Not sure why a bond needs to be purchased - surely simply setting aside a fund to cover the cost of bankruptcy proceedings in the IVA bank account is simpler which is what most of us do. And seeking the views of the three highest creditors could be dangerous if this is going to influence the outcome of the IVA and they do not represent more than 75% of the aggregate debt.
Mel, if it helps one of my modifications says the supervisor is to purchase a bond and not to retain funds for the purpose of bankruptcy.I dont know if it is usual but my proposal has 27 modifications(yes 27).On the day of the meeting my phonecall to agree them was about 3 minutes long and I just agreed to them having being told they were just pretty standard and the proposal would not be accepted otherwise. Taking Michaels point I was referred to them by LLoyds TSB having been told they would not deal with any one else so perhaps it was a bank led thing at the time.
The more I think about this and the more I hear of other people's experiences, the more I think that there are deep flaws and dangeroous inconsistencies in the way the Equity clause is dealt with. I do not like the strategy of concealment that has been employed - it is like mis-selling a product. And I still cannot get my head around the fact that if my variation proposal is rejected, well, that's that and I am turfed out of my house. Share the wine, tobymoz? Maybe we will be drinking it on a park bench in a few months.
Last edited by brokebryn on Sat Feb 18, 2012 11:06 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.
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
I'm sure Nick will be looking into this and he is pretty good with getting back to posters both on and off the forum.
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 too have the £1500 bankruptcy bond which now thinking about it is a bit of a sod as it looks like a quick fix get of jail plan for payplan.nick or lizzie(who we have not a great deal from latley)better start having a look at what time bombs they got in there portfolio's ticking away.if i was looking in to this site now to choose a company to take on my case payplan would figure in the bottom 1
cc received 6th January 2014 now upwards and onwards
I have nothing like that at all with mine and it does specifically state that money will not be held back for bankruptcy.
It may well be that Lizzie doesn't work for the company anymore. There is at least one other poster who is still listed as an expert that I know doesn't work for the particular company anymore.
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
Is Liam still listed for VN? I know he's left the company but don't know where he went.
My proposal also states that nothing has been held back to pay for BR - I guess it all depends on individual cases. I wouldn't read anything into whether or not a bond has been bought on your behalf...as long as that money is distributed to creditors it doesn't matter whether you have a bond or cash reserved in a bank account.
It just occurred to me that buying bonds may make commercial sense for Payplan e.g. Perhaps they have a deal with a particular bank for better interest rates or something. Still, this wouldn't affect their clients adversely so there can't be any harm in it.
He is still listed for there. No idea what he is doing now but he has not posted on here for a while and when I queried it I was told he had left the company.
My paperwork makes no mention of a bond 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
just to say after all thats been said i have had no problems up to now with payplan as i now know what im doing but have a few of these little known claus and am now getting myself ready for any battle that might raise its head near the end.the very fact that a few members on here inc jan have had problems when they really needed help speaks volumes of the company and that you cannot take your eye of the ball even when you are drifting along.nick should be having a conversation with all payplans ip and formulating a responce instead of saying im not the ip.(he does get credit for posting on here).
payplan may find that there future custom may dry up otherwise apart from the referals by the creditors as they are not endearing themselfs like some ips on here do.
cc received 6th January 2014 now upwards and onwards
We are lucky to learn so much from the forum, I think it just highlights that those of us who set out without finding the forum first thought we understood and asked all the right questions but actually there's so much we don't know we don't know. Grey areas are essential for proposals to be tailored to us as individuals, but I think there is room for more standardisation over interpretation and implementation of those clauses we end up with.
We have had the recent problem sorted but our next hurdle comes in April when hubby's tax code goes down to below 400 as he is now on State Pension and occupagtional pension - dread to think what difference that is going to make.
It was never picked up at the outset and it was something we never thought about as we were just so relieved to have been accepted.
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
thats just what everybody thinks jan at the outset.its only when the dust has settled and we reveiw exactly what we signed that we realise what pit falls await.the iva company know all the pitfalls before hand so they in my mind are liable for any cock ups that present themselfs down the line.if they dont know the outcome then who does.if i did my job this way i would be given short thrift and told why had i not seen this coming when drafting some of these proposals.but as they are faceless and dont have to face up to some of there mistakes they arnt too bothered.we got the bankruptcy claus in to cover us seems to be the order of the day.nick please put your firms case forward as its not a hung jury we are conducting but a fair hearing from all party's.i have nothing but respect for those that take the time and care for there work,but just cause i have ip as my title does not mean im perfect and like any other proffesion there are builders and there are cowboy builders.a lot of ips who give there time on here come across as caring and level headed(i include nick in the phrase as he does try to help people)but too many of the problems seem to raise there heads down the line and iva companys dont know what to do. this is only my veiw and not representative of everybody i know
Last edited by back on track on Sat Feb 18, 2012 4:49 pm, edited 1 time in total.
cc received 6th January 2014 now upwards and onwards
