BIT OF A PROBLEM

[mish1953]

Melanie,
Sue's been trying to get in touch with you and had a chat with tina ?


Slainte
Mish

[MelanieGiles]

Yes - Tina had a chat with me earlier about this, but I would still like to have a glance at the papers. I find this whole sorry tale incredible, and it needs to be explained to Sue a whole lot better than it has already.

I have a brilliant Manager on my team who manages all of my bankruptcy cases, and she used to work for the OR's office. I also want her to look at this so that we can try and unravel exactly what the original examiner said to Sue, which led to this rental commitment being taken on.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Sadsack]

Andy, Melanie and Mish

Without your support, I have no idea where I would be right now.

Andy, I would love to meet up with you - will send you my contact numbers to your email address.

Melanie, I have asked for the paperwork from the examiner and they are going to send them out to me. As for the IVA payments and paperwork, I am very happy to forward these to you. The examiner did ask for the original paperwork regarding the IVA, which she now has, but I will ask for them to be returned to me, even if they send me copies of them. I have calculated and done my sums and have worked out that whilst in my IVA, without equity release, I would have effectively had to pay £34,220 - £435 x 8, £485 x 4, £600 x 48. Creditors wanted a minimum of 41p on debt of £106k meaning I would have to pay £43,460 excluding IP fees - these amounted to approx. £9k. On revised calculations by my solicitor, debt was £95k!!!??? Solicitor did, in writing, point out that I was mislead!!! Bit late now!!! So all in all, I would have paid +/- £52k over 5 years and remortaging my property. Unfortunately with increases in mortgage rates etc, I just could not maintain the payments and IP did not take this into consideration so the IVA was doomed to fail from the start.

Now in BR, I lose my home which has approx £30k equity, have to make payments of £727 for 36 months - total amount payable with property approx. £56k. Of course, costs have to come out of this, but looking at the figures, I am no better off being BR than being in an IVA.

But maybe I have worked this out all wrong and have no idea what I am talking about, so I will send the paperwork to you Melanie for you to look at.

I want to thank you from the bottom of my heart for taking the time to help with this knowing full well that I have no way of paying you for your advice. You deserve a medal!

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[Soulgrowth]

Just wanted to say good luck Sue ... and hang on in there.

Debbie

www.familyceremonies.co.uk

www.soulgrowth.co.uk

[MelanieGiles]

How about putting together another IVA on the basis of your changed circumstances? I know that this is probably the last thing you want to consider at the moment, but it is an option. I can explore this with you when I get the documents - so remain positive for the moment and we will find a solution.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Sadsack]

Melanie, I cannot remortgage the property as I already tried to do that - was approved with £40k, IP put through a variation and creditors accepted this in a F & F. Unfortunately the mortgage repayments (interest only) worked out to be £2,422/month. On a bad month (Aug '07) my nett salary was £2,452. Absolutely no way I could have done that.

Nevertheless, I am very happy to go through the figures with you and see if we can work something out.

You did ask if I had the courage to fight this BR IPA - Yes, I have the courage! Emotionally - I am not too sure at the moment. I am just so very tired of all of this now. It has been 16 months of unadulterated hell.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[Sadsack]

Sorry Melanie - had a very aged moment there!! Are you suggesting that even if I am going to lose my house, an IVA is possible still???

All my debt has been sold on with the exception of Egg (I think) as they had someone call me last week.

As soon as I have the paperwork together, I will give Tina a call and will send it on to you.

Thank you once again.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[MelanieGiles]

Yes - it is possible to propose an IVA even though you are bankrupt, if your circumstances are suitable, but you will really want to do this as opposed to "throwing the towel in". It will need to largely mirror the bankruptcy, so the realisation of property and three years contributions would be required, but we could look into this if you want.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[pippa]

Sue

Just wanted to add my best wishes to he list, really hope Melanie can help you get this nightmare sorted, keep your chin up

Take care

Pippa

[Skippy]

Good luck Sue, I've been thinking about you today - I hope Melanie can find a solution for you x

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[mish1953]

Sue - aged moment !

You're a youngster -

hugs
Mish

[thebear29uk]

Hi Sue

Just wanted to send you my best wishes too. If there is something to be done to rectify this situation you know that Melanie and her team will find the way.

Hang in there.

Best wishes

Dave

[Sadsack]

Hi all

After a weekend of absolute hell (thanks Mish for being on the other end of the phone last night) - tears, recriminations, bashing myself with a stick, crying some more and generally throwing my toys out of my cot - I have decided its time to FIGHT BACK!! I have absolutely nothing to lose as its all gone anyway.

I received a letter from the OR's office with a breakdown of my allowances - holdiay allowance of £40 per month but it stipulates UK only????????!!!!!!! along with other expenses allowable. I sent in my I & E to them after also going through it at my interview, vet bills £22 (evidence to be provided). These are not vet bills, they are tablets available from good pet stores for animals with hip problems. So will send them receipts. Clothing allowance has gone from £40 to £80, and an allowance of £10 for fines. Not consistant at all!

Here are the original figures given at interview and the new ones
INCOME £2,500
Rent £800 £600
council Tax £125 £86
Elec £101.50 £71
Water £25 £25
Mob Phone £37 £0 (contract ends Jan)
Landline/Internet/Calls £95 £65
Insurance £62 £63
Tv Licence £11 £12
Housekeeping etc £360 £170
Hairdresser £10 £25
Optician £15 £25
Dental £10 £10
Prescriptions £20.55 £22
Dry Cleaning £15 £20
Holiday £8 £40
Clothing £40 £80
Tailor £15 £0
Pet Food £0 £30
TOTAL £1750.05 £1462
SURPLUS £749.95 £1038
IPA £254 £727

Makes interesting reading!!!

Now to do battle!!!!

Sue


Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[Adam Davies]

Hi Sue
Fight them on the rent and housekeeping.
Good Luck
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Sadsack]

Thanks Andy - am ging to give it a try!

Have sent you an email!!

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/