Statutory Interest Variation

[ray_a]

Update on my present situation.

Variation meeting held for Friday 27th July afternoon.

Been advised 2 creditors have voted yes but a large one IR have rejected. However more still may vote and if we get 75% then it will pass.
Been advised that I will need to get financial info together.

Any ideas what I need to do on this please

Thanks for your help

[Adam Davies]

I think that you will just need to show proof of funds Ray.
Good luck for friday and i hope that your IP is hot on the phone getting those votes.

Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[ray_a]

Hi Andy

Thanks for the interest.

Apparently he will need a cash flow forecast for my business and I will have to put in my personal expenditure.

It looks like another IVA application.

I also looked at the % of the Inland Revenue creditor and they represented 17.5% of our debt.

It looks like on the first vote it will most probably fail and so we will go for an adjournement and have to negotiate a lot!

Will keep everyone updated!

[Adam Davies]

Hi Ray
Why do they want your business details if you are paying your debts in full with interest ??
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[ray_a]

Hi

My IP has said that he will need this and given no reason as to why!

I can only think that he requires this to show that we need the extra capital from the sale of the house to show that we require the capital for business and personal capital expenditure such as a new car.

I was also wondering whether I could pay the statutory interest to the Inland revenue and if the other creditors agree pay the proposed reduced interest which we did as a sign of goodwill.

Unfortunately the amount we are arguing is sitting in a clients account.

Help that helps and thanks for the interest!

[Adam Davies]

Hi Ray
Well once Friday is here you can discuss options with your IP.It maybe that he can go back to your creditors and see if they will accept the reduced interest payments and allow the IR to be paid in full and that way you can conclude your IVA.
Fingers crossed for you.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[ray_a]

Hi

I think it is a good option to go down.

Hopefully another IP may come on and see what they think of this option.

The only comfort in all this is that we are least getting some expetience in variation of IVA's on this site!

[ray_a]

Could someone please move this thread over to the today section as it is very topical please!

Many thanks

Ray