Light at the end of the tunnel .....

FoggyBrain_2

... is getting brighter

Just had the draft proposal through today. If it is accepted by the creditors it offers a dividend of about 24%.

I notice that of our 16 creditors, one (Santander / Asda) represents itself. The others are represented by The Insolvecy Exchange (10), Grant Thornton (3), HMRC itself and MBNA by KMPG. Of the majority I guess tis means there are only 2 main bodies to convince. an be a good thing or bad -- we shall see!

Anyhoooo ,,, the proposed repayment is £454 months 1 - 4 and £416 months 5 - 60, which should be "do-able".

Fingers crossed the creditors agree !!

Moi_63

If TiX have their way expect a pre-meeting uplift. It just happened to us despite being within CCCS guidelines.

FoggyBrain_2

Yeah, unfortunately they are the major representatives. However -- there is slight room for manouvre --- how much did thy uplift you by, if you don't mind me asking.

Moi_63

13 pounds. Not much but, as Tesco say, "Every Little Helps"

FoggyBrain_2

It certainly does !!! TBH if they keep the payments at the same level as the first four months it is still manageable ( which is what I think they might go for ,,, "if they can afford the 4 months why not 60!!!" )

FoggyBrain_2

Just had Egg chasing --- as with Capital One, they didn't pursue payment once IVA was mentioned. Unlike C1 they did ask for the IP contact details, but still no hassle.
Discussed TiX with my IP who said they might try to tweak the repayment a little, but are more likely to have a go at their fees !

Anyhoo -- have approved the drafts, so notice to creditors is going out next week. Fingers crossed will have an answer before Christmas. Hopefully it'll be a good Christmas 2015

FavDaughter1

Hi Foggybrain, who are you using for your IVA? how long has it taken to set up? what does "uplift" mean? thanks and good luck!

FoggyBrain_2

Hi FavDaughter1. I am using RSM Tenon. From first contact with them (after a bit of research and advice gleaned) it has taken two weeks to get the drafts sorted (this includes time for me to get statements, bills etc together). I am checking through the drafts (again) over the weekend and they will be couriered to RSMT monday. My IP says he will give creditors notice of the meeting ( they have to have at least 16 days warning) Tuesday or Wednesday, for the meeting to take place before Christmas. So, from start to (hopeful) finish will be around 5 weeks.

The uplift I referred to was the increase TiX negotiated in the repayments before the IVA was finalised. Just another word for increase.

FavDaughter1

Hi, thanks for the reply. you're doing well! i'm hoping we'll decide and speak to a IP by the end of next week, I think we'll feel better once we get going with it. will check out the name you've mentioned.

any advice for us?

well done,lots of luck, keep posting with how it's going!

FoggyBrain_2

Best advice I can offer is to keep asking questions --- be as well informed as you can. And be honest with your IP when you pick one. While he / she is your nominee they are 100% on your side ... once they become your supervisor they are bound by law to be fair to all sides (sort of referee).
Best of luck -- you've done the hardest part by recogising the problem and deciding to do something about it. It's not the easy way out --- living to a tight budget for 5 years isn't a walk in the park, but it's far, far better than living on eggshells .... good training for careful monetary living afterwards too :-)

Max_1066

Five weeks start to finish is really quick, def sounds like a good IP. My IP (GT) took three months !! Hope you can get the agreement before Christmas, would be a great start to 2011.

Just out of interest why is the figure higher for the first four months ? Like you say, aren't you leaving yourself open to having to pay this for 60 months.

Good Luck.