was a low return too,if it hadn't been accepted we would have had no choice but BR,thankfully it went through. modifications were made to our IP FEE'S- DIDN'T AFFECT US AT ALL,it was sorted out on the day.

we had the pc on ready for the time of the meeting,we were told we needed email on, IP firm rang us within 5 min's of the meeting starting to say it'd been accepted but we had to wait for the close time to be 100% sure it was all ok.
we then had to reply to a email sent from the IP firm to confirm we accepted the modifications(even though it didn't affect us).

it was very quick.
lots of good vibes xxxxx

the_bright_side

The mods were done the same day :-)

lexie2005

Good Luck to both of you, ours was much higher (think it was 78p/£1) & we had the opposite problem that they told us if it had been much higher it wouldn't have been accepted cos they would have said we could afford to pay it as normal which was so not the case...... Hope you both get happy news soon x

judojub

Morning Yorkie;)
Just popping on to wish you the best of luck for your meeting. Please let us know your good news. I shall be lurking!
Good luck.:)