Brokebryn... you MUST speak to Payplan. You should not be left in this position and if YOU don't fight your corner who will. Speak to them as a matter of urgency. Explain the undue stress this is putting you under and seek the re-assurance you need.
Hi Brokebryn, I am in the same kind of position as yet, but am offering a full and final settlement. My proposals for this have just come through and like you it says
Should this meeting be rejected by creditors, the Supervisor will withdraw from the arrangement, declare the arrangement as failed AND petition for the debtor's bankruptcy.
I dont know what to do....
"Always remember that the future comes one day at a time."
IVA completed . Just started a blog, if you get chance please take a look. http://rich.blogs.iva.co.uk/
Hi Rich456, I'm sorry to hear that you find yourself in the same position. I expect that, like me, you are finding it exceedingly uncomfortable and stressful. Very best of luck with your F&F, but, to be frank, at this stage of the proceedings one should really not be having to rely on luck for a successful conclusion to an IVA.
Kaykay - Rest assured, I have never had any problem fighting my corner in any walk of life. However, I understood that in an IVA the IP was supposed to help you fight that corner. Isn't that what he has been paid upwards of £15,000 for?
Last edited by brokebryn on Thu Feb 16, 2012 8:46 am, 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 think the clue is in your second post where it says if you cant release equity then 12 further months in lieu will be put forward.they agreed this in your original proposal so the creditors will not go back on this claus and make you bankrupt.just get in touch with payplan and ask to speak to your ip and if they wont let you say you want to make a formal complaint and you will back this up in writing.dont sign the variation paperwork untill you have put your thoughts to your ip in person and its re-worded the variation.you dont have much to worry about as i read it.
cc received 6th January 2014 now upwards and onwards
They agreed it originally provided there were no objections. We now know what happens if they do object. Why is my IP telling me that he will bankrupt me if they object. Is there no room for any kind of compromise. It stinks from where I am sitting.
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.
it wont come to that m8
you still got your original proposal to fall back on where they agreed 12 month extention if you could not relese funds.that document is still law at the end of the day and they would find it difficult to overturn that.i think its just a badly worded variation document to be fair.if one of the mods can point this at nick payne from payplan he may be able to alay your fears.
cc received 6th January 2014 now upwards and onwards
Back on Track, thank you very much for your kind help.
I cannot imagine that it is standard practice to include in a variation proposal the stipulation that: 'Should this meeting [sic, they told me on the phone yesterday that it meant 'proposal'] be rejected by creditors, the Supervisor will withdraw from the arrangement, declare the arrangement as failed AND [their emphasis] petition for the debtor's bankruptcy.'
Last edited by brokebryn on Thu Feb 16, 2012 10:40 am, 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.
Am I correct in assuming that you did agree to these revised terms brokebryn - as you seem to be suggesting that they were put to you in advance and you did agree to them?
Hi Mel, yes, they sent me the proposal with instructions to read it and sign it. So I did, I trusted what they were doing. I stupidly thought that that line about them petitioning for my bankruptcy in the event of the creditors objecting to the proposal was some kind of standard wording. The wording about 'reject the meeting' [sic] was misleading - I have posted about that elsewhere; they told me yesterday that it meant 'reject the proposal'.
Last edited by brokebryn on Thu Feb 16, 2012 10:57 am, 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 have mailed my case officer at Payplan and asked to speak to the IP.
Andy Davie, in another thread on here, sorry but I can't locate it at the moment, once posted to the effect that the prospect of creditors bankrupting someone who had fulfilled the terms of an IVA over five years would cause uproar in the financial sector. You can see why - in that eventuality IVAs would be absolutely blackened as viable debt solutions.
So, er...., watch this space.
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 agree with Andy on that point. Because, who would chose an IVA with that threat hanging over them? I wouldn't; I'd cut out the risk and go BR from the start!
Payplan have a lot of experience and a lot of success so I'm sure there is logic to the proposal - hopefully the IP will share his/her thinking with you and put your mind to rest!
