Attention DFD-losing faith already

[vimto1029]

So just over 3 months in and I'm starting to lose faith in DFD already [:(]
Having to have a variation meeting already due to apparently being able to offer creditors less money following the submission of a revised I&E which actually suggests an increase in payments
Also am wondering whether my initial IVA was actually correct!! Having spoken to the supervisory team recently they say that only 50% of any increase in surplus income will need to be paid over. However, my IVA agreement shows that when we have finished paying certain things off (like partners car finance which was excluded) that the whole lot is to be paid over?! That would explain why they are insisting on a variation already but surely that's not my fault..it's their error?!
Now received a letter saying I have to provide proof that I'm paying the minimum amount into my pension and if not, I have to reduce my contribution into my pension accordingly. Now I dont really do pensions..i have one but know nothing about it. I usually give it to my dad to read and thats about it!
I expected being in an IVA to be a struggle but I didnt expect to feel so let down so soon! [:(]

[Shining]

Vimto, this is not good. I can imagine why you're losing faith. Maybe a chat direct with your IP would help you sort things through. The pension thing I also have one but my boss's hubby who's a financial health consultant always looks at it for me x

[vimto1029]

I've tried Lesley but all he says is that 'its nothing to worry about'. Easy for him to say though!! x

[Broke of London]

Have you re-read your proposal in light of these new conversations? It does seem to be quite common for 50% of surplus income to be requested, but equally, you may have a specific clause requesting 100% of funds when finance agreements come to an end. This is quite common practice too.

The min pension payment can probably be sorted with HR. You could ask for the T&Cs and scheme details which should outline the min contribution.

Hood luck with the aviation meeting x

[Broke of London]

Have you re-read your proposal in light of these new conversations? It does seem to be quite common for 50% of surplus income to be requested, but equally, you may have a specific clause requesting 100% of funds when finance agreements come to an end. This is quite common practice too.

The min pension payment can probably be sorted with HR. You could ask for the T&Cs and scheme details which should outline the min contribution.

Hood luck with the aviation meeting x

[Shining]

It's easy for anyone to say not to worry I understand that but to actually not worry is a whole new ball game.

I am forever thinking my IVA is going to fail and I'm towards the end. Remember we're here for support x

[vimto1029]

With the pension thing do I have to stop paying into it altogether if my HR department say it's an option?
Totally fed up with it all to be honest..

[Shining]

No, I think they just want confirmation you are paying minimum contribution. It wouldn't be wise in my own personal opinion to stop paying into one altogether. You can increase your contribution post IVA. x

[vimto1029]

I think my pension allows me to stop altogether. I understand I got myself into this mess and need to get myself out of it but surely they can't make me stop paying into my pension completely?! [:(]

[Broke of London]

They may ask for you to stop paying if the minimum is a contribution from your employer and no contribution from you. I can't contribute to my pension so it grows only on employer contributions.

[Shining]

Mine luckily was never queried. x

[vimto1029]

Lucky you!

I don't understand why it's being queried now..surely it should have been done at the start?! x

[artemischild]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by lesley_

Maybe a chat direct with your IP would help you sort things through.

.....your 'not allowed' apparently!!!!

[vimto1029]

Lol, that's quite true Artemis..unless of course you want to make a card payment and then you can [;)]

[Muggins]

My nhs pension had to be given up during the iva! I'm still unsure if this was correct though as it doubles as life insurance and terms and conditions have now changed! Not very happy atal! We were only told about pension inclusion following creditors meeting!! Should have told us that this may be a modification as came as bit of a shock!!