www.iva.co.uk

Hi,
I promised to give an update on my creditors meeting that took place today and i'm afraid it wasn't good news.
Though Bank of Ireland, Halifax and Mint voted yes without modifications MBNA(KPMG),Barclaycard and Egg(Grant Thornton)would only accept if I offered another £300 per month.
The stumbling block is that I now live with my Mum and they believe I am paying her to much board.
My IP has adjourned the meeting for a week so we can give these creditors some more information on my payment.
This has felt like a massive blow as I hoped today would be the beginning of the end.
Financially bankruptcy would probably be better for me but I was hoping to go down the IVA route.
Anyhow I have massive faith in Bridgestones to hopefully sort this.
I shall give any updates as and when I get them.

good luck micky dont overstretch yourself in a iva if your creditors want more money than you can afford.5 years is a long time so affordable payments based on your disposable income is a must.is there any reason you would,nt want bankruptcy.

Micky, I'm sorry to hear that and I hope Bridgestones can win this one for you.

If not then I would look at Bankruptcy - serve MBNA right if they get nothing!

Thanks for your wishes.
Mrbluesky,my reason for not wanting bankruptcy is probably down to guilt because its my fault that Im in this mess and also a little bit of fear as it seems such a scarey propersition.
But as you say I'm not going to go down the route of making unaffordable payments and the IVA end up failing.

It's not scary Micky. Why don't you take a look at Skippy's blog to do with her bankruptcy - it should put your mind at rest.

Thank you Kallis . I will do that

Hi Micky,

I'm sorry the creditors could not agree with the proposal today - hopefully your IP will make them see sense. Otherwise bankruptcy is an option and take it from one who knows, it isn't that bad.

Good luck xx

Chin up MickyT, my meeting was adjourned 3 times over 2 weeks until it finally got accepted. It was the longest 2 weeks ever but we got there in the end. Like you I had creditors wanting mods. Amex wanted extra about £220 per month and NR wanted extra £120 and other mods. All other creditors accepted (go figure????). Hopefully your IP will fight for you and negotiate a settlement.

If not, as Kallis says read skippy's blog it is a great read and will definately reassure you.

Hi
How much are you paying to your Mum ?
Regards

Thanks Julie and Mole.
Andy, I pay £600 per month. This pays all of the household bills. My Mother is widowed and only has her state pension and a small annual pension to live on so totally relies on my money ever since my Father died.

Does your IP realise this? Did your mother have to provide proof of what you pay?

Sounds to me as though your creditors might be being a bit unreasonable.

Hi Kallis,
Yes my IP is aware of this. I had to show proof of payments via bank statements and my mother provided a letter detailing this.

Personally, I think it is bad of them.

Hopefully one of the experts can give their opinion.

If they had shown that you were just paying rent, rather than paying it to your Mum, you would not be having this problem now. £600 for rent is reasonable to an external party, and why should your Mum be expected to keep you. This is a known area of dislike for creditors,and personally I see no reason to distinguish in a client's proposal whether they are living with parents or paying rent to an external party. If the rent is reasonable in my eyes, then why highlight a problem.

Thanks for your comment Melanie, I suppose that is a question I should take up with Bridgestone.
As regards to bankruptcy I have read the blogs as advised and they are excellent and given me food for thought.
As a foot note my Mum has informed me that if things go as planned she may be moving in with her gentleman friend of 2 years(she is 64) next year and as she doesn't want to sell the house was preparing to let me rent the property over the next few years while I straightened myself out. I wish I'd known this before the creditors meeting Ha