Just After Reassurance, I Suspect....

[blackczerny]

Hi All,

I've been in my IVA with W3 for just over a year. My initial debt was £26k, talked down to £12k including fees, and my monthly contributions are set at £200. I've been paying in for 14 months, so that's £2400 in the pot. I've been offered 10k to offer a full and final offer, which would in fact bring the total to £400 over the £12k promised to creditors over the 5 years.

My reason for doing this is that I've been offered a job dependent on getting my IVA cleared (police staff role). There IS a salary increase, but as I've explained to my IP, it'll be eaten up by the commute, and it's possible that overall, I'll be earning less anyway, which is also a point to push to the creditors, is it not?

Any/all thoughts on possible acceptance, creditors (Egg, Co-Operative, Capital One, Barclaycard) hugely appreciated. How's the market looking for F+F's right now?


BC

[debtfreesusie67]

bump

[Viki.W]

Hey blackczerny, I'm not an expert but I would say that is a good offer and a good reason for trying to finish early. Have you approached your IP yet, have they given you any indication? I'm sure Ian will be along to help you. Good luck. Viki X

[blackczerny]

Hi Viki,

Ta for your reply....I've spoken to my IP and they're saying it's a good offer because it provides sufficient dividend but can't help worrying irrespective!

Cheers

BC

[Viki.W]

If you've got the do ahead from your IP then I would have thought you've got nothing to worry about, won't stop you worrying though eh?! Good luck, let us all know how it goes. Viki X

[blackczerny]

I've just had the new proposal through from W3 and in it the dividend to the creditors - if they accept - has increased from 28p to 35p, so that's a 25% increase on the original payments. So am feeling much better now!

[blackczerny]

Any more thoughts out there. I've looked through the archives and it seems promising but I just can't stop worrying

Sorry - don't want to appear like a pain in the neck, just can't stop thinking about it all!

The meeting's set for June 26th at 11am....

Many thanks

BC

[maxdebt]

It's a good offer, to a good group of creditors, and with a good reason [:)] Sounds good to me [:)]

[Lisa2009]

Thats a good offer and i would have thought your creditors would snatch your hand off. Not only are they getting their money early, they are getting more than they originally expected.

Please let us know how you get on

Good luck xxx

[blackczerny]

Thank you for recent posts! Yes, I will let you know how I get on.

I've just been looking at the voting schedule for my initial IVA and 2 creditors - Barclaycard and HBOS - voted against, but in the column where it says 'comments' it says 'with modifications.' What does that mean?

Cheers

BC

[maxdebt]

Thank you for recent posts! Yes, I will let you know how I get on.

I've just been looking at the voting schedule for my initial IVA and 2 creditors - Barclaycard and HBOS - voted against, but in the column where it says 'comments' it says 'with modifications.' What does that mean?

Cheers

BC

Not a big deal I think. If over 75% of the creditors who voted, voted YES without any modifications to your proposal, then your proposal is accepted and your IP could ignore any modifications proposed by your remaining creditors