Question for Melanie regarding Variations

[sjbyron]

Hi Melanie

How does a variation meeting work, and in your experience, would creditors such as Coop, Nationwide, RBS, Barclays, HSBC, Next accept a staggered payment scheme of:

September 2008 - 2009 - £130PCM
November 2009 - 2010 - £160PCM
November 2010 - 2011 - £280PCM
November 2011 - 2012 - £310PCM
November 2012 - 2013 - £340PCM
November 2013 - 2014 - £370PCM

Thanks

[MelanieGiles]

A variation meeting works by you putting forward a revised proposal to your creditors and asking them to vote to accept or reject it.

I will have to be brutally honest, and tell you that I do not feel a variation of such low payments over the next two years is a good solution for either you or your creditors, but that if you feel that you can sustain payments and your IP is prepared to put it forward you have little to lose. I also have only very scant details about your situation so it is not really my place to comment.

Do let us know how you get on.

[sjbyron]

Thanks Melanie

Do you think I should fail the IVA and go for a DMP instead?

Would a DMP Work under the above solution?

Thanks

[MelanieGiles]

No - I think you should seek the guidance of your own insolvency practitioner who has detailed knowledge of your case.

[sjbyron]

Thank you,

I will do and will let you know the outcome