IVA Approved

[Second Chance]

Well done chris. All the best for future

[Chris30]

I have just got my chairmens report and a modification says "Any windfall in excess of £500 must be paid over to the supervisor".
Could anyone tell me what this "windfall" includes?

[Oliver]

Excellent news Chris. Well done and all the best with everything in the future.



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[cr15py]

Chris26, I believe they mean money like inheritance or other unexpected income that isn't a gift (i.e. a lottery win, premium bonds, etc)

Just wondering something here though, you haven't mentioned an equity clause, so I don't know if there is one. Your £215 for (I assume 60 months) is £12,900. Assuming your fees are about £5,000, this leaves £7,900 to distribute amongst £25,000 of debt, which is 31.6p/£. Given that HSBC are the major creditor, is this another example of them accepting a proposal of less than 40p/£?

Having said that, I might be completely wrong with the equity clause.

Just out of interest, who voted YES to your proposal? I see you mention Eversheds, which is your MBNA debt and who else?

Well done by the way!! [8D]

[Chris30]

My IP said he hasnt seen a case like it before as there are only 2.5 modifications and they didnt ask for more £. They didnt say anything about equity clauses so im guessing there arnt any???
At any stage of the process I havnt been told how much the IP's fees are but they said they will be taking it out of the £215.

As for HSBC they didnt even vote which I was shocked at as they was my major creditor. Eversheds voted twice, once for MBNA and secondly for GE Capital. In my report it says that only 2 creditors voted which gave me a 100%. All very strange but I got my IVA so i cant complain.

[sps]

Good news for you chris and best wishes for Monday to debbiw
Sue

[frequentflyer]

Excellent News Chris.......
Hope all fares well for you.
My meeting is Monday 17th.....really worried as I have a huge total debt of £160K owed to 25 creditors but am able to offer 40p, so fingers and toes well and truly crossed!!!!

[cr15py]

Thanks for the info, and well done again. It has been mentioned on here before that the major creditors often don't vote, which is rather strange, as if they had (say) 60% of your debt, they would have a strong hand to negotiate higher payments, but it's strange how it works sometimes!

[Helper and Seeker]

Huge congrats[:)]

The relief is amazing and then the realisation that you actually got it can take a while to sink in - I know it took several weeks for me.

But what a relief that a future can actually be planned for now even if in 5 years time.

fantastic news [8D]

Just started my IVA as from 12.10.07

[emma_t]

Great news Chris
no modifications at all? thats unusual

[Chris30]

Yes. thats what my IP said. I had the standard change of address ect but that was all.