On the minimum dividend - I have been told that the creditors will fully see from the proposal that, if accepted, they will not realise the minimum dividend. So, according to my case officer, it is kind of automatically understood and the clause does not have to be laid out specifically. If they don't agree, well, then they can insist on the minimum dividend being acheived, which, given that I cannot raise the equity, could leave me paying voluntary contributions for about 4 more years!!!! If that happens I am going to declare myself BR.
Re the potential failure of the IVA and my IP petitioning for my bankruptcy in the event of the creditors 'rejecting the meeting', whatever that means - that is how it was put on the variation proposal, clarification is being sought with the variation team. I really hope that this is not some ill-conceived attempt to pressure the creditors into accepting the variation in the knowledge that, as was effectively announced in the variation proposal, they will get rather less back in the event of my going B/R. Jesus, why can't it be simple??? I have done 4 years 8 months, never missed a payment, upped the payment for 22 months, not had a payrise for 2 years, not likely to in the next two either, house and car falling to pieces - and then, just when I hoped it would all finally be sorted out, back in marches all the stress and anxiety. I have now been told that this is in no way an attempt to pressurise the creditors, that the threat - or whatever it is - to bankrupt me in the event of the 12 months variation being rejected was inserted at the insistence of my IP, and that, should they reject the proposed variation, then a dedicated team exists to help me decide what to do next. I don't know what that means. I am all at sea with this now.
Last edited by
brokebryn on Wed Feb 15, 2012 6:20 pm, edited 1 time in total.
Last monthly payment made 3 June 2013 after 6 long years. CC issued 21 August 2013, but, er, lost in the post. Finally got it 17 September.
