I don't think this a realistic modification

[hr1350]

My IVA creditors meeting was today at 11:30AM. Just got off the phone to clear start and most creditors votes but majority voter have put forward a modification of an increase of £100 a month to put the divided at 55p in the pound instead of the 34p original offer. I don't think this a realistic modification so have asked clear start to go back with a 1/2 way offer of an increase of £50. So now have to wait again its been a long day and not sure I will hear anything back today.



In over my head looking for somewhere to turn

[MelanieGiles]

Just make sure that whatever increase you agree to is affordable. It appears to me that far too many IVAs are failing at the moment because people are overstretching themselves on repayments they really cannot afford. Thus giving more fuel to put on the fire of those parties who are continuing to slate the IVA as a positive method of debt recovery.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva_squirrel]

I am sure it has been a long day for you but I am glad to hear that you have't accepted something which would make you struggle financially. Good luck and please keep us updated.

Regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm

[Adam Davies]

Hi
A £100 increase is alot so stick to your guns if you feel that it isn,t sustainable.
Ask for an adjournment if you hear back and they will not budge so that you can think it through.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[hr1350]

Well heard nothing back but have been advised that might happen, just hope they hear something back tomorrow. I could not afford the £100 increase but could the £50, I do hope the creditors realise that if the IVA is not excepted then bankruptcy us a real option and they will end up getting very little.

Apparently the increase is coming from one company that vote for 4 of my creditors so its is there vote that is deciding the whole thing.

Another sleepless night then!

In over my head looking for somewhere to turn

[MelanieGiles]

Your Supervisor can adjourn proceedings for up to 14 days from the date of the creditors meeting to enable you to give further thought to what the creditors are asking you to do, and also for them to consider the merits of your counter offer. Take as much of that time as you need to, to broker a deal that you can live with and afford for the next five years or so.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[aguise]

Hr sorry you have had such a long day, but as said dont accept what you cant realistically pay, ther end result would be failure, take your time and make clear your options.

All the best ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[iva experts]

Hello hr1350,

An IVA should be an affordable monthly payment, as others have mentioned do not agree to a monthly figure that you cannot afford or that will make living tight, 5 years is a long time.

Best Regards. IVA Experts

[hr1350]

thanks for the replies so far, waiting for the phone call from clear start today will give them to lunch time then will chase to see if they have heard anything back.
I had a good look over my figures last night as well. Clear start also mentioned that they have been asked to reduce the fees which they are happy to do. Will let you know when i have an update.

In over my head looking for somewhere to turn

[Oliver]

Well done for not agreeing to something that you clearly feel is unaffordable. The forum has had many people post recently who are 6-12 months into their IVAs and really struggling due to unaffordable monthly commitments.

All the best for today, I hope you get the result you are looking for.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[sonyse2t5]

Clearstart is also sorting me out next week with Creditors,your recent outcome is very interesting to me.....the reduction in fees bit is very interesting

Keep us updated...

[hr1350]

No further update, called clear start and they have yet to hear back from the creditors end of the months are busy apparently for creditors.

My contact did say I have two weeks but really do not want to wait that long but then have been in the process for 6 weeks ish now so whats a few more days.

I also know who has voted for what so far but will not post any details yet until its all sorted.

In over my head looking for somewhere to turn

[tracy.h]

Hi just really to agree with the others do not agree to the extra as obviously if you could have afforded an extra £100 then your ip would have negociated that amount at the offset,surely your creditors realise your ip has put your most viable proposal forward.
This is the reason that a lot of iva's fail people are so desperate to get them approved they agree the extra and months down the line they fail as they are unrealistic.
Hang in there you are doing the right thing.
I really do hope this creditor see's sense and excepts your origanal proposal.
Goodluck

Tracy

[hr1350]

Well still no update, called clear start today and the person dealing with my case at the creditors has been off ill, so they will have to chase on Monday! So another weekend of waiting lol

In over my head looking for somewhere to turn