Yippppee - IVA approved

[Rainbow]

Hi All

After a nerve wrecking 2 weeks for our adjournment of IVA finally got the call this afternoon - IVA approved. Very little MODS except for IP fee's.

Mod introduced was instead of 5.5 years reduced to 5 years and 4th year clause for re-mortgage but IP said that this is better if we pay over equity in fourth year as IVA will then cease.

Thanks to you all especially to Melanie who told me to keep the faith with Grant Thornton, although it was a long process 5 months in total (I think they are just so busy) they have worked really really hard this last 2 weeks - Special thanks to Jim Maxwell and Nancy Woods who kept us going.
Also very special thanks to Melanie on this site who provided us with a remedy for hubby's part time musicians earnings.

I hadn't really noticed until today when the call came through how worked up I had been.

Can't believe potentially in four years we will be debt free.....[:D][:D][:D]

[ray_a]

Well done Rainbow!

Now you have to just keeping up the payments!

Hang on and we are all rooting for you!

[jasperyogi]

Thats fantastic news Rainbow, best of luck to you and well done [:D]

Why spend life worrying...when you can spend it smiling!!

[BrassicLintus]

Fantastic news Rainbow!!!! And what a lovely acceptance speech you posted!!!! [:D] Wishing you all the best for your debt free future!

[lizziej]

Well done - mine was approved on Tuesday and the relief and stress that is lifted is enornmous -however reality soon sinks in when you get your chairman's report and realise how tight the next few years are going to be - but it's amazing what you can do on a budget!

Best wishes for the futre - think positive!

[mikebdomain]

Brilliant news - well done rainbow

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[louiseh]

Well done, It was a long time comming, but you got there in the end.

[Lisa2009]

Well done rainbow, now sit back and relax

[Rainbow]

Thank you all for your message of support - Yes it was a long time comming, but well worth it in the end - Still can't believe it keep crying for no reason but at least it's tears of joy now and not frustration and despair - over the last five months I have been to some places within me that I really don't want to go to again!
So will make sure that we keep up the payments! and no more credit!! Well except the mortgage I suppose..
Does anyone know when the first payment becomes due>

Thanks again
Rainbow

[louiseh]

I made first payment exactly 1 month after IVA agreement date.

[OPTIMIST12]

I believe the first payment has to be made no later than one month after the creditors meeting and on the same day of each month thereafter. I made my first one straight away as I was so keen to get things started!!

Congratulations!!

[aguise]

I think the payment as optomist says i due within 30 days of the date of the meeting.
Well done and congrats.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Rainbow]

Thanks very much.

Just reflecting on things now and I think all IVA approvals should come with one of those health warnings like - Do not sign anything legal or contract anything for 24 hours - Until you have come back down to earth!!
It just feels so great, Can somebody pinch me and tell me I am not dreaming!

[Adam Davies]

Hi Rainbow
That,s great news and well deserved,you have been a great help on this forum.
Why the £700 to HSBC ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[OPTIMIST12]

Just enjoy that feeling Rainbow. I felt the same but - trust me - you will come back to earth soon enough!!!