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Just thought I would share with you all as I said I would keep you updated, just had a call from Mccambridge duffy this morning to say our IVA has been approved although the creditors meeting is not till tomorrow, the required 75% votes are in but subject to a couple of modifications, it has had to be extended to 6 years due to our monthly car payment being classed by some of the creditors as excessive and over the £250 a month guideline limit and also that we pay just the minimum payment into our pension schemes which I think we do. Just waiting for an email tomorrow after the deadline incase any more votes come in which will state details and modifications listed for us to accept followed by a short telephone conversation. Does anyone know what will be discussed at the telephone conversation. I was told it would be very simple. What happens after that?

I am delighted for you Sosilly and the worst is over now. The meeting of creditors team will email you the modifications for you to read, understand and sign. The recorded call will be to ensure you do understand everything and if there are any queries at all do not hesitate to raise them.

Pity about the extension but this is quite common where there is a high value vehicle.

Thanks Michael, we are so pleased. Just hope it is all straight forward from now on and no problems crop up as I've seen from some people on here. Will a copy also be put in the post for signing or will the email acceptance suffice as i was told we would need to respond to the email and copy and paste a paragraph from the report and put both our names on and send that back to them. Also, what happens now, will we not here anything now until our yearly review is due, if our IVA is accepted September when would our Yearly review information be sent out - is it possible to do this via email? its a lot quicker than the post so would prefer this method if its an option. Sorry for all the questions, thanks very much

There are a number of things you can do. The easiest thing is to email your wage slips to us each month and we will calculate if anything is owed under the 10% 50/50 rule. This also makes it easy for us at review time as we know that this issue has been dealt with throughout the year.

Email is absolutely fine for any reviews but we will need a copy of the original Chairman's Report signed and returned. The emails and recorded calls will be sufficient to approve the IVAs but we will need an original for the file. This will be sent to you within the next day or so.

The annual review will take place this time next year and we will give you plenty of time to gather anything needed. If we have the wage slips anyway the review could be done very quickly as the income and expenditure is the main part of it.

Ask as many questions as you like and any time duringh the IVA please feel free to contact the office or myself directly. Hopefully time will fly but never feel worried about lifting the phone or emailing us if there are any problems.

Well done sosilly. You have a good team working for you and Michael is very helpful and level headed.

Thanks Michael, thanks Foggy. Its such a relief its been approved. Thanks for the info micheal. thats great. When would we need to start sending the payslips from now or from October onwards? Thanks

It will do no harm to start sending them from the end of the month. If your wages rarely vary it will make little difference to the IVAs but will speed up the reviews.

Foggy. Thanks for the comment but my wife would disagree with the level headed part!

Thanks michael. Will do anything to make things easier at review time. My salary rarely varies apart from an annual cost of living rise each year which has only been 1% the last few years so works out at around £20 - £30 per month extra. My husband gets paid weekly and sometimes does overtime so his wages can vary month to month. As he gets paid weekly can you give any advice how best to deal with this Thanks

The 10% 50/50 rule will apply monthly so just send in his wage slips with your own. Therefore one good week would not lead to an uplift if the other weeks in the month were flat. It would not be fair to calculate the overtime based on each week as that would penalise the weekly paid.

I hope this makes sense.

Thats great micheal - thanks so much for your help.

Congrats! The journey starts officially today!

Please do use the forum, it had helped me no end over the past 5+ years. Please consider reading and writing the blog. We told nobody about the iva so the blog has been invaluable to me to vent but also they make me feel as if I am not alone!

Good luck. The time will fly!

Thanks relieved33 - it certainly does. Lets hope it is a smooth journey. I hope the time does fly. I am thinking of it being a 6 year loan. I will have a look at the blog. The forum has been a godsend already and that has been only leading up to being accepted so am sure it will continue to be. We haven't told anyone either about our embarrassing situation. I would be horrified if anyone found out. Especially my parents they would be so disappointed in me that I have got myself into this situation and thought I knew the value of money and how to live within our means. I would never hear the end of it.

Fantastic news

Congratulations!

Many thanks - just had our recorded phone calls and confirmation our IVA's have been approved so will receive the Chairman's report in the next 4 working days.