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
Hi, had internet problems again so this is the first chance I've had to post for a while. Our creditors voted yes but as a condition, they wanted all the money from an expenditure we put in for my partner. It was for him to finish off a professional qualification it has taken him years to do. He is nearly finished and was offering them more money after he had completed it and obtained another job. They are discussing it at the moment and we have yet to hear. If we don't hear by today, they will have to adjourn the meeting. We have now offered over half the expenditure to the creditors so hopefully they will compromise. I am so scared that everything he has worked hard for over the last few years will be lost. He may even have to go bankrupt if all else fails.
They accepted our IVA with modifications today!! Can't quite believe it! We are so relieved and we are signing the paperwork as soon as it arrives with the modifications on. Quick question though - one of the clauses is that we achieve a minimum dividend to the creditors of 44p in the £ by the end of the IVA. What happens if one of us loses our job in the next 6 years or something else happens that means they might get less? Would it mean that the IVA will fail? Or is that clause subject to annual reviews and variation meetings like the rest of the proposal? Oh and thank you all for your support, we really appreciate it. [:)]
If I remember rightly, our minimum dividend was 73p in the £. We were unable to re-mortgage due the current economical climate, so a variation was put forward to extend the IVA for 12 months, remove the property from the agreement and to also remove the minimum dividend clause. The dividend the creditors eventually got at the end of the IVA was a fraction over 50p in the £. So I thinks the answer is that a variation can be made should unexpected circumstances occur.
