proposal sent last week, letter today a creditor offering to 1/2 the minimum payment

Get expert opinion. This is the place for new questions to be posted.
36 posts Page 1 of 3
Johng79
Posts: 110
by Johng79 » Wed May 10, 2017 4:47 pm
As title suggests, really random. Got in from work to a letter advising they are dropping my minimum payment by over 1/2 from next month??

Surely that would suggest theyre hoping i drop iva, or possibly they're voting no in meeting/ not bothering to vote?
Johng79
Posts: 110
by Johng79 » Wed May 10, 2017 4:49 pm
Also had couple of random what seemed like routine emails just ensuring i keep my details up to date, to avail of any offers/promotions.

No ta im in enough mess....
User avatar
Foggy
Forum Expert
Posts: 23527
Contact
by Foggy » Wed May 10, 2017 4:53 pm
IF the IVA has got through their system, I imagine they are just trying to assist in the interim. My largest creditor actually rang me up just to wish me luck before the meeting ! Really put the wind up me !!! As it happened they voted yes !
Johng79
Posts: 110
by Johng79 » Wed May 10, 2017 4:57 pm
You are joking me lol. Bet that sent your blood pressure through roof.

At what stage do modifications start coming through? Just wondering. Hopefully the more the better i think
User avatar
kallis3
Forum Expert
Posts: 71780
Contact
by kallis3 » Wed May 10, 2017 5:28 pm
Don't worry - we have all had this. Ignore everything and focus on next week.
Johng79
Posts: 110
by Johng79 » Thu May 11, 2017 7:36 am
just got barclaycard statement advising me to destroy my card, but oddly the minimum payment is halved? (different creditor than the topic headline by the way)
User avatar
kallis3
Forum Expert
Posts: 71780
Contact
by kallis3 » Thu May 11, 2017 7:40 am
Just ignore it - destroy your card and next Friday will be here before you know it!!
Johng79
Posts: 110
by Johng79 » Thu May 11, 2017 7:46 am
Just logged into account see any movement. Some still have available credit, whilst biggest creditor's card (have c/c & loan) says account has restricted functionality and to ring them for more info.
User avatar
kallis3
Forum Expert
Posts: 71780
Contact
by kallis3 » Thu May 11, 2017 8:30 am
No point ringing as they will know about your proposal. I would just sit back now and wait for your meeting.
User avatar
Foggy
Forum Expert
Posts: 23527
Contact
by Foggy » Thu May 11, 2017 8:56 am
Johng79 wrote:
Just logged into account see any movement. Some still have available credit, whilst biggest creditor's card (have c/c & loan) says account has restricted functionality and to ring them for more info.


Different creditors deal with / account for debts in a debt solution in different ways: Some just close the account, some run it as normal (and you might get statements with interest apparently running). A few set up dummy accounts for the IVA payments and it looks like nothing is happening on the "real" account ---- it all matters not, as these will all be written off when the IVA concludes satisfactorily.

I used to send copies of any correspondence to my IP for information --- they could either act on it or file it in the shredder, as they saw fit --- as far as I was concerned it was not my issue.
Johng79
Posts: 110
by Johng79 » Thu May 11, 2017 9:12 am
when do modifications start coming through?
User avatar
kallis3
Forum Expert
Posts: 71780
Contact
by kallis3 » Thu May 11, 2017 9:14 am
Nobody knows. It is usually to do with creditor fees which is nothing for you to worry about. Just try and relax until next week. What will be will be.
User avatar
Foggy
Forum Expert
Posts: 23527
Contact
by Foggy » Thu May 11, 2017 9:18 am
Johng79 wrote:
when do modifications start coming through?



It varies, dependig upon how pro-acttive each creditor is and how your IP deals with the votes. In my case I heard absolutely nothing from my IP until an hour or so after the meeting, when I was told that the creditors had amended their fees ( not my concern) and that they would only allow half of my allowance for bus fares (it was a contingency allowance anyway -- so I was still ahead), asked if I would agree --- said yes and that was that !

The IP's do not usually come to you with suggested modifications as they come in because, at the end of the day they might well not have the voting power to be carried through anyway -- and that wouldn't be known until the final deadline. If a biggy comes in which would tip the 75% balance anyway, the IP might contact you --- but this is really a "how long is a piece of string" question. The creditors will only deal with the IP regarding the proposal -- they will not be contacting you with modifications or votes.
Johng79
Posts: 110
by Johng79 » Thu May 11, 2017 9:21 am
ah right. mccambridge duffy advised me that i would start receiving modification emails from them in the lead up, but just wasnt sure when that would start.
User avatar
kallis3
Forum Expert
Posts: 71780
Contact
by kallis3 » Thu May 11, 2017 9:24 am
You are with one of the best so no worries!!
36 posts Page 1 of 3
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: A6 Audrey and 15 guests