creditors meeting!

[Johndylan]

Thanks Spanna,
They want us to shop around for a new supplier, but i did that several months ago.
Our debt is around 85k. My proposal today was to repay 52p in the £ , my wifes was around 33-36p in the £. Obviously this will increase if we accept.

[debt tired]

Wow this is really worrying. We owe about the same but our dividend will be much, much lower. I can't believe that with a healthy dividend they are quibbling over this. To some extent it depends on how big your house is but also how well insulated, the age of it and what sort of house. When we lived in a terraced house it was always warm even though it was over 100 years old with solid walls.

Our dd went up 10% in November so we are now paying £220 a month- and we do not go around in T shirts. How does this compare?

I am so used to hearing that Melanie can work miracles that this has completely floored me and I am now very concerned for our own proposal. Hope you get a good result, and soon, johndylan.

[Foggy]

It's not over until the fat lady sings -- creditors will often try it on -- it's up to Marc to try to beat them down.

To be honest, if I were in John's shoes I would call their bluff and go BR if needs be -- they have had their chance and blew it, so my conscience would be clear. But, of course, the route to take here is entirely up to Johndylan.

[Johndylan]

The bungalow is 4/5 bedrooms with part conversion upstairs. Insulation in roof, windows double glazed, but need replacing as the property is now 30 years old. Our gas and electric for last month was £320, similar i think the previous month and will be this month. We had asked for £240 a month allowance, which is what we need. We also had to supply proof of previous bills.

If i went For Bankruptcy they would get 5p in the pound!

[Johndylan]

Thanks Foggy, i am coming round to that thinking.

I was initially worried about BR because of my profession. It doesn't really faze me anymore.
My only regret is a few months ago, i had the chance of a new job. It was an advisory role that paid 22k a year for 2 Days work a week. I would then have had to go BR or my creditors would have had to accept around 26p in the pound.

[Foggy]

The fly in the ointment here is, of course, the bungalow, and I imagine the creditors know that!

[debt tired]

Madness! If they insist on knocking £50 off isn't there a danger that the IVA might not be sustainable - where are you expected to find the shortfall?

[Spanna1310]

Take Foggy's advice i would definitely be calling their bluff!! that's what we will be doing if this situation arises with us x hope this gets sorted sooner rather than later so you can put your minds at rest x surely the creditors should be able to see that they will get a much higher return going down the iva route even as the dividend stands at 56p in £ and your wifes @ 36p in the £, its alot higher than our dividend too.

[lulu123]

Johndylan i`m realy sorry to hear the news about your creditors meeting but I have to agree with Foggy here "its not over until the fat lady sings". What you dont want is to be struggling in a few months time if you agree now with this increases. I sincerely hope all this gets sorted for you very soon.

lulu

[Johndylan]

Thats our worry. Like all of you , we knew it was going to be tough, but if the bank pushes too hard, the IVA may not work out. We have a very small contingency fund.

[MelanieGiles]

Can I reassure all contributors to this post, particularly JohnDylan that we will be aggressively countermanding the current stance in this matter, and even if we are not successful, I will immediately authorise a reduction in payments within my discretion to deal with this stupid nonsense.

It is always unfortunate when meetings are adjourned, but hopefully we will have this one resolved shortly.

[Johndylan]

Thanks Mel, hope its sorted soon.

[MelanieGiles]

I am sure it will be

[Foggy]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles

Can I reassure all contributors to this post, particularly JohnDylan that we will be aggressively countermanding the current stance in this matter, and even if we are not successful, I will immediately authorise a reduction in payments within my discretion to deal with this stupid nonsense.

It is always unfortunate when meetings are adjourned, but hopefully we will have this one resolved shortly.

Mel, there are a handful of companies (of those we know of -- I am sure there are more out there!) we are confident will be doing their utmost for their clients and yours is at the top of the list.

[MelanieGiles]

Thank you Foggy. We know the level of cases we can properly handle in my practice, and would not take on work that we could not manage to the best of our ability.