Hi - my C/M date has been set for 2 weeks time. During this time, is it usual for creditors to come back with variations or do they usually wait until the last day? Also, i have no assets at all (apart from £1400 equity in a car), and just the usual debts (loans c/cards) - what sort of modifications do creditors usually make? Are there any common ones? I'm just a bit worried that it won't go through.....
Your IP wouldn't be putting it forward if he/she didn't think it was going to be accepted.
Different creditors request different modifications, but not always. A lot of the time the mods are to do with IP's fees, but that won't bother you.
You won't find anything out till the day. I'm sure it will be fine though.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The idea of putting forward a Protocol compliant IVA was to avoid having modifications. This is one of the real benefits for such Protocol compliant proposals. It is up to your IP to satisfy himself that he/she is putting such forward. Then there should be no modifications unless there is something special in any individual case.
Last edited by David Mond on Wed Jan 14, 2009 7:33 am, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Our only mods were to do with the release of equity and how much it should be.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
OMG.Does this modification get taken to the letter.EG NO changes for 2 full years.This would mean what we are allowed to earn? Keep ?Pay out? What have I done entering into an IVA?
Cat, don't panic. Even though it says 2 years you'll still have reviews and complete I&E forms. In the proposal, it will state about any overtime etc..
Normally the 2 years is there so no variations can be proposed, however, I don't think this is written in stone. If the worse came to the worse and your circumstances changed withing the first 2 years, I'm sure your IP will deal with it.
I will advice, if you're struggling with payments early on, face up to them. Don't suffer and think they'll get better, because they seldom do.
I'm sure your IVA will be fine, but use this forum and ask anything that causes you doubt /stress.
Julie is totally right and you should not panic. Provided the proposal is viable when you sign it there should be no problems. Creditors do not like variations to reduce payments that have recently been agreed unless something unforeseen happens. Therefore a proposal based on unlimited overtime in the current economic climate would be unwise.
In addition, an IVA does not restrict you from moving jobs, taking a second job etc nor does the IP dictate what you can spend your money on. If at any time you have a problem just lift the phone as the IP is there to help. He or she does not have to get creditor views every time a client has a problem.
