Briefly: I joined this forum in August 2007 as my IP stated I would have to sell my house as I could not re-mortgage in the 4th year as my house was 50% co-owned with a housing association. Since that time the IP has done a u-turn and (verbally) their complaints officer reassures me that I will not lose my home.
However, 6-months down the line, thanks to all the support and information from this forum the IP tells me that my creditors were expecting a return of £13,800 (the origninal debt being £22k)this includes the IPs fees which are circa £7k. As I have already paid £10.5k into the arrangement I have offered them the outstanding balance as a full and final settlement. The IP has now drawn up a draft proposal re calling a creditors meeting, butI am unsure as to the content:
The debtor's proposal was accepted on 11.08.03. The substance was that the debtor pay £230.00 for a period of 60 months. Over the term of the IVA a total of £13,800 will have been introduced into the scheme. This proposal contained an estimate that, after the costs and expenses of the Supervisor had been provided for, there would be a dividend of appox 41p/£. A further meeting of creditors was convened on 23.08.04, at which point it was agreed to alter the frequency and method by which the Supervisor reviews the debtors income and also altering the basis in which the Superviors is renumerated. The divident, after the amended proposals were agreed, was estimated at 30%.
A third party (my parents) have now offered to pay the balance between what I have already paid in and the £13,800 - the IP has received this in writing.
The draft proposal goes on:
Whilst it is entirely a matter for the creditors to decide whether or not they will agree with this amendment, we would comment that it is estimated that following the payment of outstanding fees and expenses to the Supervisor, creditors could expect to receive 30p/£ in full and final settlement.
Can someone please help to explain what this means i.e. 41p/£ reduced to 30p/£.
From my past experiences with this IP (back in August it was either sell the house, bankruptcy or a £20k f&f). This seems like the 11th hour and I am very worried about trusting them and signing this proposal.
