I would like to ask about variation meetings

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Theresa1
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by Theresa1 » Wed Jan 20, 2010 2:52 pm
I would like to ask about variation meetings and how they are handled, I want my d=creditors to know that it's not just financial problems in our last year but health problems that are causing issues are the creditors really interested or just fugue people?? Thanks

 

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Michael Peoples
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by Michael Peoples » Wed Jan 20, 2010 3:24 pm
The variation is like a mini IVA and should have a reason listed as to why it is required. Creditors take things on board such as health or work problems and to be fair are quite commercial once an IVA has been approved. The fact that you have been in an IVA for 4 years will stand you in very good stead so whatever you need the variation for I am sure it will be viewed sympathetically by creditors.

 

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Theresa1
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by Theresa1 » Wed Jan 20, 2010 3:49 pm
Thank you Michael for responding and apologies for not spell checking my quick typed question earlier(Stress was showing). If during a variation meeting it is obvious that the IVA can not be maintained at the monthly level, Can a Full and Final Settlement with what's already in the pot be acceptable, I have not seen any posts on here were this has been the case for anyone. My IVA is with McCambridge and was wondering if this has been done in the past? Many Thanks [:I]

 

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Michael Peoples
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by Michael Peoples » Wed Jan 20, 2010 4:21 pm
It is done regularly and provided it stacks up there should not be a problem. If the surplus in nil or at a level that is not worth collecting creditors will normally take a pragmatic view and allow the IVA to be closed. Speak to someone in the variation department or contact me directly and I will speak to them for you.

 

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Theresa1
Posts: 47
by Theresa1 » Wed Jan 20, 2010 4:35 pm
Thank you Michael I will e-mail you as it's more personal , Thank you

 

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MelanieGiles
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by MelanieGiles » Thu Jan 21, 2010 12:08 am
If in doubt, you should ask to review the IPs report before it is issued to creditors so that you can ensure it fairly represents your current position. This is a general comment for the good and benefit of all forum members, and not a reflection on your actual IP who I know will do a good job for you.

 

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Theresa1
Posts: 47
by Theresa1 » Thu Jan 21, 2010 8:11 am
Thank you Melanie, I will do that it's hard to focus sometime with things going haywire around you .
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