IVA approved with mods

[iva.com]

Hi Rainbow,

Did you speak to GT about the proposed modification? As the other posters have stated you should only agree to modifications that you can afford.

Please let us know how you get on.

Kind regards,
Terry Balfour
IVA.com

IVA.com - The IVA Comparison Site
100s of reviews, All IPs and IVA firms rated.

Use our IVA firm comparison tool to find best IVA firm for you:
http://www.iva.com/iva_comparison_1.asp

[rainbow210801]

Hi

Chased GT again for most of the day, got an answer back after 5pm today to say that TIX are refusing to accept any less than the additional £40 and feel that actually we can reduce our food/housekeeping by at least £60, so they're being "generous". They have said an outright "no", so we'll have to go back through our figures and see what we can do. We asked to even just make a £10 payment but they wouldnt accept that either. They are our majority creditors so GT advise that if they vote no then we wouldn't be able to out vote them.

Not sure what our alternatives are? If this doesn't work out and we have to go BR then I will lose my job, so they won't get any money. We offered 40p to £ so don't see why they're being so hard.

[Skippy]

How much was your food and housekeeping budget, and how many people is it for?

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[rainbow210801]

£400 for 2 adults and 2 children (youngest is aged 18mths so still in nappies) we worked this out on our average spend and GT agreed it was reasonable.

[maxdebt]

£400 seems spot on to me. I think they are being unreasonable

[rainbow210801]

they don't seem willing to negotiate though so not sure where we go from here...

[Skippy]

It does sound as though they are being unreasonable. One thing I will say is please don't agree to the modification if you can't afford it. 5 years is a long time on a budget as it is, and if you try to cut back if will be impossible to live and really you are only putting off the inevitable.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[maxdebt]

Well if you say yes then the IVA is approved and you are on the way to becoming debt free!! You will have to find £40 a month or save £40 a month. Maybe this is not the right thing to say but I saved £60 from my food and housekeeping a month by downgrading my supermarket purchases to supermarket own brands (smartprice Asda) My kids can taste the difference in some of the products but not all

[sonyse2t5]

I think it is the case that the some of your creditors through the block voting are asking for xx pence to the pound and the £40 extra would allow that threshold plus the fees to be met. We forget about the fees(convieniently for some) in the provison to the IVA been accepted. In my case it was pushed down - 10K was quoted..then it went to 9K then a decree from GT top say no more than 7K.

In my case 99% voted YES with 93K but I was asked for £35 increase in the mod to take it up to a higher xx to the pound.

[rainbow210801]

Just to give you all an update, a "manager" at GT is currently awaiting for a call back from the manager of the team at TIX, hopefully we shall hear tomorrow if they've reconsidered but the advice from Gt was very much that it will be unlikely. I thought perhaps our actual IP might get involved but so far we've had no contact with him!

And so the wait continues....

[lily]

Rainbow this must be very difficult for you, am thinking of you and sending postive thoughts your way and tomorrow too.

Good luck for a resolution and some sleep I bet.

lily

[rainbow210801]

cheers Lily, we'll let you know tomorrow what the outcome is (hopefully)

[MelanieGiles]

I would normally expect to see £440 for housekeeping for a family of four, so to cut this to £360 is a recipe for disaster in my opinion. £20 per person per week for food, cleaning products, toiletries, and leisure and social expenditure. That will be extremely tight, and you must think carefully about accepting this unfair request.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[scaredkez]

£440 for a family of 4 seems so low, i know i would never manage on that, thats 110 per week my shopping bill for five is so much more with cut backs and thats trying to incorporate school meals, i know we have got ourselves into this mess, but that is such a low amount, not having ago,but trying to picture how you live on that amount.
kerri

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

[MelanieGiles]

Kerri

Creditors will not allow any more, and I have to say the majority of my clients appear to manage pretty well. This does not include school meals, which should be shown under a separate heading.

How much has the OR allowed you as a matter of interest?

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp