I have a creditors variation meeting

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zoey212

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Post by zoey212 » Tue May 25, 2021 2:10 pm
I have a creditors variation meeting next week to consider my full and final offer to settle my IVA. My offer is for 16x my monthly payments (£2400ish) of which there are only 12 months to the end of my IVA, so I’ve offered more than I’m due to pay monthly in the hope it will be looked on favourably (my employer has offered me an interest free loan to do this).
What are the chances of this being accepted? Also the letter from my IVA supervisor says I need to make myself available on the day of the meeting to take a call “in case my creditors place any further demands on my IVA”, what does this mean? What demands could they make? Thank you in advance

Foggy

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Post by Foggy » Tue May 25, 2021 2:35 pm
It's a standard requirement to be available during a creditors meeting in case they have any questions or address any other concerns. It is unlikely that they will call you --- but sod's law says they will if you aren't waiting !!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

zoey212

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Post by zoey212 » Tue May 25, 2021 2:40 pm
Hi
Thank you for your reply.
My supervisor or I never discussed my monthly payments leading up to the creditors meeting. I have continued to make monthly payments and my next one is due only a couple of days before the creditors meeting. Should I make that payment, even if there’s a chance that within days my creditors may agree to accept the equivalent of 16 monthly payments when I only have 12 remaining in my IVA?
Thank you for you advice

Foggy

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Post by Foggy » Tue May 25, 2021 4:04 pm
I would be inclined to make the payment as it is still within the term of the originally agreed arrangement until the meeting has taken place.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

zoey212

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Post by zoey212 » Tue May 25, 2021 4:10 pm
Ok thank you for your advice, I will do just that. Are there any reasons why the creditors may reject my proposal when I have offered over and above the total of the remaining monthly payments due to end in 12 months? Thank you

Foggy

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Post by Foggy » Tue May 25, 2021 4:16 pm
You have every chance that they will accept: 1) they are getting more than they expected. 2) they are saving on time and admin costs and 3) They don't want to be in the IVA either ! However, nothing is a forgone conclusion.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

zoey212

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Post by zoey212 » Tue May 25, 2021 4:31 pm
Thank you so much. Fingers crossed!
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