Hi
As requested, thought you might like to see the breakdown of our creditors' votes in our recent successful IVA proposal.(Ip-the wonderful Melanie & her team, highly recommended!))
Alliance & Leicester -debt £28,000 voted yes (25+%)
Egg- debt £26,000 voted yes(25+%)
G E Money -debt £13,000 voted yes
Max Recovery (MBNA) debt £7,000 voted yes
Natwest-debt £19,000 didn't vote
Next - debt £2000 didn't vote
There were a few modifications, namely an increase in our proposed contribution by £140 per month, but otherwise nothing else major.(70% of bonus payments, 50% of additional income etc, 100% of windfalls)
Egg wanted our car to be sold and exchanged for £2,500 car (ours worth about £8,500) we said no as our only car and needed for work, school, kids etc plus we travel 20,000+ miles a year so argued a car worth £2,500 wouldn't last us for the duration of the IVA on that mileage, so they agreed we could keep it.
They also asked about my pension, but as it is taken at source (public sector) and hubby not paying into one at all due to IVA, dug our heels in and said no. They agreed to this too!
We have 4th year equity clause, so hoping house prices have plateaued out here in our home town, as we owe 98% LTV at present, so they will have to go up by a huge amount for us to be able to raise any equity!
We are paying 64p in £ on £95,000 of debt which is £1000 per month.
Blue
