at the top of the chairmans report (last page ) it says comparison of ESTIMATED outcomes then at the bottom NB the above projected equity release will only be available if the debtor is able to remortgage to the extent of a cost of no more than 50% of her disposable income.IN REALITY THE ACTUAL REALISATION FROM THIS SOURCE MAY BE LIMITED TO NO MORE THAN 12 ADDITIONAL MONTHLY PAYMENTS DEPENDING ON THE PROPERTY VALUE DURING THE FINAL YEAR
Wish I understood all this stuff. I went with Mel's company after loads of research, have been sold down river, don't understand what is now going on and am concerned that people are speaking of longer IVAs and realising that I haven't got a clue what is going on with me and I am frightened and scared. If I didn't have a Ltd Co I wish to god I had gone bankrupt. Thanks Mel and co for this.
"Please note that none of the amendments will change the amount you pay into your
arrangement or the term of your arrangement. The costs of the amendment to the terms are
met by your creditors, who have already provisionally agreed to the proposed changes
because of the benefits to them.
It should also be borne in mind that even if your arrangement has less than a year to go
before closure, the benefits of the variation remain. Specifically, the IVA will formally obtain
creditors’ sanction with regards to the amount of PPI redress you are able to keep, and also
provide me with the discretion to close your IVA when it is believed all PPI has been
realised. "
Would this mean that they can't extend in order to meet a minimum dividend? as clause 9 states, "In consequence of these variations, any clause providing for a minimum
dividend shall not apply" In the email, the first paragraph is also underlined and in bold.
It's upsetting that they have sent out a document, "please sign and return asap" which is so confusing and difficult to understand (well to me anyway) I just find the whole thing so underhand. I am not at all convinced that they have my best interests at heart as promised.
Just to add that point 9 means and any IVA agreement that ALREADY has a minimum dividend agreement will be void if the total amount claimed by the creditors is 15% greater than the total amounts claimed by creditor in the original proposal
I think we all feel the same I honestly do not understand any of what they are saying or implying all I've ever done is try to comply with what I agreed with Mel, PPI included
Lou -- as the thing is currently drafted there is the possibility of the creditors accepting the fee hike but rejecting that any minimum dividend should apply. So, in that case any shortfall in dividend caused by the extra fees would have to be paid by extending the iVA to meet any shortfall.
In reality I doubt many, if any, of the PJG IVA's have a minimum dividend, unless added in by the creditors at the meeting.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks Andy, sorry just trying to get my head round this! So would that basically mean that if my original dividend is not met because of the increase in fees, it would not affect the term of my IVA? I do have a minimum dividend in my chairmans report.
Thanks
I thought as much can I ask how you replied? I would like to be polite and make it cler I intend to do as much as possible to fulfil my obligations but do not want to sign
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
Lou -- as the thing is currently drafted there is the possibility of the creditors accepting the fee hike but rejecting that any minimum dividend should apply. So, in that case any shortfall in dividend caused by the extra fees would have to be paid by extending the iVA to meet any shortfall.
In reality I doubt many, if any, of the PJG IVA's have a minimum dividend, unless added in by the creditors at the meeting.
I truly feel each and everyone of us has been sold out by PJG. Absolutely no one has our best intentions in the forefront of their minds.
They, and I include Mel, are out to feather there own nests - we are simply collateral damage.
I have deleted the email from CF, and will not be entering into any correspondence in respect of change to T&CS.
