Give them a ring and see if they have anything to tell you yet. It may be that the creditors have asked for modifications and they're sorting those out.
I am sure you will hear soon.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I've just heard from my IP and my meeting has been adjourned for 7 days as I currently only have 60% of the vote!
The 3 creditors that are the sticking point are
Capital One, Marks and Spencer and Northern Rock. They basically want me to remove the kids from school which I suppose is fair enough.
All my other creds (well the ones that have voted) have agreed but with some modifications. One being extending to 72 months instead of 60 and at £610 instead of £490 but I will be able to leave the kids in school. My property would also have to be re-valued in Yr 5.
If I don't get the vote, I will have to remove the kids from school which I suppose would be OK but I would then have to re-do my i&e as my wife would not be able to work as many hours, therefore reducing our total income. This would be due to hours she would be able to work as our local schools don't have any before and after school clubs. Thefore even though the kids wouldn't be in school, I reckon the monthly payment wouldn't be much different.
My IP has said Northern Rock don't really like agreeing to IVA's anyway so anything they can do to refuse them, they will!
If Cap One and M&S agree, N Rock will be bound anyway.
Another week to wait then!!!! Like I said, just when I thought I was getting to the starting line, I'm now back in the paddock!!!
Ask your IP to go back to the creditors with what you have said above. With the increase in payments, the extension and a possible equity release the dividend on offer must have substantially increased. This may satisfy the creditors and you could keep the children in school. Clearly the majority of your creditors did not have a problem with the children being at private school and I would try and get the other creditors onside too.
It is important what you say about your wife, her hours and the after school clubs because there is no point in taking the children out of the school if there is no benefit to creditors. Keep trying and I hope it all works out for you.
Not the best news, but at least you have seven days to sort it out.
I have my fingers crossed that you can get your other creditors onside.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thanks Michael and Kallis, my IP is going back to the CO, M&S and NR with the increased offer of £610 and an extra year. This increases the dividend to about 51ppp from 26ppp.
Hopefully she will get them onside and all will be OK.
It is the TIX(The Insolvency Exchange) that she has to deal with for CO and M&S, so she is hoping they will agree and then NR will be bound.
Will you be able to afford the extra payments though? Make sure you are not leaving yourself short as that is a sure fire way for your IVA to fail.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
