Exactly, if this had been pointed out at the start, who would in reality take the risk?? You'd be nuts even to consider an IVA if you were a householder. Taking the worst case scenario, you might as well just hand over £58,000, as it has been or will be in my case, and then ask the Supervisor to petition for your bankruptcy.
Last edited by brokebryn on Thu Feb 16, 2012 11:28 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.
Keep your chin up until you've spoken to the IP in person. Often the office staff aren't as well versed as you'd think - particularly when you pick up a lot of informaton on this forum and are in a position to queston why things are done the way they're done and ask for alternatives to their standard procedures!! If you don't get access to your IP via your contact, type your name into the insolvency register to find your IP's name and contact details.
I've sent an email to Nick Payne so hopefully he can pick up on this.
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
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
Hi, I have just got Jan's email. brokebryn, could you please email me directly with your ID number as I am unable to identify you from your username and would like to look through your notes and your proposals.
I will hopefully get a response soon and will update you all.
Thanks
Nick
Hi, my name is Nick Payne and I am an Insolvency Practitioner with Payplan.
Read the Payplan blogs by visiting our website www.payplan.com
Just a point folks - anyone entering into an IVA that subsequently fails could be at risk from bankruptcy proceedings, and this should be made clear right from the start. These days it is unlikely that creditors would want to support this, but you cannot rule it out.
For sure that 'subsequently fails' - but the notion of failure is not automatically resonant with that of completing the five years and then offering a variation, only to be told that if it is rejected the only course is B/R. That does not sound like 'failure' to me.
Last edited by brokebryn on Thu Feb 16, 2012 12:50 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.
This is true, Mel, but to actually write it into a variation, no ifs, buts or maybes, is a bit too much. It doesn't even give the debtor any chance to regroup and work out a preferable way forward.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
brokebryn has contacted me and I am in the process of sorting this out with his IP as in this case it isn't me. We will hopefully be able to provide an update soon.
Hi, my name is Nick Payne and I am an Insolvency Practitioner with Payplan.
Read the Payplan blogs by visiting our website www.payplan.com
1. If the proposal is accepted then the minimum dividend will no longer need to be acheived.
2. The words 'meeting' and 'proposal' are interchangeable and mean the same thing.
3. This possible scenario was not raised with you in the past because it only comes into play in the event of a variation on the Equity clause.
4. The phrase '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' is insisted upon by the IP as 'standard wording....for all Equity cases', so as to ensure that there is 'a solution for every eventuality'.
5. The fact is that the creditors accepted the original proposal expecting all modifications to be met. If they reject the variation there is 'not a lot we can do about that and your case would be dealt with accordingly'.
6. Yes, indeed, you probably would have done things differently if you had been aware of this back in 2007, but no one could predict what the economy would do back then, and no one could foresee that you would not be able to remortgage.
7. There is no guarantee that the proposed variation will be approved. You can't satisfy one of the original clauses of the agreement [remortgage]. If an 'asset cannot be dealt with for the benefit of the creditors', and they still insist that it is, then 'bankruptcy or the sale of the house' are the only options.
End.
Last edited by brokebryn on Thu Feb 16, 2012 2:49 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.
