Variation meeting

[baz36]

My Ip is proposing a variation for us. at present we pay £289 per month which was meant to go up to £455 in september this year, which is when we thought our little boy would be starting school (pay private nursery now whilst at work).

we found out since he wont have a place until September NEXT year(the term before he turns 5)(which means us having to pay nursery for longer)

so ip proposing to creditors we carry on paying £289 until september next year then increasing to £455 but carrying on IVA for an extra year so creditors still get the same amount back.

What do you think our chances of this variationg getting accepted?

Really panicking now.........

[ray_a]

Hi

I think it all depends on whether your IP is in favour as if he is then it stands a very good chance!

Hope it works out!

Good Luck

Ray

[baz36]

my ip is in favour. They send me a letter they had drafted for us to sign that is presented to the creditors (do they just present it to the creditors that ORGINALLY voted)? or to them that didnt also.

It basically says payments to remain at £289 until september 2008 then increase to £455 (when son starts school) and extended period to 6 years (therefore they still get same amount back)

I cant see why they wont agree to this can you?

Gosh i really hope so

[Oliver]

I think that this is a reasonable request and that you have a very good chance of your creditors accepting this.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[baz36]

thanks oliver, do they just present it to the creditors that orginally voted (or even present it to those that didnt vote)

[Oliver]

The variation is presented to all your creditors. Seeing that the creditors are still going to get the agreed return back I don't see that this will be a problem.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[Adam Davies]

Hi
I have no doubts that it will be accepted but do you realise that you are paying more overall than was originally proposed ?
Your final year should really be at the difference of £165 but it,s the cost of another years IPs fees and variation meeting that will eat up the extra that you are being asked to pay in the sixth year.
Do you think that you may be in a position to pay £80 per month extra in years 4 and 5 instead of the extra year ?
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