Posted: Fri Jun 07, 2013 5:21 pm
Well, following on from recent events I submitted my new I&E to GT, who agreed it showed a vastly reduced disposable income.
This morning I had a long conversation with their variation team. After going through my figures in detail, it would appear that my disposable income isn't actually modest, it is almost non-existent!
So we are going for a Full and Final, based on payments made to date -- which meet the original anticipated dividend, luckily. However, there is, as always, the possibility that the creditors will re-tweak the figures to reproduce the modest D.I and ask us to continue to term on the reduced amount. I fear that this amount will be so pitiful as to make the IVA unviable from a commercial point of view for GT -- so we shall have to hope we don't need to cross that particular bridge!
I must say that the chap from Variations was very helpful, thorough and supportive, explaining everything in detail as we went along.
Part of me is disappointed that we aren't going to double the original dividend, as it looked like we might have in the first year, but, to be brutally honest, assuming the F&F is accepted (which is by no means a certainty), I won't be sorry to get this particular albatross off my back.
I can't say it is worth what it has cost, but it will be good to be able to rebuild with a clean sheet.
Fingers, toes and eyes are crossed -- albeit I will have to remain this way for 2 months !!!
This morning I had a long conversation with their variation team. After going through my figures in detail, it would appear that my disposable income isn't actually modest, it is almost non-existent!
So we are going for a Full and Final, based on payments made to date -- which meet the original anticipated dividend, luckily. However, there is, as always, the possibility that the creditors will re-tweak the figures to reproduce the modest D.I and ask us to continue to term on the reduced amount. I fear that this amount will be so pitiful as to make the IVA unviable from a commercial point of view for GT -- so we shall have to hope we don't need to cross that particular bridge!
I must say that the chap from Variations was very helpful, thorough and supportive, explaining everything in detail as we went along.
Part of me is disappointed that we aren't going to double the original dividend, as it looked like we might have in the first year, but, to be brutally honest, assuming the F&F is accepted (which is by no means a certainty), I won't be sorry to get this particular albatross off my back.
I can't say it is worth what it has cost, but it will be good to be able to rebuild with a clean sheet.
Fingers, toes and eyes are crossed -- albeit I will have to remain this way for 2 months !!!