Iva needs amending. creditors meeting, What if??

[mitchymoo]

Hi everyone not been on for a while, Iva been going great but Tax credit annual assessment stated that we had been over paid by 3k. Rang iva it was all in place to be included now I need to do an amendment and a creditors meeting needs to take place. Me and my partner have seperate iva but we are linked with certain creditors. Partners iva is all ok not being amended.

Im so worried that they will reject the amended proposal.They will get 20 per cent with the new proposal as it was 27 in the orginal one.
Combined with husbands the linked creditors will receive 38%.

Im 5 months pregnant and it feels like im back to square one- im worried they will make me bankrupt?

- what would happen to husbands iva if mine gets rejected?????????

please if anyone can help me shed some light?

[Shining]

Hi,try not to worry. Your IP will have put forward a good proposal for the variation. The best offer will be on the table.

[Shining]

Forgot to add, I just had a variation meeting with a decreased p in the £ now payable. We were aiming for 44p in the £ now 33p in the £. All accepted. x

[mitchymoo]

Lesley thank you for replying, I am worrying i cant eat it feels like when I was in the process at the start.
What if the decline mine hubby is fine with his....how will it work??? Oh im so scared.

[Shining]

I would have a word with your IP and gets some case specific advice about what will happen in the unlikely event your variation is rejected.

One of our more knowledgeable posters will be along very soon to give some advice as I'm not sure.

When is the variation? x

[mitchymoo]

Im not sure Lesley all my info only came yesterday, only checked my postbox today. I have checked though and along with my new proposal wasmy gas/elec bill and im saving £18 a mth starting this month so I have put this down on my proposal inc & exp form. I will then be paying 8.62 more a month than current.

Did you need to have another meeting is it just like the first one??

Thank u for helping x

[Shining]

If they are planning a variation meeting it's just like the creditors meeting, no need to attend you'll be informed by telephone of the outcome.

If it's just a change in payment and I think it's a 15% reduction the IP can sanction without cause for a meeting.

Best to talk to your IP really as they'll give case specific advice. I'm just a poster within an IVA myself. I feel your worry though and it's easy for me to say but try not to let your IP do their job and have faith within them. x

[mitchymoo]

Thank you Lesley x