Questions about Individual Voluntary Arrangements and Insolvency.

Moderators: TalbotWoods, JaneClack

Bymel1990
#416953 I contacted paypaln around 4 weeks ago with regards to my debt problems and an IVA seemed the best option for me.

my creditors meeting is booked for 3:30 today and I'm very nervous! :? hardly had any sleep last night :( I just don't know what I will do if the IVA is not accpeted. I have around £16,000.00 of unsecured debt and my proposals is to pay £221.00 per month for 5 years. NatWest and Barclaycard are my biggest creditors with just under £9,000.00 to NatWest and around £3,200.00 to Barclaycard so if they vote against then my IVA won't go through.

I'm at work today which shall hopefully pass the time a bit quicker but I feel sick i'm so worried it will get rejected :(

any body have any good advice? or think i am offering them too little?
User avatar
ByTalbotWoods
#417103 Hi

I do appreciate that these meetings can be a very worrying time for you, but....

Unlike a lot of debt companies, PayPlan would not have suggested an IVA unless there was a damned good chance of it being accepted, and certainly looking at the figures you have given this appears to be a fair return, so even I would think it stands a good to very good chance of being accepted.

OK we all know it can go wrong, and I have actually seen a 100% repayment rejected, (Yep go figure, cos we couldn't), and I have seen one accepted at 5%. At the worse it means that you have to look at an alternative solution of a while, usually a DMP whilst you sort this out.

Now I dont know if you have gone through PayPlans IVA partners, but I also know they are known for offering the most ethical IVAs which would also stand really well with the creditors. part of this is about PayPlan making sure that the repayments are actually affordable and sustainable.

Please let us know how you got on

Tim
Bymel1990
#417153 Thanks for you comments :)

I will let you know how I get on.

Only a couple of hours left now before I should find out :?

Mel
Bymel1990
#417223 IVA approved!!!!! :) with some minor amendments i will be making two payments of £249.40 then 58 payments of £261.28 which is a lot more manageable than the around £550.00 maybe more I was paying to my creditors each month. I don't think its all really sunk in yet but I am very pleased with the outcome. I've made my first payment, only another 59 to go and I will be debt free!! my last payment will be made on the 1st August 2018 which I know seems a long way to go but if i'd have carried on the way I was going it was likely to take 10-11 years to clear my debts!

Can't thank payplan enough for everything they have done for me and how helpful they have been its took them only around 5-6 weeks from when I made first contact with them to get to this point. I would highly recommend them to anybody.

Today I start my 5 year journey to become debt free :) very happy and will sleep well tonight for the first time in a long time!
User avatar
ByTalbotWoods
#417283 Way to go and that is brilliant news for you.

Just goes to show that working through the right organisation can work. So now you can plan and decide on how you can rebuild your life properly and a rate you can afford.

Good luck on your future, and in the meantime if you have any questions please feel to ask on here, that is what we are here for (Oh and louey spelling!)

Tim
Bywisernow
#419003 I took out a iva through Payplan after been on a dmp for about 4 years.I wish i had done it earlier,Payplan were fantastic with their help and guidance and since the iva i have had no creditors letters phone calls etc and sleep easier.I am sure if i had not done the iva then i would have had creditors threats of charging orders etc.
I am sure you will be pleased you did it,Good luck
ByErikson
#472577
TalbcotWoods wrote:Way to go and that is brilliant news for you.

Just goes to show that working through the right organisation can work. So now you can plan and decide on how you can rebuild your life properly and a rate you can afford.

Good luck on your future, and in the meantime if you have any questions please feel to ask on here, that is what we are here for (Oh and louey spelling!)

Tim


This is good to hear Mel I just hope that I get my iva approved as i have a meeting soon.
Last edited by Erikson on Sat May 28, 2016 6:08 pm, edited 2 times in total.
ByAivis
#472754 Hello ;)
Im in deep debt problem.
Its my folt, im not thinking whot im duing...
I hawe 3 loans... All together is 9000£, monthly is 326£ :(
..i cant handle that.
..im feeling wery bad,im behind 1 rent payment, gass, wother.... Need pay argos card payment. On 1 february my bank loan, on 13 2 loan... I just dont know what to do :(
User avatar
ByJaneClack
#472755 You need some advice and more than we can give on this page. There are things that can be done but first of all you need to work out a budget of what you actually need to live and then what is left over goes to paying unsecured debts.

The priorities are rent, council tax, utilities etc and then look at what you can do with the other things. You could give Payplan a ring on 0800 280 2816 and they would be able to give you some free advice with no obligation and in confidence.
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