IVA meeting tommorrow

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danp100
danp100 Posts: 62 Forumite
Hi all,
i finally have my IVA meeting tommorrow morning, in one way i am looking forward to getting an agreement in place and in another way i am scared by what changes the might propose. i would be so happy if they accept the 190 a month that is being proposed but i just cant see it happening, i think it is only giving around 15p/pound back to the creditors which seems very low, anyway fingers crossed.
thanks
dan

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  • DrSqueeze
    DrSqueeze Posts: 914 Forumite
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    Good luck Dan, hope all goes well.

    The important point is that the IVA proposes an amount which is the most you can realistically afford. If that's more than the creditors would get in the event of bankruptcy, then it stands a good chance of being accepted. Your professional advisor would only put forward an IVA which they felt offered a decent deal to both you and your creditors.

    The creditors may ask for some amendments, but when they see the full details of your personal finances they will understand the need to be realistic.

    And remember, you only need 75% of your creditors (by value) to vote in favour.
  • debtfree2016
    debtfree2016 Posts: 325 Forumite
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    Hi Danp100
    Best of luck today, Drsqueeze is correct, your IP will only put you forward for an IVA if they believe you have a realistic chance of getting a yes. Keep us updated.
    Never make assumptions always ask questions>>>>>;)
  • DrSqueeze
    DrSqueeze Posts: 914 Forumite
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    There's an update and some good news here:

    http://forums.moneysavingexpert.com/showthread.php?t=3365610
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