lucky as we had quite a good proposal to offer

[MelanieGiles]

If an IVA is not accepted by the requisite majority of 75% there is nothing to stop it being represented. But why bother if has already been turned down once? Creditors hate represented proposals, and if you don't put forward something that tempts them the first time I would look to other options.

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

[zoe]

Stella
How did it go on Monday?
Zoe
XX

[stella]

Hi Zoe and thanks for asking. My IP did her best but couldn't budge the AmEx vote, so have accepted the original creditor meeting votes. We are having to fork out an extra £50 per month but we both worked it out that we can afford it, otherwise I would NOT have accepted it. It seems to me that most IVAs these days are now only being accepted with modifications, so I class myself as lucky as we had quite a good proposal put forward. Hope you are feeling better, the sun's out!! I know how you feel, I think we all do but you will get there, it feels like two steps forward and three back some days but you must take care of yourself. Let us know how you get on.

Love XX

[neverending]

Stella
I think in the present climate you have done the right thing and accepted.
Good luck,the next five years will be tough BUT THEY WILL BE WORTH IT.

[stella]

Thank you Neverending.

I always read postings on here and it is interesting to see how everyone is dealing with their own personal problems and it is nice that there are people out there who are genuinely interested in other people's problems and the help that is available, I know it has helped me. I will keep you informed as to how we get on and I know it will be hard but I definitely am going to go keep on top of it - which is more than can be said for Luton Town (sorry I had to get the football in there somewhere!)

With love XX

[freelili]

Hi Stella

Hope you are feeling relieved to have come this far and can now take a breather, good luck with the next 5 years.

Sorry about luton town though

LILY

I asked God for a solution and have to live with his reply.

[stella]

Hi all,

Just received my Chairmans report and wondered if someone could clarify this modification for me. "On each anniversary of the commencement of the IVA the supervisor is to conduct a review of the debtor's income and obtain in increase in voluntary contributions by 25% of any rise in his net income or £14.18 per month whichever is the greater amount."

This was in my list of modifications, not my husband's, does it relate to both of us? and when does the 25% start from, is the first anniversary or do we have to pay an extra 25% if we are paid any overtime from the date of acceptance of the creditors meeting?

Thanks.

Love XX

[neverending]

Hi Stella
That seems a fair modification and basically means that if you get a payrise at work you will only pay £14.18p maximum,per month.You will need to check to see if this is the case for overtime aswell as most people have to pay 50% of any overtime and all of any payrise.It also looks like it starts from year two regarding a payrise but again check with your IP about overtime as normally you will have to pay this from the start of your IVA.
Seems a good clause to me but best talk it over with your IP and find out if it applies to your husbands.
Regards

[stella]

Hi neverending and thanks for your advice and may I send my congrats to you too! Yes, we did have the usual clause in our proposal about the 50% overtime anyway, just needed to know if we had to pay over any extra above that. Just thought you would like to know one of my mods was " Any windfall, in excess of £500 received by the debtor must be immediately paid over to the Supervisor for the benefits of creditors". What do you make of that?

Cheers, love XX[:D]

[neverending]

Hi
Again the windfall clause is standard,covers inheritence and loterry wins etc.Having a £500 level before it becomes payable is another bonus for you.
well done