IVA approved! thanks to everyone who posted

[MelanieGiles]

I cannot speak for your Nominee, so you will need to ask him/her why they did not discuss creditor modifications with you. All I can guess is that, as the IVA had been rejected due to an insufficient dividend for HSBC, that they may have thought there was not much point. Don't know what you mean by Payplan's modifications! The only people who can modify an IVA are the debtor and the creditors.

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

[Sensible77]

Thanks, Melanie. With regards to Payplan's modifications I meant that they could have suggested something to me such as trying to raise the dividend to 40p. I understand that the modifications must be agreed by myself and my creditors but I would have thought that they, as professionals in this field, could have been at bit more forthcoming!

[MelanieGiles]

Well I would have thought they would not have put this forward without a 40p dividend in the first place - or at least discussed with you in advance how you could pay at that level being HSBC's well-known criteria. Your IP is now using the 14 day adjournment period to renegotiate on your behalf I would imagine - but speak to them specifically to see what they are doing.

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

[Sensible77]

I've been in touch with Payplan who have said that TDX and KPMG did not request any modifications. They have put my new offer to them and are now waiting to hear back.

[Sensible77]

Just realised it's TIX not TDX as it stands for The Insovency Exchange. I'm sure Melanie & Andy know that but are too polite to point ot out!

7 days and counting.

[MelanieGiles]

Hi Sensible

Their holding company, which is more well known, is called The Debt Exchange - hence TDX!

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

[Sensible77]

Thanks, Melanie. I'm constantly learning!

[Sensible77]

IVA approved today! Payplan rang me at 11:45 to confirm that the modifications have been accepted by TDX & KPMG. MBNA & HSBC Online Credit Card did not vote and this time I got an 80% approval. I was made aware of the decision last Thursday but, being a cautious person, I did not want to say anything until the allotted time. The report was e-mailed to me by Payplan last Thursday and today the Chairman went through every item on the report to ensure that I fully understood it. I managed to continue with my pension as, in its place, I cancelled my company car that required a similar contribution by me. We will be able to manage with one car, (my wife’s), as we are both really serious about making this successful.
I’m not really sure how I feel at the moment. I know I should feel elated, but I also feel as if I’ve failed in some way by not being able to fully repay my debts. That may sound strange but at least I know that I’ve done my best to sort this out.

I would like to take this opportunity to thank everyone who has contributed to my posts. This website is a fantastic resource for everything IVA and I would recommend it to anyone embarking on the IVA route. I would like to thank Andy Davie and Melanie Giles for their information, particularly as Melanie is an IP herself yet is prepared to offer advice & information to people who are not using her services.

I will continue to be an avid reader of this forum and a contributor where I think the knowledge I have gained will be helpful. I will be looking at setting up a blog to record my story so far and in to the future.

[scaredkez]

congratulations sensible so pleased it finally went through for you.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[iva experts]

Great news Sensible!!

Now you can start your journey towards a debt free future, eventhough your feeling low try not to dwell on this. You have realised that you are unable to pay your debt off in full but are willing to pay as much off as you possibly can.

Best Regards. IVA Experts

[aguise]

Great news well done[:D]

Ang

[Adam Davies]

Thats great news Sensible and is both good for you and your creditors.
You have been very pro-active in securing your acceptance.
Good luck and it would be great if you kept a blog.
Thanks for your kind words aswell.
By the way I think you hold the record for the longest thread..........i,ll see if admin can find you a trophy !!!
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

[ivoriva]

Great news sensible - I have only just picked up on this thread and Im really pleased you got to a successful conclusion. I too had to really press my IP company and almost force them to put a realistic proposal in. Else I feel they would have just let it fail (mine too was adjourned and KPMG were the reason why, eventually they accepted an approved offer).

[MelanieGiles]

Just goes to show that if you give your creditors what they are looking for, life is so much easier.

Good luck with your IVA for the future, and do continue posting on the forum.

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

[sps]

Just read your good news and am really pleased for you. Best of luck for your future
Sue