success but additional contributions needed

[kieranandmegansmum]

so what are you offering a month

S WARD

[Mike74]

Another twist... I've been informed the London branch has now closed and Shane Smith no longer works for Clearstart... It appears however that the meeting has gone ahead but my new case officer is currently on lunch! I'm not so nervous now as I'm finding the whole situation rather comical. It's now 1.36pm!

"I will creep into your thoughts like a bad debt, that you can't pay, take the easy way out - and give in." Morrissey.

[Mike74]

I'm offering around £600 per month x 60 months -

"I will creep into your thoughts like a bad debt, that you can't pay, take the easy way out - and give in." Morrissey.

[caraf]

is the 600 per month for both your ivas or just yours alone?

[Mike74]

Mine alone, my wife's is £532. The fees by the way for just mine are a fraction over £10000 - which I personally think the creditor's will reject hands down.

"I will creep into your thoughts like a bad debt, that you can't pay, take the easy way out - and give in." Morrissey.

[Mike74]

2.45pm Received the outcome of the meeting, wife's IVA accepted on the basis that repayment amount is increased between £150-£300. My own IVA has been rejected with 70.66% voting in favour, and guess who voted against? Yes, Northern Rock! They claim "insufficient dividend" as the reason for rejection, however the meeting has been adjourned until Tuesday - with my IP hopeful he can persuade NR to change their decision with a proposed increase in contribution, or encourage one of the non-voting creditors to vote in favour in order to out vote them... either way, the waiting continues!

"I will creep into your thoughts like a bad debt, that you can't pay, take the easy way out - and give in." Morrissey.

[caraf]

Oh I am really sorry.
are you going to accept your wifes on the basis of such a big increase, thats a big increase per month ??

[caraf]

What % of your debt was NR ?

[Mike74]

It's being proposed that the £300 increase is spread across both mine & my wife's IVA and the creditor requesting this to be applied to my wife's IVA only will be sympathetic. Northern Rock held around 18% total share. I'm gutted that I didn't pay them a lump sum of £5K 3 months ago which would have had the effect of reducing their share sufficiently and would have actually seen the proposal accepted! But I was advised otherwise, if other creditor's had caught wind of this, then it would have been detrimental to the proposal as a whole.

"I will creep into your thoughts like a bad debt, that you can't pay, take the easy way out - and give in." Morrissey.

[caraf]

which other creditors voted no or didnt vote at all

[caraf]

this is your worst nightmare come true !!! I am so so sorry. What have clearstart recommended you do now

[Mike74]

If not resolved... bankruptcy! Although It's not as bad a it's made out to be, I'm particularly interested in utilising the services of one particular company regarding this option, DCM Money Solutions (http://www.dcmmoney.co.uk/bankruptcy.asp). Has anyone had experience with these? p.s. Not sure at this stage who else, if anybody, voted no. Many didn't vote at all.

"I will creep into your thoughts like a bad debt, that you can't pay, take the easy way out - and give in." Morrissey.

[caraf]

Thanks. let us know how you go on at your next meeting and how things end up. How long doees it take them to reschedule. Keep in touch ! Maybe they can rally round and get some of the NO voters to vote you dont need many more do you.

[caraf]

Is there equity in your house ?? Does that mean if you go bankcrupt your creditors get nothing ??

[debbiw]

Oh Mike, I am so sorry. I'm sure your IP will do everything he/she can to resolve the issue on tuesday. Don't despair! IP's are fantastic at getting a positive outcome at a later meeting. Hang in there!