I am very nervous

[mike_m]

I am in an IVA and in the process of selling my house as I have neighbours from hell. Anyway, the variation meeting will be on Wednesday and I am very nervous as I am asking to have some of the money kept back for me to re-start my business from a lock up unit as I currently work from home. If they say no then I won't beable to move as I would effectively be unemployed. (I can't do my business from rented)

I'm also nervous if they say YES and my house sale falls through as it has done previously during the 4 week wait for meeting but we were lucky and sold again within a couple of days. Do you know if they will just revert back to original proposal until there is a solid buyer or will my IVA be scrapped? Good luck to everyone out there. I know and understand your fears and stresses with all my heart!! They still can't take your soul though, even though it feels like it!

[MelanieGiles]

Hi mike and welcome to the forum

I would not have thought that your creditors will have a problem with this, so long as your IP has properly explained the reasons within the variation proposal.

If the house is being properly marketed, then it will sell eventually, so stop worrying and let us know how you get on on the day.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[mike_m]

Hi,

The IP wasn't convinced that they would allow the money which is what is making me nervous as she does not feel confident in the proposal but basically told me she will put forward what I want. It's like she doesn't understand our circumstances fully or doesn't care I suppose. If the IVA is rejected will they keep to the original proposal or will we suddenly have creditors calling once more? Kind thanks

Michelle

ps, this forum is really good, just knowing there are others in the same boat and we are not the only ones hey.

[MelanieGiles]

Well Michelle - I regularly put forward IVA proposals and variations requesting the retention of monies and have never had one turned down yet! The trick is in putting forward an appropriate justification for the expenditure. It seems that you have a good case here.

If the variation is turned down, then the terms of the original IVA stand, but it sounds as if this then becomes unworkable. Have faith! If your IP has done her very best job for you it should be accepted with little problem.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[mike_m]

Thanks ever so much Melanie for that advice. As it happens I have sold my house complete with all furniture etc including appliances and I have a family of 4. For this they have allowed £1500 for re-purchase of all furniture and £2500 for actual re-location cost i,e rent deposit + 2 months rent total £4000. I felt that this relocation cost was very low for a family of 4 especially as it includes everything from beds, wardrobes, table to washing machine etc. Ther person who bought our house is buying as a buy to let so we managed to get an extra £4000 on price for furniture but actually really only gaining £1500. I felt very sad about that but the IP said anymore than £4000 for relocation and the creditors would not aprove. She is obviously allowing for costs and then £5000 for my business. This money again is for rent deposit + 2 months rent and equipment that needs to be permanent fixed and has to meet legislation, I know I will be pushed and will have to save up for extras but at least its a start. Unfotunately for me my hubbie works 12hr shifts including nights and I have 2 small children, this is why I work for myself as I have no family near me and no employer will accept me working irregular hours etc. I love my job too and need to continue so I can take my regular clients with me. If I don't stay working then for starters we would not be able to rent as we need my income also. I felt that my case was good and well structured as I'm not asking for equity to squander but I feel worried in the fact my IP doesn't feel confident. Do you know if I can attend this meeting My IP said no, its just I really would love to know what went on haha. They will be getting more than the original proposal too so I'm keeping my fingers crossed. Thanks again Melanie.

Kind regards

Michelle

[neverending]

Hi
Quote"They will be getting more than the original proposal too so I'm keeping my fingers crossed."
This last part of your post could well be the factor that gets your variation approved.
Relax and leave it to your IP.
Regards

[MelanieGiles]

Hi again Michelle

Odd that your IP told you that you could not attend the meeting! Of course you can attend the meeting, but I think it would be a waste of your time because the creditors will all vote by fax.

So long as your IP has explained the circumstances, which you have expressed so well in your own post, I do not think that any creditors will turn you down. Good luck

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk