www.iva.co.uk

Dear All,

For those of you who are awaiting your Creditors Meeting or are thinking of entering into an IVA, I thought a summary of my voting results might help:

Bank of Scotland Credit Card - £ 7448 - accepted
American Express (Brachers) - £ 3297 - rejected
Max Recovery/Eversheds (Barclaycard)- £ 1559 - accepted
Capital One Credit Card - £ 2065 - accepted
Egg Credit Card - £ 1533 - accepted
Freemans Mail Order - £ 1016 - did not vote
Additions Mail Order - £ 824 - did not vote
ACE Catalogue - £ 256 - accepted
River Island (CL Finance) - £ 244 - accepted
Littlewoods Mail Order - £ 1336 - accepted
Lloyds TSB (Credit Card) - £15111 - accepted*
Lloyds TSB (Loan) - £ 3189 - accepted*
Link Financial (MBNA Card) - £ 527 - rejected
Next Directory - £ 842 - accepted

Lloyds accepted following a modification for my monthly payment to include an imminent saving on my mortgage payment due to the interest rate cut. My original proposal was for £275 per month which had to be increased to £350 per month in order for their vote to be amended to an acceptance.

Overall that gave me an 89.77% acceptance rate.

I still cannot believe the extent of my debt and how I let it get so completely out of hand. Typing out the list is horrifying but it does constantly reinforce in my mind that it will NEVER happen again.

Good luck to those of you out there who are just setting-out on the IVA route or are waiting results of their Creditors Meeting.

thanku for posting that paula it is interesting and congrats on your result ! have a brilliant 2009 x

I take it then that your mortgage had already come down? If not, how can Lloyds assume that you are going to get a cut, and how much?

My mortgage still hasn't come down.

Hi Jan,

My mortgage has not yet come down either (from the last cut or the one before), however given that Lloyds are my major creditor, I needed their approval for the IVA to go through so I had to accept the £75 increase. I obviously did this in the hope that my payment will be coming down and I have since written to C&G to find out when a reduction should be coming through. I am on a variable rate (my fixed rate ended in October 2007) so I am hoping for a reduced mortgage payment to make it up. We have had a small pay increase at work which provides £30 per month extra so in the meantime, this does help towards the difference.

Hope this helps?

Regards
Paula

I just think it is bad that Lloyds should ask for this increase on an assumption that your mortgage will go down.

I do hope that you can manage to pay this increase Paula if your mortgage doesn't come down.

What about when the interest rates go back up?? Lloyds know full well that your IVA will run for 5 years and that the interest rates will go up before its completed. Fingers crossed they are understanding when the time comes(oh and your IP).

Paul

I'd thought about that as well Plastic. I wonder how many more they will force higher payments on because of this? And how many people will agree as they are desperate to get the creditors off their backs and then won't be able to afford it.

Lloyds could well find that this comes back and smacks them in the face if people have to go BR because of insisting on these mods.