www.iva.co.uk

So I have my variation meeting in April and I have offered £3,000 as a F&F from my parents.

I was paying £150 a month in a joint IVA with my husband since Sep 2018 however we are now separated and as a result the joint IVA has been split into two.

I’m currently paying £314 a month as I live with my parents.
If the creditors accepted the £3000 then they would receive £2450 to split between them (once my IP has taken away their fees).
If they declined and I was to carry on paying £314 for another 37 months, they would receive £9475 (after the IP has taken away their fees).

However my IP has stressed twice in the creditor report that my payments of £314 won’t last very long because I am currently looking for a rented property and once I move in there my disposable income will shoot down.

I have 8 creditors, 5 of which are for around the £500 mark each. The other 3 are between £1000-£2000 each.

I am hopeful that those 5 “low” creditors will vote yes as they are lower credit amounts and also the fact that my £314 will decline in a few months so they wouldn’t have ever ended up with £9475 after the 37 months.

If they say no we will stretch to £4000 for a F&F.

What do you think the result would be based on the above?

It is impossible to say --- the small creditors might well be willing to kiss goodbye for all the hassle the low dividend will be to them. Come to that, your 'larger' creditors are still for modest amounts.

I have seen surprisingly small offers accepted --- but also surprisingly high ones rejected !

I’ll let you know how it goes!

Best of luck with it

Good luck!

It's really hard for us to advise, but given the circumstances I would hope creditors see it positively for you. Please remember though that your credit rating will continue to be impacted for the remaining period up to 6 years from the start date of your iva.

Good luck x

@luluj @kallis3 @foggy
The meeting started at 10am and not heard anything yet - hoping no news is good news!

I'm sure you will hear something later.

Fingers firmly crossed !

I’ve just had an email from them-

“We are still waiting to receive some votes and are also still negotiating with some other creditors. The meeting has been postponed while everything is finalised and you should hear from the meetings officer in the coming days on the outcome.”

What a bummer! Fingers crossed they get it sorted soon.

I know! They had like 28 days notice for the meeting how have they not voted yet

@foggy @kallis3 @luluj

So they rang me today and said that the £3000 F&F has been rejected.

As I have £9347 left on the IVA and I’m paying £314 for another 36 months they’ve said the offer is too low. I was half expecting it to be declined honest.

My IP said I’d have to make an offer probably triple my current offer that due to my current circumstance.

We have decided that I will carry on with my £314 a month until September. At that time my parents will go in with an offer of £8-9k. My IP said he would be surprised if this wasn’t accepted as I would also have paid in an additional £1800 between now and September through my direct debits.

Fingers crossed for September now!

Hopefully September will be a good month for you - everything crossed and let us know.

A pity but not a shock --- creditors are obviously hoping the higher payments continue ! Still, September will be upon us soon.