variation mtg 29th feb - accepted !!

[aklmg]

hi ,

my variation meeting is coming tuesday to settle my early (f&f)

My ip said that they have received few acceptances but eversheds asked my ip laset thursday to pay the original divident of 34p. I am paying 29.4p as a final settlement. They want me to continue making payments until it is 34p. but after remortgage my payments goes up by 300 pounds. I will not have any disposable income. already struglling. now the council tax, gas, electricity gone up which is not included in my tight budget. i have also included wife's contribution of 600£ during 2nd yr review (she is not in the iVa).

My f&f offer is as follows
Raising 22.5k from remortgage
3rd partt funds 18.5k
i have sold my b2l propertly and paid 12.5k
I am in 2nd year already made 18 payments of 300.
I have not missed any payments
My equity release is 1st year

I have told my ip that i cant increase the offer since i need to pay my 3rd party once i complete my Iva (at some point) and we already given a tight budget and my ip said they can understand but I am worried and unble to sleep now. i have 2 kids (5yr and 3yr).

I have given a reasonable offer (Maximum i could offer)

My ip says that i need to sell my house if this fails

In addition to this My company starting credit check 1st of april and i want to complet this soon so that when they ask me about my iVa i can say that i have completed sucessfully. There is a chance i might not loose the job. if not i will loose the job and i might find it difficult to get a good job. i have told this to my ip they said will speak to eversheds.

Please help by giving me a suitable suggestion

[aguise]

Hi there aklmg
If you cant afford to offer more then dont. If this is your best offer your Ip will have to put your cicumstances to eversheds. The rise in mortgage is a very valid point. Hopefully they will see the sense. This only my opinion wait for others. I wish you well but stick to what you can reasonably afford.

Ang

[aklmg]

thanks aguise

i will wait to hear other experts opinion. i am not sure what evershed will do.

[MelanieGiles]

Hi there

Often the success of a variation meeting is the way the proposal was presented in the first place. Did your IP make it clear that you were struggling to make your payments, and could not afford to carry on with the IVA in its present form? If not, they will have further work to do to convince Eversheds that this is the best way forward for their clients. Are you sure that you are borrowing as much as you can from your re-mortgage?

[aklmg]

Thanks Melanie,

I dont think they have mentioned this. if i continue my iva i will loose my job through credit check. i will then not be able to continue with iva. my ip said they will speak to evershed. should i fax the letter to my ip tomorrow or shall i ask my ip they need the proof of this credit check. my ip said they will try maximum. what is the policy of evershed on this matter. please advice the next step

[aklmg]

sorry i forgot to mention the remortgage
Yes i am taking 75% of equity

[MelanieGiles]

Why not push it up a little further to ensure you can achieve the dividend you originally pledged - so long as you can afford the increased mortgage payments.

[aklmg]

i might have to speak to few more relatives i doubt it since i have tried most of them already and i might need time to organise.

on tuesdy if they still insist for 34p can i ask for time to come back. is this viable. or i should finalise every thing by tuesday.

from my monthly budget it will be very very difficult. i have put forward my maximum already.

all the relatives and friends helped because i can stay in the property and possibly in the job too afer the credit check.

Please let me know

[aklmg]

Evershed do they insist on their original demand
or helpful towards early settlement

worst scenario can i offer the current pay plan of 28p now and offer 50£ monthly (for the time being since i dont have any disposable income) and then i pay the balance 6p by monthly payments (during this time i can try and get help from other friends and relatives to settle the balance 6p early so that i can come out).

Is this type of thing accepted. I then need to explain my self to my company about the current status. hope i dont loose the job

at the end of the day i need to pay back the 3rd party funds too

please advice


I want to avoid another variation request and sale of my property. Please advice

[MelanieGiles]

If you can afford £50 per month, why not take out a higher mortgage and use this money to fund the higher payments.

[aklmg]

i have already taken higher mortgage (8.25%) and maximum ltv. They cant offer any more money based on my monthly expenditure. i explained this to my ip already. only option is to get some more help from friends and relatives.

[aklmg]

please let me know is it worth speaking to my ip before tuesday's meeting

[MelanieGiles]

It is always worth discussing matters with your IP at any time you like, and the meeting can be adjourned on Tuesday for up to 14 days to enable you to see if you could make an improved offer.

[Adam Davies]

Hi
Did you see the proposal that went to your creditors ? Did it mention the fact that your job is at risk ?
I wouldn't offer more than you can afford to.I would speak with your IP tomorrow and get them to press the point that your mortgage payments will increase by £300 per month,the same as your IVA payments are,so how can you be expected to pay more ? Also,more importantly,that your job is at risk.
Regards

[aklmg]

thanks Melanie

i will speak to my ip AgAin And express the sAme AgAin tomorrow and wait for the meeting result on tuesday and if this does not go weel i will ask my ip to adjourn for up to 14 days to propose an improved offer. this will give me time to get additional money from 3rd party.

thAnks Andy

work At risk is not in the proposAl. but i mention this to my ip when i spoke to them lAst thursdAy. my ip sAid they will speAk to eversheds And explAin my situAtion. but not hAd Any phone cAll regArding this.

i Am now worried whether evershed will give positive vote.

i hAve Also recd AcceptAnces. but if eversheds dont vote then i think i will be ok. if they vote AgAinst then i will hAve An issue

should i fAx the letter confirming the job At risk to my ip tomorrow morning. then hopefully they cAn pAss it to eversheds

pleAse Advice

thAnk you to both