Full Settlement Variation Meeting

[daveb]

I have a date for a variation meeting for my proposed full and final settlement. It Dec 23rd!! Not sure if thats a good thing or not as it may be delayed till January if anything crops up. But hopefully that close to xmas, the creditors will be feeling generous! (fingers crossed)

Originally the IVA was set up with a 44p dividend to my creditors, and the settlement offer with 36 months remaining would give a 40p dividend. Im really hopefull that its not too much of a difference for it to be rejected, as my IP hasnt given my any clue to the outcome. Any ideas or past experience from anyone??

Also I am a little unsure about the process on the day, if it is accepted, will I find out that day? and then pay over the third party funds immediately?? or can it still take a while to sort after the meeting?

[Viki.W]

Hey dave, good luck for the 23rd, I'll have my fingers crossed for you. You will probably have to pay the funds over before the meeting so that the IP has the funds available.

[Michael Peoples]

Sounds like a very good offer and I would be happy to put it forward to creditors. The money can be forwarded to the IP immediately upon acceptance and your IVA would be closed down quickly afterwards provide all debts had been proven. Very best of luck.

[daveb]

My IP has detailed in the report that £750 plus VAT is to be paid for a variation fee. Is this about right? (seems expensive) without this the dividend would be 43p!

[Michael Peoples]

That seems reasonable but even so the creditors will have to agree to it as ultimately they are funding it. Good luck with the offer and keep us informed.

[MelanieGiles]

I agree with Michael that this is a good offer, and one which your creditors would be mad to turn down. Do let us know how you get on, and in the insolvency marketplace the 23 December is just another working day.

[daveb]

I will definately let you know how it goes. Thanks for the advice, I am just a little worried, because one of the clauses in the original proposal was that a minimum dividend of 44p was required otherwise the IVA would fail.

But surely they would not fail my IVA over a 4p difference? Especially as cash is king at the moment?

[MelanieGiles]

Presumably, this is being dealt with as part of the variation.

[kallis3]

Good luck for the 23rd Dave.

[clareyfarey]

hope all goes your way on the 23rd Dave! we've all got our fingers crossed for you.

nearly there eh?

tc

xcx

[pixie]

Hi Dave, good luck for the 23rd.
mine's on the 10th! I'm offering 3p less than the minium required dividend. It would have met the requirement but for a 1800 early settlement fee on top of the 500 variation fee.

[kallis3]

Good luck for the 10th Pixie!

[MelanieGiles]

About time Pixie - is that the 10th of Dec or Jan?

[clareyfarey]

Hey pixie, hope it all goes well for you too!
Wish I was able to offer f&f for mine......guess i'll keep a quid aside a week for that lottery win!
tc
xcx

[pixie]

It's in 2 days Melanie [:0]
I'll let you all know as soon as I do.