Just had a call from my IP informing me that the Creditors meeting had taken place and my IVA has been accepted!!!!!! Yyyaaaaaayyyyyyyyyyyy.....
Just a couple of very minor modifications, but what a relief.......
I don't imagine for one minute that its going to be an easy journey, but I'm soooooooo lucky to have the love of my best friend (my Wife) and the ankle biters to get me through this.
Now that it's done, don't think for one minute that I won't be using this forum, it's the kind words and advice that you guys have provided that's got me this far, so I'm afraid you're stuck with me now [:)]
Massive thanks to Melanie and her caring team x
Fantastic news and so glad you are pleased with everything as I know how much this means to you. We all look forward to working with you over the nexty few years.
Hi, that must be a massive relief!!! The outcome of my application is tomorrow, can i ask in general what were the minor modifications (sorry if it's too much of a personal question)? Stumbled across this site today as i am really starting to worry about tomorrow's outcome so am please to read about your positive result!
I always see the minor modifications as a bit of a game,IP's know how much they can take for fees but always ask for a little bit more which creditors ask to be reduced so they feel they are getting something and the IP still gets what they wanted!!!
Just my opinion on it all.
Congratz on making a great start to a debt free future.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Not true! IPs ask for fees that they deem to be reasonable and truly reflective of the work required to run the case properly. Creditors cut them very unreasonably.
But there is no game involved. IPs south of the border have taken a 1/3 cut in fee income since the introduction of the IVA protocol, and we now cannot claim input VAT on our office overheads due to the Aymex decision. I still have to pay my staff and the office costs at the same rates as I did previously. This has led to a lt of good IPs exiting the IP market, but I guess the lenders just don't care.
There is also the fact that creditors are not even consistent with what fees can be charged. We always list what we feel is a correct fee given the time and work involved but fees are determined as to which bank the client borrowed from.
As Melanie says many IPs have left the market but no doubt there are others who will not do IVAs where the creditors are those tightest on fees. This could lead to the situation whereby a client whose major creditor is HSBC will struggle to get an IP to represent him but had he borrowed the same amount from N Rock, IPs would prepare the proposal.
