www.iva.co.uk

Received my Chairmans report today and list below my creditors and how they voted.

My husband:

Fashion World Didn't vote
HSBC Loan Yes TIX
HSBC Credit Card Yes TIX
HSBC Overdraft Yes TIX

100% for him!

Myself:

HSBC Overdraft Yes TIX
HSBC Loan Yes TIX
HSBC Credit Card Yes TIX
Barclaycard Yes Represented by KPMG
M&S More Card Yes TIX
Capital One No Grant Thornton
The following didn't vote:
Studio Cards
Freemans Catalogue
Next
95.73% Acceptance.

With the £50 increase in dividend, I am now paying 44p to the £.

Still smiling and more than happy with acceptance. [:)]

Good result, well done.

well done this forum does seem to be having lots of good news

thanks so much for posting that. Just wondering what amount of debt were you in and what are your repayments to iva with your increase?

isthereanend wrote:

Received my Chairmans report today and list below my creditors and how they voted.

My husband:

Fashion World Didn't vote
HSBC Loan Yes TIX
HSBC Credit Card Yes TIX
HSBC Overdraft Yes TIX

100% for him!

Myself:

HSBC Overdraft Yes TIX
HSBC Loan Yes TIX
HSBC Credit Card Yes TIX
Barclaycard Yes Represented by KPMG
M&S More Card Yes TIX
Capital One No Grant Thornton
The following didn't vote:
Studio Cards
Freemans Catalogue
Next
95.73% Acceptance.

With the £50 increase in dividend, I am now paying 44p to the £.

Still smiling and more than happy with acceptance. [:)]

The debt total and this is an approximate figure off the top of my head was 53k and my repayments are £540 per month for 24 months and £305 for 36 months. 4th year equity clause. The reduction in premiums happen as my fixed rate mortgage ends after 2 years. x

Hello, can anyone answer this/ why do some people know what they are going to pay ie £540 for 24 months and then £305 thereafter? I was under the impression that my (joint iva ) of £600 monthly would be reviewed annually? I'm already worried about the review in case they come up with a figure that's not manageable.If I knew this then perhaps I would be able to settle into the iva better and stop all this stressing? Cat

Because some IP's take account of their clients' changing circumstances at the beginning of the IVA - for instance where there is a change in mortgage rates which can be predicted, or a car hire-purchase agreement expiring and build this into the budget, to produce a far safer outcome. This does not negate the need for annual reviews.

Hi cat1

I am similar to you.

First year I paid £700 per month

Second year I am paing £757 per month

I have a review in July I suspect repayments will rise as I have had a pay rise and worked a lot of overtime during this year. I have no overtime or pay rise clauses just an annual review. I now know Debtmatters have sold my IVA to Grant Thornton or Totemic so it could be interesting if they have a different approach to I/E reviews to Debtmatters

These are the figures listed within the report. We also have the 50% overtime clause and obviously our yearly reviews, so I would expect to be paying a little more into the IVA some months of the year.

Hi isthisthened.I think I would prefer your kind of iva if I would have been given a choice.You know where you are now and in the years to come.Even with the 50% thing.I feel the next couple of years are unknown still and I think it's this that's worrying me.Cat

Cat,

Please don't worry about it. As long as when you have your review you submit an accurate I&E for you then your payments will only go up if there is a surplus from your income.

We had our first review last year and GT did not increase our payments as or I&E was pretty much identical to when we started our iVA with any increases in our payrises being swallowed up by increases in council tax and petrol.

It would be nice if our payments remained the same over the 5 year period like a loan but at the end of the day we are doing the IVA process so that we can pay back our creditors to the best of our ability and be debt free at the end of the period.

Lou x