16 months into IVA & now they tell us!

[Reviva UK]

Another fine example of why with a smaller firm you have a better chance of getting a carefully considered result.


for example a large company that do 600 plus IVA's per month and have 9 IP's clearly relies heavily on their admin staff to hopefully get it right.

whereas a company that does 40 IVA's per month and has 3 IP's is much more likely to know all about your circumstance and probably recognise your voic not just your name!.

[Soulgrowth]

I recall us recently having a thread re "sausage factories" ... a good example perhaps?

Debbie

[tigger]

Thanks Andy,

I will be taking my IP to task if this issue is pressed further! My IVA is upside down as it is - original proposal was 60 x £119 plus yr4 equity payment of £15k (on a debt of 52k).

However, I managed to pay the £15k in month 11 of the IVA when I sold my house to move the family into a larger property (albeit rented). Looking through the chairman's report after my 1st annual review it would appear, for the most part, that I'm simply paying fees for the remainder of the IVA

regards

David

[Adam Davies]

Hi
You will be on that monthly figure.
Do you have anyone that would loan you 4-5k so that you could look at a full and final offer ?
Regards

[tigger]

Hi Andy,

I've tried that avenue already to no avail, although I'm thankful that I got the yr4 equity clause sorted out early on. It's a little frustrating being so close to a full & final but I'm sure something will come along within the next few years

regards

David

[ianmillington]

Just a thought David....

When you introduced the £15k was that just your share of the equity or was it all of it?

Ian

[tigger]

Hi Ian,

The 15k was all the equity.

regards

David

[ianmillington]

Was the property jointly owned? In which case your wife has paid in £7.5k to your IVA?

Ian

[tigger]

Hi Ian,

The property was in my name alone so the full 15k was rightfully from me.

As they say knowledge is power. If I'd had known about IVAs (when the wheels started to fall off around Jan 06) I would have been able to remortgage & offer a full & final IVA. Hence, when the sale of the property completed 6 months ago, the 15k would have gone straight into my back pocket!

regards

David

[ianmillington]

Was just wondering whether there was another way of attacking the NatWest situation. If it could be said that your wife had already paid money into the IVA that might have helped the cause further. Was worth a try!

Ian

[tigger]

Thanks Ian!

David