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Hi everybody,

I wondered if anyone can help with this, my creditors meeting is a few weeks away but we have been paying Synergi £383 per month for the past 3 months on the premise that a) this will look good to our creditors and b)that this has been worked out by Synergi, based on our budget, as a likely monthly repayment once the creditors meeting has taken place. How likely is it that this figure will increase? The current figure is comfortable for us but if it significantly increased it wouldn't be, how does it work? This is my only real fear.

Hi Markyp,

The monthly disposable income amount could only increase at creditors meeting if a controlling credior or number of creditors put forward modifications for a higher amount.

Remember that if a creditor/s ask for more, you do not have to accept. If you think their demands are not possible and unrealistic you can tell your I.P and see if this can be negotiated. However if your creditors dont accept this then brings you back to square 1 with your options then being DMP or bankruptcy.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

I bet if you asked your creditors whether they would rather have had a share of those three monthly payments already collected, they would say yes. I personally feel that the first payment should be held by the nominee prior to the creditors meeting, as a gesture of goodwill, but three payments is less usual and I really don't think earns you any brownie points with creditors!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

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http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp