What are the chances of vote going against me?

A question about : What are the chances of vote going against me?

Hello all,

After much struggling, IVA is the only option. We've started the ball rolling with Grant Thornton. All ready I feel more like my self & I'm starting to sleep again!!

I still have a couple of concerns, my bridges are burning as I type. I've cancelled all my direct debits and changed my bank account and set up new direct debits to the necessary; utilities, mortgage & insurance etc.

I've sent letters out to creditors and 5 pound postal order as a token, informing them of my financial difficulty and my IVA team will be intouch!
After my necessary payments inc food, I'm left with approx 500 pounds. How much should I expect the IVA payment to be?
My debt was approx 72K- (after an awful lot of info to take in on the phone I think I was told my IVA debt will be about 23K in all that I'll be paying back! Does this sound about right?
How long into the proceedings should I find out the monthly cost?
What sort of success rate is there for IVA's that go to the vote? Just trying to put my fears to rest a little. (The IP has taken on my IVA and are waiting on the senior IP to contact us)
Sorry for all the questions, I would rather post than to pester my IP if its questions that could be answered.

Many thanks to any that can help & to any that this may help I wish you luck and hope you start to feel better also soon.

Best answers:

• can you give a list of the main creditors?
• Hi, thanks for taking an interest.
  I owe to;
  Hailfax (about 40% of debt)
  Barclaycard (approx 21%)
  Virgin (15%)
  Crap One (20%)
  Egg (3%)
  Hope this helps. Many thanks
• Thanks very much, it has put my mind a little to rest.
  I'd expect Crap One to accept as I'm in dispute with them and have been dealing with their dogs:Fredrickson. So far they're getting no-where, so I thought they'd accept.
  Although I never realised the companys use another company to vote for them!
  Regardless of this anticipation worry now, I do feel an awful lot better than I have been these last couple of years juggling.
  If your still there thecableguy12, I dont suppose you could explain "min div", "tix" & "eversheds" sorry!
  Good luck to all those sharing this experience.
• Andy
  When you draw up an IVA proposal to be put to the creditors, it is in the interests of the IVA company to make sure that proposal is accepted by your creditors (otherwise the company won't get any money!). So you will find they present quite a compelling case for acceptance. They do comparison charts showing what the creditors are likely to get back if they make you bankrupt (probably about 2% if they're lucky, I was told, or even zilch) compared with an IVA (my figures worked out at just over 50%). The alternative to IVA or BR is a debt management plan which might just clear your debts about 20 years or more down the line!!!!!
  As long as credtors owning 75% of your total debt accept, the others have no choice but to go along with it.
• Many thanks, waiting on a call from the Senior Advisor now. So the ball is def rolling.
  I cannot beleive how much better I feel, should of done this years ago.
  I'll post as soon as I know figures.
• Update.
  It took a long time, but the board sat in November. Sat at 1400hrs and by 1500hrs, Grant Thornton phoned to say.....
  All parties agreed to the IVA. 100% said yes.
  My approx 72k debt has been reduced to 29k working at approx 400 pound per month.
  A massive reduction in monthly payments, a hugh cut of the debt & most of all,
  a gigantic (infact much bigger) reduction in stress. I'm smiling again & feeling positive about life in general.
  Although my debts came about from financing a house renovation, I've learnt a valuable lesson about debt and how easy affordable payments can spiral & how unforgiving & unscrupulous some companys can be. (with their "we may" or the "court may" talk or their posting hand deliverd letters, so you worry-someones been to your door)
  I hope this serves to help someone, who like me was worring the nights away & thinking it works for others but wont for me... please dont put yourself into an early grave, take the bull & phone a decent company & start the ball rolling to putting a smile back on your face, saving the family rows from short fuses. Not feeling guilty about not being able......... I talk like a brave man, I had given up, when a couple of companys told me; they cant help esp as I'm in the forces. It was my wife that made the call.
  we used Grant Thornton & highly reccommend them, but if they say no, I'm sure another out there (a trusted one is A MUST) will say yes.
  Go for it and beleive, I wish you very good luck, there is a light at the end & no its not a bloody train!!!
  I wish you well & wish you a Very Merry Xmas.
• well done andy im waiting for my meeting in a weeks time
  merry xmas to you xx
• Just caught up Andy, glad your IVA went through okay. Here's to being debtfree in 5 years time!
• Well 18 months in & still smiling. Just re-read the thread & reminded myself how low I was. Seems a lift time ago.
  As agreed in our IVA set up, the monthly payment went up from 400 to 520 per month after 12 months & will stay at this for the duration.
  I'm in the position now to offer a proposal for F&FS.
  After these 18 months, we calculate we have 20400 left to pay. (It was 29000 and a bit, no exact figures with me)
  My father is willing to give me my inheritance early, so;
  We have written to Grant Thornton offering 10500 to put to the creditors for F&FS.
  If its rejected, we may be able to push up to 12000, but my father & I would rather the lower amount, so it’s worth the question of 10500.
  The letter went of a week ago, so I’ll update with the reply.
  Thanks again to all those who helped with advice & good luck to those considering to put a smile back on their faces.
• Had a reply from Grant Thornton.
  Confirming they are working on our FFS to offer. Hopefully I can post some good news on here soon....or sadly bad news but with inspiration to how better go around doing it (still will be good news-positive thinking!)
  I'll let you all know.
• IVA process from vote to succes now updates to help all
  I can not change the thread name, so posted this, hoping it'll show on the forum page.
• Good Luck Andy :-)
• We've had a strange reply from Grant T. As we have already asked them to make the proposal, we led to believe they were working on it. Please have a look at the reply we have just received:
  I refer to your above arrangements and your recent correspondence. Should you be in a position to offer a Full & Final settlement to creditors then then you would need to contact us direct to arrange a variation appointment with one of our advisors.
  The variation appointment will be to advise you of the process in approaching your creditors for a change in circumstances and review your current income and expenditure. Please see a blank copy attached for preparation for an appointment. Once your have been able to secure a 3rd party offer then please contact our Customer Services to arrange.
  We've emailed back explaining, that we are in a position for a full and final settlement hence us contacting them in the first place & asking for the need for another income & expenditure. As its not that things have changed other than I've been offered my inhertance early so that it can pay off the IVA.
  Is there any ground I need to tread carefully over? (I will only be given the bank transfere, once the setlement has been agreed)
  Not sure what this 3rd party offer is! Is this my father who is giving me the inheritence?
  Any help/advice or thoughts would be appreciated, many thanks in advance.
  Hope your all well
• Hi -- yes the third party is your father. Emphasise that the offer is only there for a F&F ..... if this is not accepted by the creditors your father will withdraw the offer and the funds will no longer be available to you.
  GT are still at 6's and 7's after taking on another firms cases recently, hence the possible confusion.
• Well, it's taken months for whatever reason...! But we now have our appointment this week. To discuss our expenditure (despite our yearly review having just taken place) and where we go with the proposal of the F&F. GT sounded confident with how things are, that a proposal would be/could be more likely to accepted!!
  Just need to work on our figures now to see whats a good offer to put forward!
  I would appreciate any ideas on a good pecentage to offer? (as I dont want to use all the inheritance if not needed)