Modifications

[lesley]

I received my modifications yesterday and they were nothing but common sense.

1) Arrangement will run for 60 months.

2) Must not obtain credit without permission.

3) Must cut up any credit/debit cards in possession. ( did that 2 months ago)

4) Must not retain monies to petition for bankruptcy.

5) Any windfall, inheritance etc must be handed over.

6) A minimum of 28 days notice to creditors if a variation meeting is required.

I didn't see a problem with any of these so I signed it and sent it back. I really expected a big brown envelope with 20 pages of things I would never understand. IP says all should be well next Thursday as I got 76% votes.[:)]

[ian]

Hello Lesley.

Those are simular to my modifications, like you say they are common sense really.

I dont mind handing over 50% of any overtime i do,at least i still get something out of it.

Well all i can say is all the best for next Thursday.

Regards.

Ian

[jamesfalla]

Great news on your IVA Lesley

This just shows that if the IP puts forward a sensible and reasonable proposal which covers all the points that creditors will require, there should be no reason for additional modifications.

Believe it or not, I think that in many IVA proposal this does happen. We tend to hear about the more problomatic situations on this forum as people are more likely to highlight problems rather than things that run smoothly

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk

[go_4_broke]

'Must not retain monies to petition for bankruptcy.'

What's that all about then I wonder ?

Please view my blog at www.go4broke.blogs.iva.co.uk

'6 years sticking my head into the Lion's mouth of debt !'

[Adam Davies]

I think that it means that the IP is NOT required to retain money for possible bankruptcy proceedings,one of the professional experts may correct me.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[tracy.h]

Am really pleased Lesley that your your modifications are straight forward,and that come thursday it will all be finished and you can relax.
Do they meen you cannot withhold money to petition for bankrupcey,or your ip,seems strange as you wouldnt have any money to save?anyway all good news i hope you can now move on and live a good life without all the stress,you may not be rich but at least you will have peace of mind.
Take care x

[MelanieGiles]

The modification regarding retention of monies by the supervisor for bankrupcy has been put forward as creditors want to have the opportunity of dealing with their customers directly, in the event of IVA failure, rather than see an automatic bankruptcy.

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

[go_4_broke]

Typical - they don't miss a trick do they !!

Please view my blog at www.go4broke.blogs.iva.co.uk

'6 years sticking my head into the Lion's mouth of debt !'