Creditor variation meeting tomorrow

[Twiglet]

Tomorrow is D-Day for the variation meeting of creditors to see if they’ll accept funds paid to date as a f&f settlement due to major changes in circumstances (I no longer work due to becoming carer for my teenage son who suffers badly with neurological and mental health conditions). I am absolutely petrified and praying they accept the offer, not quite sure what I’ll do if they don’t! It was actually my IP that suggested this route so I’m hoping they think there’s a good chance of it to offer it in the first place! Meeting at 10.30, not sure what time they’re likely to call though, hope the6 don’t keep me waiting all day!

[Keith White]

The IP wouldn't have suggested this route unless they were very hopeful of acceptance. Fingers crossed here too - let is know how you get on!

[Foggy]

Creditors are usually sympathetic to pressing changes in circumstances, especially health matters and you would have had a positive rcommendation from your IP, which carries a lot of weight.

Best of luck.

[Twiglet]

THanks for the replies! Today is the day and I hope they are sympathetic as Foggy said! Completely genuine reasons for having to give up work and I have provided evidence for this. Paid solidly for over 3.5 years with increases throughout that time that we always paid without missing a payment. Thank you

[kallis3]

Sorry to hear about your son, you say you don't work - looking after him must be a full time job anyway!!!

Good luck for today!

[Michael Peoples]

Good luck from me too and I am sure your IP will be doing their best to get this accepted. I cannot see why creditors would reject so fingers crossed.

[Twiglet]

Well, I have had the call and it’s been accepted! I’ve cried tears of relief! I know most people are happy to see the end of an IVA as it means they’ll be better off each month - that’s not the case for us as we had virtually no disposable income so for us, the relief is immense that we do not have to try and find the extra each month or go bankrupt. The IP said the completion process will take 3-6 months. There were some modifications proposed by creditors but none that directly affect us - things like the variation meeting fee to cost no more than £300 and one creditor requested chairman report is sent within 7 days which they said it would be anyway. Does anyone have experience with Harrington Brooks and the completion process - is 3-6 months realistic timescales or are the quicker/slower than this. Thank you all for your kind words, I really appreciate the support!

[Michael Peoples]

Congratulations and well done to HB. Rather than just terminating the proposal they put your case to creditors and got the perfect outcome. Don't worry about completion certificates and insolvency registers today but instead enjoy your first day of debt freedom. The other things will fall into place in due course.

[Twiglet]

Thank you Michael! HB have been very good throughout the whole IVA process to be fair, I can’t fault them. And you’re right about completion certificates, I’ve just seen so many people talk about them on the forum etc that I worry I’m suppose to do something or something will go wrong, but for now, I’m just going to enjoy the feeling of relief and concentrate on home life and getting my son’s school etc sorted without this hanging over us as well!

Thank you!

[Foggy]

Completely agree with Michael. Take a breath and savour the moment.

[kallis3]

Brilliant news! Really pleased for you,

[linrog]

We were with Harrington Brooks our full and final was accepted funds paid over and completion cert within 6 weeks great firm very sympathetic

[Twiglet]

Thank you all! Still can’t believe they’ve accepted it! And yes, HB were fab and sympathetic to our needs. I didn’t know this was an option, they put it forward for us. I’m not overly worried about the completion cert right now, certainly won’t be getting any credit in the near future so not like I need it immediately anyway!