Hi
I've been following this thread.
I don't have equity so can't comment on that, however I got my agreement out again after reading others concerns and I too have the exact same wording of the £1500 bankruptcy.
What exactly does it mean? I thought it was standard terms and that could only happen if I don't comply with the arrangement.
Are you now saying that at anytime we can be made bankrupt even if we have complied with the terms?
Sorry not sure if I am getting wrong end of the stick.
Thanks x
Ps - jan, Glad you got sorted and hope it all gets sorted in April for you.
Counting down the days to being debt free even though it is still early days for me
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Broke of London
Hi brokebryn, I won't say calm down because yure in a far better state than I would be with all this uncertainty! But try to think of these two things... In all my time on the forum, I haven't ever seen an iva fail/BR instructed because of the equity clause not being fulfilled...and not being able to release equity is a hot topic around here as you know! Also Payplan, despite their strange clauses, do have a lot of success and a lot of happy customers so they mus be doing something right! It may take Nick a while to give you the detailed response/resolution you need - possibly even speaking to lawyers, creditors, IPs in other firms etc as it sounds like you could be sparking a bigger change than to just your case. x
Nick can, and indeed will / should, take as long as he requires to get back about these issues. That's only right. I am in no rush. The variation meeting does not take place until the third week of March. I too have been more than happy with the service and attitude of Payplan up to this point, but right now I'd swap a whole raft of less alarming incidents/issues over the past four years eight months for this one.
Last monthly payment made 3 June 2013 after 6 long years. CC issued 21 August 2013, but, er, lost in the post. Finally got it 17 September.
Hi Nik, I can't conceive of anyone making you bankrupt if you comply with the terms of your iva. The issue with equity release is slightly different because by not releasing equity the debtor isn't complying with one of the terms of the iva. Through no fault of their own I hasten to add!
Thank you nik. I agree that if you have no equity then I don't think they can do and I think your IVA should complete on time - I hope it does.
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
Nik 1976 - the bottom line is yes, but it depends on your circumstances. If you keep to ALL the conditions / modifications then your IVA will conclude successfully; but if you are unable to meet one of the modifications then a variation is proposed. If the variation is rejected by your creditors then, according to what Payplan have written into my own and other variation proposals ['standard wording' I am assured] '...the Supervisor will withdraw from the arrangement, declare thearrangement as failed AND petition for the debtor's bankruptcy' [emphasis in original].
Last monthly payment made 3 June 2013 after 6 long years. CC issued 21 August 2013, but, er, lost in the post. Finally got it 17 September.
Bol - thanks for replying. I did think I was probably getting wrong end of the stick and being natural born worrier that i am started thinking the worst.
I do hope the equity issue is sorted out for those affected as it is not their fault they are now unable to raise mortgages.
To all those who are trying to get this sorted i keep my fingers crossed for you.
Thanks again for putting my mind at ease til next time.
[:)]
Counting down the days to being debt free even though it is still early days for me
Thanks jan and brokebryn.
I rent and dont own property so equity is no issue to me. On reading the bankruptcy clause concerns I got in my head that they will bankrupt me anytime for no reason [:I]
I do hope I can get through to the end with as little hiccups as possible.
Best of luck for your variation meeting brokebryn. Keep us updated
X
Counting down the days to being debt free even though it is still early days for me
You'll have no problems then nik - your IVA should conclude at the end of 60 months. There is no reason for it not to finish.
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
As long as you make your payments then I think you can sleep easy!!
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
As long as you make your payments then I think you can sleep easy!!
Lol, I thought that until about two weeks ago!!!
Thanks for your good wishes about the variation meeting, Nik. I'm pleased to see that your anxieties have been assuaged. There are some cracking people on here who know a lot about the IVA process / different providers, etc, and who have a genuinely collective and helpful spirit at heart. In that context I wish I had known about Melanie Giles and Michael Peoples all those years ago, lol.....Que sera and all that....
Last edited by brokebryn on Sat Feb 18, 2012 8:34 pm, edited 1 time in total.
Last monthly payment made 3 June 2013 after 6 long years. CC issued 21 August 2013, but, er, lost in the post. Finally got it 17 September.
If you're renting then there should be no problem at all.
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
I have been reading through my paperwork and although it mentions about the equity release it does not say anything about what will happen if this is not possible
I know when I was setting up my IVA I asked about what would happened if I could not release equity I was told "oh thats ok it will just be extended for another 12 months". Now I realise it is not as simple as that!
I know I should have read through this more carefully but like most other people I was just relieved to get things sorted out. Now it is getting closer it is a worry. I am going to write to Payplan and try to get something in writingso I know where I stand.
