Meeting IP tonight-any questions to ask?

olliesmummy06

Hi all, well we have finally faced up to things and are looking into a IVA. We have a meeting with a IP tonight to talk things through and i've a few calls to make today to arrange to see others.

We currently have £61k owed to 8 creditors, we've done a budget and know we can afford to pay back up to 60p per £1-is this likely to get accepted?

Also the budget we have done seems rather generous compared to what we have been living on-tho partyl hence this situation now, would the budget on CCCS be about right for food, car expenses etc.

Finally are there any questions we need to ask? We have a few -i.e hubby is possible due a tax expenses rebate-do we just hand it all over (not a problem if we do but i cannot find a answer anywhere) and hubby may get a 10% payrise for a period of 12 months-do we increase our payments when he does?

Thanks so much in advance.xx

FoggyBrain_2

Hi. Best of luck with the meeting. Different IP's do seem to interpret the various clauses in a proposal in different ways (and if they can't be consistant, no wonder we are all confused!!). My IP, for instance will want the whole of the tax rebate, if it is over £500, treatimg it as a windfall. On the pay rise front, I can keep any rise until the annual review, then my payments increase by 50% of the rise ( less any increase in expenses). Some IP's will want the 50% from the day the rise starts (incorrectly, I believe). At the end of the day it will all depend on how your proposal is worded, so when you get the draft, read it carefully and question everything!

Pop over to www.iva.com for other IP's details and also www.iva.co.uk has an excellent forum where you will find what's bothering other IVA'ers at the moment, which might give you more questions to ask. EDIT :: Oh< I see you have beaten me to it

Might I ask who you are chatting with tonight?

olliesmummy06

Its a guy from debtfreedirect.ive just been on the phone to Andy Davies from Vincent bond who.was very helpful.any recommendations?thanks for your reply,ill POP over and take a look.

FoggyBrain_2

andy is well respected -- I would definitely have a word with Melanie Giles.

olliesmummy06

I think I spoke to someone from melanie Giles earlier called tina.she is calling me back this evening.thanks again.

FoggyBrain_2

Yes, Tina is one of Mel's team. You will find her very easy to talk to and very helpful.