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Our IVA's over YIPPEE unbelievable!Seems like yesterday it was approved despite everything
Hang on in there PaulyB... variation meetings take time to organise (sometimes a few months). If it eases your mind any, my minimum dividend was 73p in the pound, we ended up paying just over 50p in the pound following a variation meeting. We couldn't re-mortgage and had to continue for a further 12 months, but this was at our exisiting payment amount (just over 900 pound per month - realising just over 10k), if I had been forced to raise 34k (equity expected to be released) we could not have paid that amount in 12 months.
I am sure that Mel will sort this out for you. The minimum dividend can be waived.
Just spoken to one of Mel's team. Been advised that they can put a variation forward to reduce the minimum dividend, but will be better off doing it towards the end of the 6 year term as with uplifts and increased payment we have been making, we will be closer to the 58p dividend than in the original proposal without the equity, so the release would be much smaller.
Feeling slightly better, but still have the concern that after paying in for 6 years NR can still make us bankrupt.
Just caught up with this one. Hopefully this will be accepted and Mel's team wouldn't suggest it if they didn't think there was a chance of that.
I think NR will see that you have done your best. Don't forget that the 12 months in lieu of equity is not supposed to add up to the amount of remortgage.
Me and hubby are supposed to release £28k which is impossible and our extra 12 months comes nowhere near that figure.
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
