Mine does state that it will continue for up to 12 months if we can't remortgage so hopefully we'll be ok.
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
If it is any comfort, the norm is pretty much that if you cannot release equity then you will pay for another 12 months. My concern, when I originally started posting on here was that there was such a huge discrepancy between what I was expected to release via equity - £35k - and what the creditors would get from another 12 months- just over £9k - so I wanted to see what the possibilities and prospects were with that in mind originally. Then my variation proposal turned up with all this stuff aboout being bankrupted by your own IP [!!!] if the variation proposal was rejected -and that is really what this thread is now about. It's obviously a very grey area!!! But, as has been forcefully pointed out by myself and others, it clearly should not be.
Last edited by brokebryn on Sat Feb 18, 2012 9:09 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.
I know there are, of late, quite a few stressed (to say the least) Payplan clients here and elsewhere. And, I must admit, I am no fan of the company and have taken issue with several goalpost moves of late. But please remember that Nick, is one IP in that firm and is, to an extent, constrained by their policies and ways of working.
The fact that he comes on here and tries his best for the firms clients speaks volumes and I feel he might be in for some more ear bashing in the next few weeks.
I am sure we all appreciate that, but I just wanted to make the point early on.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Couldn't agree more, Foggy. It's hardly fair that Nick has to - or rather kindly volunteers to - come on here and try to explain what is happening and how / why these inconsistencies arise. What are the other IPs at Payplan doing to help? They all get paid, er.......by their clients.....
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.
The main point of an IVA, as far as the property owning end user is concerned, is to protect the family home. Can anyone be expected to pay a hard five year IVA only to be made bankrupt because they are unable to remortgage their home in todays impossible mortgage market ?? NO !
This must be unbelievably stressful for brokebryn but as others have said, and having met Nick, I am sure that this will be resolved in your favour.
I certainly agree, Andy. Many other firms have successfully re-negotiated the equity terms by way of variation, without introducing a bankruptcy card.
I think Payplan need to seriously re-think their "standard clauses", as well as allowing the tail to wag the dog quite so much (difficult given their relationship with the banks).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi All, I am with Payplan and have been in my IVA for nearly 4 years, had 2 brilliant case managers and no problems but now have a new one who seems to be really shirty, not helpful and have to say the tone of her e mails are quite snotty! I have some strange wording on my equity clause and am worried about it but have to say I am just going to go with the flow and worry next year when I have to try and remortgage. I know its hard but life is to short to be continually worrying about IVAs / money. Good luck to everyone xx
I'm due my annual review this week with a case manager I've not actually spoken to before.
Could be interesting as our circumstances have changed this year.
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
It's Thursday morning Foggy - I have all my figures ready.
Thanks for the good wishes both.
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 am hoping that Payplan will get back to me on the original subject of this thread at some point this week as the more it drags out so tightens the knot in my stomach.....
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.
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 completed the forms for my annual review a month ago but have not heard anything except for a query which I answered about 3 weeks ago. I am going to email them tonight as I don't to want to start receiving letters saying I am in breach of my IVA!
