Hi. It’s only been a week or so since my last blog and a lot has happened.
I got my home valuation. It was quite easy to do and the person who came round from the estate agents was great. I got the valuation through from them a couple of days later. It is a bit higher than I originally thought it would be because of the rise in house prices so I have about £25k of equity.
After I got the valuation I sent all of my docs over to Sarah at the IVA company. I had a phone call from her the next day to say that everything had been received and she has been working on the draft of my IVA proposal. She said that after working out all my living costs and income my actual disposable income figure is £180 per month rather than the £170 James had told me and this is what they would be including in my proposal document. It is a bit more than I hoped but still a lot less than the £300 I was paying into my old DMP so I am not complaining.
Sarah also reminded me about the possibility of having to release equity from my property at the end of the IVA and basically reiterated what James had already told me so I am happy with this.
One thing that I am worrying about is whether or not the payday loan companies will accept my IVA as they were not very helpful before. I asked Sarah about this and she said that there is always the risk of creditors disagreeing with the IVA but these particular creditors are owed such a small percentage of my total debt that as long as the two majority creditors who vote say yes it does not matter if the payday loans refuses it. She also explained that my IVA proposal will also include a comparison between how much the creditors would receive if I went bankrupt and what they will receive in my IVA. From what I can gather they would receive more from my IVA so this may help them agree to it.
I spoke to James again about the payday loan company threats but he said not to pay them even though they are still threatening me and not to worry too much as my IVA should be in place before they can take any further action against me. At the end of the day he said I cannot afford to pay them anyway so I am doing the right thing. I feel much better about this now but I have to say I am still worried but I am a worrier………
I cannot believe that I had been paying £300 a month to my DMP and it always felt that I was never getting anywhere and could barely afford the essentials. Now I really feel I am on the right track and given I am going to be debt free within 5 or 6 years I am so much more comfortable with this IVA. Wish I had thought about it earlier but hindsight’s a wonderful thing as they say.
Anyway yesterday I had my draft proposal through the door that was quicker than I thought it would be. It certainly paid off getting the help with my documents and statement of affairs. It was what I expected so I have signed it and sent it back to Sarah so now I just have to wait for the creditors to agree the proposal. I am told that they all get sent a copy of the proposal and then they have a creditors meeting after a couple of weeks. I am waiting to hear when the exact date will be. I am really hoping it will all be OK. I do not know what I would do if it is not accepted.