Creditors meeting without updated I&E

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Shelly30
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by Shelly30 » Fri Jun 01, 2018 3:03 pm
I have received a letter today from my IVA company stating that a creditors meeting is to take place as we need to reduce our payments lower than the allowed 15%. We were paying £403pm but I have told them due to nursery fees of over £600 this would not be possible and offered £100 for this months payment. I have today received a letter stating a creditors meeting is to be held and it states that we can pay £100 - may question is, shouldn't a full I&E take place to see if this payment is even possible, bearing in mind we were paying £403 and nursery fees are over £600.
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kallis3
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by kallis3 » Fri Jun 01, 2018 3:48 pm
I would contact them and insist on doing a new I&E so all figures are accurate.
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MerlinL14
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by MerlinL14 » Fri Jun 01, 2018 5:23 pm
I fully agree with Kallis, you should make your IVA company aware that you require a full I&E to be undertaken prior to the variation meeting.
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luluj
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by luluj » Fri Jun 01, 2018 11:30 pm
How long has your iva been in place ?

Your I&E needs to be fully reviewed before any consideration to reduce payments is made to ensure affordability remains.

Were you aware of the increased costs for childminding at the outset or is this changed due to a change in circumstances during the iva? What I am thinking is if it was a known change then your IP should have planned for this and built in a review mechanism and reduction of payment from the outset.

Let us know how you get on
Shelly30
Posts: 21
by Shelly30 » Sun Jun 03, 2018 9:05 am
We will be 4 years in this in November. My baby is 6 months old so wasn't planned at the start of iva. Our iva was sold on in November 2017 but prior to that it was agreed that due to overpayments nothing would need to be paid until June of this year. When I called the new company to explain the situation they just asked for incomes and the next I hear is this letter. I'll try to call them tomorrow (if they answer) and ask for a full I&E to be done..... as even £100 I will struggle with due to the nursery fees.
However, could they fail the iva if it's deemed we have no disposable income or it's low? We've paid over £14k into it so far.
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Foggy
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by Foggy » Sun Jun 03, 2018 11:11 am
Shelly30 wrote:
We will be 4 years in this in November. My baby is 6 months old so wasn't planned at the start of iva. Our iva was sold on in November 2017 but prior to that it was agreed that due to overpayments nothing would need to be paid until June of this year. When I called the new company to explain the situation they just asked for incomes and the next I hear is this letter. I'll try to call them tomorrow (if they answer) and ask for a full I&E to be done..... as even £100 I will struggle with due to the nursery fees.
However, could they fail the iva if it's deemed we have no disposable income or it's low? We've paid over £14k into it so far.



I agree that a full I&E needs to be done and, yes, they could fail the IVA if the new disposable income falls short of what they require. However, they might agree to accept payments made to date in full and final settlement ( basically calling it quits ). It does happen ( it did in my case) but will depend on the fine detail of the whole picture and cannot be second guessed.
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