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Hi
Had our creditors meeting yesterday 3:30 and GThornton were handling our IVA. They advised that 70% votes approved the IVA but the majority vote held by the insolvency exchange faxed through a modification. The modification they requested was we pay an extra £40 per month. I know when we originally drafted our expenditure proposal we had to cut costs drastically to put forward 0.40 return as our major creditor included HSBC. GThornton were unable to contact the Insolvency exchange yesterday to try and negotiate this extra payment. How likely is it that this modification can be declined by us. Gthornton advise we should meet them half way. I know even an extra £10 a month is going to be a struggle and a very difficult stretch. I dont want to agree the modification if it causes us to fail making payments.

Any thoughts on this.

It is a relief the IVA was approved as we owed was over £100K each to our creditor of which HSBC were owed the majority debt. This week our phone calls were reduced. Only Lloyds and Barclaycard continued the hourly phone call. I hope they now stop.

I was hoping to find out which creditors voted so I could post on this forum. GThornton advise finding this out will be difficult.

Our Creditors pretty much included everyone:
Barclaycard, HSBC, Lloylds, Halifax, Next, Natwest, RBS, Tesco, MINT, American Express, MBNA, Marks and Spencers, EGG, Alliance and Leicester and many others...

Hi Rainbow

congrats! I hope you're able to resolve the mod. It's going to be hard on a budget for the next 5 years without reducing it even further. This could cause the iva to fail.
If you already have 70%, perhaps there's enough creditors who voted no to make up the 5% that could be persuaded to change their votes. Just a thought!
Good Luck

Pixie

Hi
Can't see why it is difficult for GT to provide voting details,infact they will have to provide this in the charmans report following your IVA meeting.
Ask GT to find out where the TIX felt you could make the £40 saving,if you can,t afford it then stick to your guns.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Hi
I agree with Andy,stick to your guns as you said you have already made drastic cuts in order to get your proposal through.
I hope creditors will see sense and you will be able to continue with a viable iva.
Goodluck

Tracy

we'll talk to GT again on Monday and see what they say, it was all very last minute on Friday and as they were only there till 5pm we didn't really get much info!

rainbow as the others have said stick to your guns and don't agree anything that wil cause you hardship or room to struggle as it will only fail , wishing that everything works out for you monday, good luck
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

Hi Rainbow, please stick to your guns on this one. I seem to remember someone on here a little while ago who rejected a modification and still had her IVA approved.

Good luck, and please let us know how it goes.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Hi

I totally agree with the others responses, 5 years is a long time on an unrealistic budget, good luck I hope it all works out ok

Pippa

Dear all,

My IVA was approved through GT with modificatios,with out any reference to me.subsequent documents that followed for signing informed me that failure to accept modifications would mean that my IVA would not be accepted.

So it appeared that I did not have much of an option as a few months had already had elapsed since my initiation of an IVA process and was pretty well getting fed up of all the phone calls and other anxiety and worry.

Also Brachers representing Amerian express had managed to get a ccj. I am particularly angry with both of them and in due course of time would be complaining to the relevant authorities about their agressive inclination to pursue debtors.

I particularly find it hard to swallow one of the modifications let alone digest.

Reading on this forum I feel that some Insolvency practitioners are inclined to be a little unsympathetic to debtors and treat them as another case in IVA.

Hara.

Hi there,

Stick to your original budget. If you have already put forward the best proposal that you can then allowing your creditors to push you into agreeing to a modification will just result in the IVA failing sooner or later.

Grant Thornton are also handling my proposal and I have made it clear that I have made the best offer that my budget will allow me to make and that if my creditors do not accept this, the alternative is a 0% return in bankruptcy. I have also stated that no modifications will be accepted under any circumstances.

I hope things go well for you but don't make a rod for your back that you cannot carry.

Good to see things are moving on ........

Hope you can move on from the Amex / Brachers issue as well as it is likely to cause further anxiety. From your previous posts I am still not sure just exactly what you have to complain about.

Are you happy with the service GT have provided ?

Dear Storm,

I am reasonably happy with GT.

With regards to American Express and Brachers I have an issue with what I see as being too agressive compared to other creditors.

They do not seem to give debtors a chance to come to an arrangement through IVA or otherwise.

I feel that their agenda is to get a charging order and make the debt secured.They appear to have succeded in many cases.

I feel at a future date I have an inclination to complain to relevant regulating authorities.

Hara.

I suppose you can't blame them really - it's their money and they are acting to get it back. I'm not agreeing with what they do, just trying to see it from their point of view!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Dear skippy,

I am not blaming them for trying get their money but am deeply concerned with the speed and the means they use.

We can also say the same thing about Bank charges and pay it saying that they are entitled to their charges.Why try to claim it back?

Hara.

I can see what you are saying Hara, and like I said I don't agree with them not giving people a chance to repay the debts. Regarding bank charges, I look at this as a different issue as the charges have been deemed illegal by a court of law.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/