4th year clause,housing assoc won't allow us to re

[kallis3]

Good luck Deano - I've got everything crossed for you.

[deanno]

Ok the latest news. There is a creditors meeting on the 4th May for a variation proposal. Hopefully we will end up with another 12 months of payments and not be made bankrupt. Our IP seems hopeful, so its fingers crossed time.Now I must have been told about the possibility of still being made bankrupt if I couldn't re-mortgage. But this still comes as a bit of shock. After all the sacrifices and struggling etc. to pay for 5 years, it all could have been for nothing. Don't mean to put people of who are considering an IVA, but it's worth mentioning.

Dean

[kallis3]

Good news Deanno - I'm sure you will get the extra 12 months.

[Shining]

Good luck for the 4th May from me too x

[zim zim]

I am no expert Deanno but logic would dictate that to make you bankrupt would achieve nothing and surely therefore would be of no benefit to yourself or the creditors.

Best of luck for the 4th May from me as well.

[Cath]

Good luck for the 4th May, sending you positive vibes for good news x

[deanno]

Hi everyone, the creditors meeting was held yesterday and the result is good news.The variation was approved and we continue paying our normal monthly amount for another 12 months[:D][:D][:D].This has made our day and to be honest, we expected the worst as you do hear of some bad outcomes. So to everyone else, hang on, there is light at the end of the tunnel[:)][:)][:)].

Dean

[Michael Peoples]

Great news Dean and a commonsense approach from your creditors. At least the payments will be at a level you can afford and you will not be saddled with a bigger mortgage at penal rates.