what good advice for a f&f offer to her creditors, would you give plastic ,to give lady c a fresh start.baring in mind the hardship she appears to be going through.
Last edited by MRBLUESKY on Tue Aug 11, 2009 11:52 pm, edited 1 time in total.
If you are made bankrupt, the Trustee will trace what has happened to the sale proceeds and seek to recover them to pay off your creditors. You could end up in a much worse position as a result.
I agree with Melanie. Maybe you should just pay them now and have a complete fresh start without anybody chasing you for money, whether it be creditors or the OR.
Its understandable that you would feel so bitter, after all you really have tried but is it really worth getting into worse trouble???
My sister paid off four of my creditors and it is the decent thing to do to pay her what she paid. It was paid out of the goodness of her heart on the understanding that I would leave her the money when I passed on as she is younger than me by a considerable amount.
She dug me out of a hole and went without to do that to stop the harrassment that I was getting. I will not ever consider her the same as other creditors.
The creditors won't actually know all the ins and outs of what I payed out and to whom unless I tell them, which I won't.
I have already payed off via my sister , some of my creditors thereby giving them preferential treatment and nothing has happened over that.
What I offer them and what they've already been paid will be far more than the vast majority ever pay on an IVA and they are mostly younger able to work and start over people.
Then, with respect, I think you are posting on the wrong website. The forum is here to adhere to the principles of a fair sharing to all creditors, and not preferring certain ones - however sympathetic we may actually feel to your particular cause.
I really do hope that you do not end up bankrupted for the sake of all parties concerned.
Well I was only actually posting on here to request fairness to those that are on benefits/retired and can no longer work.
It was, in fact Melanie and one of the men IP's that both said that because most of my income is made up of benefits I cannot get an IVA.
This was also reiterated by Payplan.
As for fair play, after my life being made hell when I had never missed a payment in my life, I have no sense of fair play and I shall rely on my own resources to see me through.
I don't need to line the pockets of those that make money from other people's misery.
Last edited by ladyc on Wed Aug 12, 2009 1:03 am, edited 1 time in total.
Re your last sentence - a half decent mini could not be bought for what Melanie is charging for my husband's IVA - line her pockets - a very small patch more likely. J
The IP's do not make vast amounts of money from administering and supervising an IVA for the whole five years. If an IVA is rejected they make nothing at all and will have done a lot of work to get it that far. The fees are also moderated by the creditors.
I'm afraid that all of us have been hounded by creditors once we have got into difficulties, that's life I'm afraid. Those of us in an IVA are paying back what we can afford and are proud to do so. We would all like to be able to pay it back in full.
As regards benefits. It all depends upon how much disposable income you have at the end of the day. My husband is in an IVA and he receives an occupational pension, DLA and Incapacity benefit. He will turn 65 before the end of the IVA and he had no problem. We are both with Payplan.
Perhaps your disposable income was too low?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
A DMP for us was going to take 19 years which, given that my hubby was 59 at the time we started it, wasn't on as I doubt it would ever have been repaid. Bankruptcy was never an option as we have too much equity in the house and would lose it.
The IVA will run over his going onto state pension, but we should be ok.
Perhaps it also depends upon how much the occupational pension is as well.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Well to the person that said they don't think people on benefits should be allowed an IVA to pay back creditors out of public money. They are taking my benefits just not in an IVA. Where do you think a DMP finance comes from if mainly benefits are your income???
Last edited by ladyc on Wed Aug 12, 2009 9:04 am, edited 1 time in total.
I would make an offer to all creditors of perhaps a quarter of what they are owed and see what they say,but if you have money laying around then I would expect to lose it or be forced into bankruptcy(and lose it).
As for people on benefits and IVA's,its still got to be down to affordability.
As for IP's not making much money,that may be true of some cases but ask any insolvecny firm what profit they epxect over the next several years and you will see that they dont do too badly out of it,however the good IP's that can be contacted and dont hide behind case managers constantly deserve every penny they get,especially the ones who spend hours of their own private time posting on here helping to offer advice FOR FREE!!!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Kallis 3 Your situation was not unlike mine except you are passing judgement on me.
I am in your worse situation I have lost my home and no I don't want to pay over every penny of what I've worked for to these horrible people that wopuldn't give me a chance.
Yes I did borrow the money but so did you and how much are you paying back? What percentage will yours be. I intend to pay back by comparison a very reasonable amount but I'm not paying it all.
Ideally I would have been able to carry on paying my loans and paid in full. I couldn't so I did the resposible thing and have had hell ever since. I have no respect for these companies any more.
Last edited by ladyc on Wed Aug 12, 2009 9:03 am, edited 1 time in total.
It seems a shame that guidelines are put in place which then automatically prevent people access to a solution. On the other hand, the guidelines were formulated for a number of reasons; to streamline procedures, prevent unfair IVAs, provide increased returns to creditors.
There's no easy answer, but each IVA is individual and should be considered on it's own merits and if an IP believes the proposal is fair, in everyone's best interests and it is properly explained, I'd hope that creditors would be willing to support and accept such a proposal.
Kind regards,
Angela Rosler
Insolvency Manager
Helping people with their debt problems for nearly 10 years.
Contact me directly for free, impartial, confidential help and guidance.
