A bit of reassurance needed if possible!

[aragorn]

Hi,

Could i please have some opinions based on your professional experiences.

I have been receiving some great advice on this forum and really appreciate it. My situation is as follows:

Been paying Iva for 2 years(no payments missed) at £727.00 per month. Now due to redundancy (if February)and a lower paid job etc we can now only offer £500.00 per month for the rest of the term.(48 months.) Original proposal was for 50p/£ dividend.

We will also be paying in a redundancy payment of approx £6,500 (amount after we have paid our mortgage arrears.)they are treating it all as a windfall.

Do you think creditors(mainly max recovery/eversheds)are likely to accept this proposed amount meaning a lower dividend seeing it is not our fault?

Our modifications stated that if we did not pay a 50p/£ dividned then IVA will fail and we will be made bankrupt by supervisor. Surely we have mitigating circumstances?


We are going through a variation but i cannot phone IVA company anymore and need to do it all through the post i get too upset becasue they tell me different advice each time. This will be a long drawn out process so just wanted some opinions, i know each case if different.


Thankyou so much.

[pm5]

I would have thought it would still be in your creditors favour to accept a smaller dividend than make you bankrupt as then they would probably get nothing.

[emma_t]

This is one for the professional people out there, I will reply tget you to the top of the board again and to wish you luck in getting this sorted
Emma x

[petes39]

I know the experts will be there to advise correctly, however looking at the figures I wouldnt worry bout it as your redunacy(sorry to here that) covers alot of the down fall,and eversheds have paid no more than 10p in the £ so i should hope they will accept, good luck i hope it will be ok. i`m sure it will be your not far off the original proposal and times change!!

Pete

[Adam Davies]

Hi
I'm sure that your variation will be accepted.
Your creditors have no reason not to
Regards

[aragorn]

Thankyou all for your replies.I will post the results of the variation when it happens.

[Soulgrowth]

Just wanted to say good luck ... these things can be a long, drawn out process. I have been addressing a variation to my IVA which has taken a year! I have learnt the art of patience and not too worry too much, you can only do what you can do and what will be, will be.

Do keep in touch with the Forum and let us know how you are getting on.

Debbie

[chris.g]

Just wanted to wish you luck Aragon. Hopefully your creditors will see sense and accept the new payment offer,
xx

[MelanieGiles]

That's a great offer and one which I would be more than prepared to recommend to your creditors.

And why can you not phone your IP? Who on earth do these people think they are???

[Soulgrowth]

Melanie ... let me tell you from experience ... it's dreadful out there in our world ... trying to speak with your IP is like trying to get into Fort Knox ... and when I was eventually (after six months) allowed to speak to my IP it was like I was being granted an audience with the Queen. [:(]

Debbie

[MelanieGiles]

Appalling - and the culprits ought to be ashamed of themselves. There is nothing special about being an IP - it's just another day job, and Debbie can you imagine how this would affect your business if you adopted the same attitude?!

[pm5]

Facinating really, cuz whilst in the process of conducting an IVA, nothing is ever a problem with some of the IVA companies, even to speak with the IP, then once it goes through it can be a different ball game.
Although this is not aimed at every IP you understand.