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MelanieGiles
IP
30800 Posts |
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Michael Peoples
Forum Expert
4387 Posts |
 Posted - 10 December 2009 : 14:29:40
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| It really depends. There is not a huge amount of consistency but if the dividend drops quite a lot we find some creditors looking for an extra year. It is not guaranteed to happen but it is always a possibility. |
Michael Peoples | McCambridge Duffy Insolvency Practitioners www.mccambridgeduffy.com |
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c.j
IVA Campaigner
25 month\s down 35 month\s to go.
United Kingdom
358 Posts |
Posted - 10 December 2009 : 20:24:25
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| We had a variation meeting and our payments were reduced to £211 with a return of 21p in the £ from a return of 31p in pound.There wasnt an extenson put on ours as it was because of a change in family circumstances that we needed th variation. |
[url=http://www.familyticker.com/ticker/] [/url] |
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stevedb73
IVA Novice
15 month\s down 45 month\s to go.
23 Posts |
Posted - 22 January 2010 : 14:55:07
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quote:
Originally posted by c.j
We had a variation meeting and our payments were reduced to £211 with a return of 21p in the £ from a return of 31p in pound.There wasnt an extenson put on ours as it was because of a change in family circumstances that we needed th variation.
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stevedb73
IVA Novice
15 month\s down 45 month\s to go.
23 Posts |
Posted - 22 January 2010 : 14:59:27
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Hi All,
My Variation meeting was yesterday and it appears one creditor is making me fret and worry a little longer. Sat next to my phone as I write this post.
I hope this turns out to be a nice weekend!!! |
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Michael Peoples
Forum Expert
4387 Posts |
Posted - 22 January 2010 : 15:53:14
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| Hi Steve. Sorry creditors are putting you under added stress and I hope you get a positive answer today and not have to worry over the weekend. Best of luck. |
Michael Peoples | McCambridge Duffy Insolvency Practitioners www.mccambridgeduffy.com |
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stevedb73
IVA Novice
15 month\s down 45 month\s to go.
23 Posts |
Posted - 08 February 2010 : 16:14:11
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quote:
Originally posted by Michael Peoples
Hi Steve. Sorry creditors are putting you under added stress and I hope you get a positive answer today and not have to worry over the weekend. Best of luck.
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stevedb73
IVA Novice
15 month\s down 45 month\s to go.
23 Posts |
Posted - 08 February 2010 : 16:17:25
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Hi All,
As an update, I had the creditors fail my variation meeting which was put back to today. My new payment would have been £310 from a current payment of £520. It is evedent I can't afford this so I don't know were to go right now.... |
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luluj
IVA Artisan
34 month\s down 26 month\s to go.
United Kingdom
1330 Posts |
Posted - 08 February 2010 : 16:23:24
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I would talk this through with your IP direct and look to see if a I&E review can be done again and meet your creditors requests somewhere in the middle. It seems such a shame that you are having these issues when you so want to pay back the money you borrowed.
In no way forward then consider the bankruptcy route but you would have to let your IVA fail for three months first and your IP fail it in writing to you - save the three months IVA payments to fund the bankruptcy costs.
Hope you get things sorted ! |
Lulu
Remain Focused and Positive and all will be ok!
Look at my blog "All I wanted was a baby" |
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MelanieGiles
IP
30800 Posts |
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stevedb73
IVA Novice
15 month\s down 45 month\s to go.
23 Posts |
Posted - 09 February 2010 : 08:42:30
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quote:
Originally posted by MelanieGiles
Why have creditors not agreed to accept you revised offer Steve? They must have provided your IP with their reasons.
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stevedb73
IVA Novice
15 month\s down 45 month\s to go.
23 Posts |
Posted - 09 February 2010 : 08:52:55
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Hi Melanie,
I am not quite sure yet why they did not agree with the revised offer. I intend to follow this up today. My main worry is that the I&E sheet that we submitted clearly shows that the original monthly contribution is not viable and it is impossible for me to keep this up for 5 months nevermind 5 years. I did not originally want the BR route , but with 3 children to support and give a reasonable standard of life too, it may be my only option. I am unsure of the banruptcy process, so if you can recommend a good source of information on this , that would be great.
Once again thanks for all the support. None of my family have ever been down the IVA / BR process so it is dificult to attain any real life scenarios to help me through, and at the moment I feel uneasy sharing my predicament with friends.This forum really does help, even though laid up in bed at two o clock in the morning viewing it is probaly not a good idea. |
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MelanieGiles
IP
30800 Posts |
Posted - 09 February 2010 : 22:07:34
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I happen to think that the best source of advisory material about bankruptcy proceedings is the Insolvency Service's own website.
Creditors sometimes make stupid decisions, but a good IP should be trying to steer the way with your case and not letting it fail. |
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp |
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stevedb73
IVA Novice
15 month\s down 45 month\s to go.
23 Posts |
Posted - 12 February 2010 : 14:59:22
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quote:
Originally posted by MelanieGiles
I happen to think that the best source of advisory material about bankruptcy proceedings is the Insolvency Service's own website.
Creditors sometimes make stupid decisions, but a good IP should be trying to steer the way with your case and not letting it fail.
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stevedb73
IVA Novice
15 month\s down 45 month\s to go.
23 Posts |
Posted - 12 February 2010 : 15:13:35
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Hi,
It appears the creditors rejected the proposal due to the fact that the reason I am looking for a variation is that my wifes credit card payments were not on the initail I&E I submitted but just her take home pay from a part time job. Having since become more aware of the IVA process I have now realised this is the reason why I am struggling every month and should have included these initially. Having been refused the variation , can I go back with another proposal, or do I have to wait for a while. As I mentioned in previous posts my current payment is not viable, and I am out of money generally at least a week before I get paid. Do I need to pursue this, or is this something my IP should be doing on my behalf? As I am currently paying back 49pin the £, surely this would be a significant amount for the creditors to lose if I were to go BR. My house is worth about the same as my mortgage so their would be no equity to free up. Any help or guidance would be great. |
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I am only 8 months in to my IVA
