www.iva.co.uk

Hi All
I have recieved my Chairmans report today so here is how my creditors voted:
Yes Votes:
Natwest £21,000 - Yes
Barclays £3,500 - Yes
Halifax £11,600 - Yes
Nottingham Council £252.00 - Yes

No Votes:
MBNA £12,000 - No

Did not vote:

HM Revenue
Severn Trent
Natwest - Smaller personal overdraft
Freemans
Sky
O2
BT

Yes votes were 75.11% so it looks like I just got through.Total debt 61K and paying back 26p/£.

One of the modifications reads as follows:

'A full review of I & E will be undertaken annually. Debtor must supply latest P60 and 3 wage slips. Where net income has increased ( including any routine overtime) the debtor shall increase contributions by 50% of the net surplus (after taking into account costs of living)commencing in the month following the review'.

I think I am reading this correctly but does this mean if I get a pay rise I will only have to pay 50% into the IVA rather than all of it even after the reviews.

Thanks
Sharon

Hi Sharon

I think your creditors would be trying to recover 50% of unexpected overtime!

Any increases you receive which meet Inflation would be covered by increases in the cost of living!

I think you have done well here and every year an argument will have to be made to show that any increases you have will have to meet the increases in personal expenditure ie food, and motor expenses!

Hope this helps!

Good Luck!

With inflation payrise these days below the rate of inflation,even for the Police,creditors should let us keep any inflationary rise....it is a basic right

"Always think outside the box"

Hi SharonR
Did MBNA give a reason why they voted no? I have MBNA as one of my creditors, and I'm really nervous about their vote

Thats brilliant news.
Did MBNA give a reason for there NO ?
Where your fees modified ?
Which company you with ?
Sleep well tonight !!

Hi
MBNA did not give any reason that I know of. But I have to phone up tomorrow to sort out my standing order so I will ask the question.

The company I am with is Payplan and they have been great.

Also I had to increase my payments £50 a month, I thought this was acceptable as any overtime/commission/bonus I am allowed to keep the first 10% over my take home pay then the split is 50/50.

Sorry for being stupid but I still do not understand the modification on increase in net income. For example if I were to recieve a £5000 increase within the next couple of months would I only have to start paying 50% of this one month after my review.

Thanks
Sharon

where they IP's fees modified ?

Hi Caraf
IP Fees mods were:
'During the term of the IVA the total fees must not exceed 35% of the total contribution and realisable assets. In any event total fees must not exceed £10,000 inc VAT.

X

Well done, the 75% just reached, which must be a relief.

Personally, I'm glad Halifax (62%) voted yes, but not too happy that MBNA voted no (25%). Would be very interested in seeing why they voted against the proposal.

Well done again [:D]

Congrats Sharon... the whole overtime / bonus etc clause sounds confusing. Best advice is to discuss with you IP to make certain you're clear what you're commitment is. This question seems to arise often on here... must confess that I'm still not certain about what my own similar clause means, and I'm 22 months in.... as it is, I just add up all monthly income and send 50% of the difference between it, and the income amount staed in my agreement straight to my IP... No complaints so far!

Martin

Sharon
To answer your specific question,YES you would only increase your payments the month following your annual review,regardless of when you had a salary increase
You have a very fair modification there
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Thanks Andy
That is what I thought.
I asked the question why MBNA voted no for my IVA but they did not seem to know.

But as a matter of interest MBNA did sell the debt on a couple of days before the creditors meeting to Eversheds.

But I have seen on another post in the last day or so that Eversheds voted yes to someone elses IVA, so I presume they do not always say no. I think it maybe that I was only offering 26p/£.

Sharon X