lump sum offer ,small amount left each month ?

[depressed]

hi andy or melainie ,i have just sorterd out all outstanding balances to creditors etc and am waiting for my house to sell whilst my ip draws up proposals etc ,i have worked out our i&e and theres around £150.00 per month left after outgoings ,but this is not deffinately always available as my husband is self employed and its difficult to predict what the future holds for us ,i am just going on previous tax returns to estimate what will be available ,do you think creditors would expect this £150 per month on top of our lump sum .
the lump sum we are offering is around 40p in the £ ,made up of our endownment plan and sale of the property .
the £150 we will hopefully have per month left would be helpful to try to tidy up the rented accomadation we will be moving into as its not fit for the children ,to be honest its a real mess and the house we are leaving behind is immaculate !!!
what do you think ? many thanks for any advice and kind regards .

[Adam Davies]

Hi
It is possible although the ongoing administration by your IP over 5 years will gobble up most of that,your creditors will receive very little.
As your husband is self employed it would be dangerous to enter into a five year agreement if your disposible is only £150 per month as this could change for the worse quite easily.
Speak with your IP,you really need a full and final with no ongoing monthly payments.
Regards

[MelanieGiles]

I would suggest that you look at your husband's trading projections a little more sensibly, and ensure that you are properly accounting for all taxes and national insurance he will have to pay on profits generated.

Under current creditor voting criteria, I would not be a bit suprised if someone did not ask for ongoing contributions, and then expect someone like me to supervise that for 15% plus VAT per year, which would hardly be a viable proposition.