To summarise, I am a single parent to three children, not earning, youngest is 1 and doesn’t look like there will be any change financial income. I owe £27,000 in full, I pay £111 a month so that would be £6600 in total over 5 years and I’m renting. I’m 9 months into the IVA and my parents have offered a F&F settlement is the full £5700 that is remaining. I’m with CreditFix so the variation meeting is now on hold due to their paperwork issues. However one creditor who is large but doesn’t hold the majority have rejected due to it being early days in the IVA and they want me to continue making payments as the dividend would be too low once the variation fee is taken off. I’m so scared that the majority creditor (who is the one rejecting the paperwork) will also reject for this reason. Is there anything I can suggest or offer to appease this? I’m worried sick every day, I want a better future for my children and this is making me depressed
During this hold up, caused by Crediffix's paperwork issue, you will be still paying, which would add £111 each month to the money the creditors will be getting and will chip away at any "loss" caused by the variation fee being added.
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
I echo Lisa's statement, put the £111 away, don't be tempted to spend it. If the variation fails or it takes too long and you back out of it then you have at least got the money to make your payments up to date without any hardship. CF are making a right pigs ear out of their 'new' procedure and it doesn't look like it will be sorted in the near future. Good luck.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues