Current IVA, not sure if its for me

[Jhonnie]

Hi Melanie

Based on my salary, amount owing and all that what do you think i would be expected to pay per month for the bakruptcy?

regards

Jhonnie

[lily]

Hi again

I just felt that this had to be synergi, believe me jhornie you are not alone, there are a lot of forum members who have used this company only to find an unrealistic, un-maintable IVA. We ALL know and understand that the creation of the debts are our fault but I disagree that your going into an IVA when you at your lowest eb, desperate enough to agree to anything is YOUR FAULT. It was up to the 'professionals' (difficult to use that word and synergi in the same sentance) to explain properly and make sure that you understood the process and the payment amounts.

Please dont feel guilty, we have all felt that desperation and far too many people have jumped into an IVA out of despertation, I feel that is what this particular company's assets are. There are many many good companies to choose from but a crystal ball or hindsight are not going to help you now.

My advice to you would be, dump this company, save for your BR and go and get yourself free, you have done your best to pay back your creditors. Try reading Scaredkez, coco's blogg and you will understand where I am coming from.

I wish you the best of luck, come back if you need anything else from the other debtors or the experts.

lily

[MelanieGiles]

I generally work on 60% of disposable income, but to be honest the rules seem to vary from OR's office to OR's office. I think that Skippy has a copy of the OR's scale on her blog, so that could be worth a look, but please don't take it as gospel, as at the end of the day the OR is supposed to take what he feels that you can afford, and then you make the payments for three years.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Jhonnie]

Hi Lily

You have just helped me lift my head up again, i was starting to feel like the day i realised i was in a mess.

Thank you, if i could a hug would be yours.

regards

Jhonnie

[Jhonnie]

Melanie

My partner is full time student so we are both living off my salary, will the court take that into account? Also do they work on the same figures as the IVA eg £250max for food £40 for a mobile phone, £10 clothes?

regards

Jhonnie

[MelanieGiles]

The OR will take into account the fact that you are supporting your partner, and they do have a list of allowable expenditure, but again this varies from area to area. If you were only allowed £10 for clothes per month, no wonder your IVA is failing. I would have thought that £50 per month was more reasonable.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[lily]

The BR allowance is much more than and IVA usually would allow.

Glad I was able to help. I do believe that skippy13 posted the disposable income IPA amount in her blogg.

Take care now and hold your head up, do not let anyone make you feel bad.

I also know about the day I realised thing.



lily

[Jhonnie]

Melanie

it just worries me that i will be worse off. Do you knwo where i can get a copy of the allowable list for bankruptcy?

I just want to say thank you so much for all your advice, i thought all the stress woul dbe over but i feel its just continued.

regards

Jhonnie

[Jhonnie]

Lily

Youre a star.

Head now up.

Regards

J

[lily]

You will not be worse off in BR than in an IVA. They allow much more, you will get there, please do not worry.

lily

[Jhonnie]

Lily

I think i just feel very cautious because of how i feel after the IVA and it not being what i thought.

J

[Sadsack]

Hi Jhonnie

I have just read this thread with interest and there has been a lot of good advice given.

I have found myself in a similar position to yourself - weighing up the pros and cons of petitioning for bankruptcy. It is not something that I would like to do and I am sure that you were not that keen on even considering it. My payments to the IVA company are also all over the place as are the equity release amounts.

In pure desperation, I made an appointment to see a Solicitor (who also just happens to be a registered Insolvency Practitioner) to ask his advice as to what my options were. After 1 1/2 hours, I have come away feeling a lot more positive - will be £150 short at the end of this month - but worth the money. Unfortunately there are IVA "factories" out there, and as Lily says, we will sell our grandmother just to get some sort of relief from the debt we have got ourselves into.

On a positive note - you have stood up and faced your debt problem, have done your best to give your creditors as much as you possibly can. Don't let anyone knock you back. If the advice from your IP is to petition for bankruptcy and you are happy to do so, then go for it.

Hang in there Jhonnie and good luck.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[Jhonnie]

Hi Sue

Having read all the stuff about Synergi and that i shouldnt have paid a fee and that others with Synergi have had their payments increased to pay 100p in the £ i feel angry and scared.

Im scared that the bankruptcy will ask for more than i pay now and that will just be the worst thing ever.

Regards

Jhonnie

[catullus]

Lily

I think that you misunderstood my post. I wasn't saying that It was Jhonnie's fault for being in the financial position that he is in. That's far too simplistic.

What I did say is that he went through a procedure that he didn't understand and that really is his fault and far too many people do it.Everyone has a specialisation and everyone , in their field, has stories about "mugs". I'm afraid insolvency is no different.

Nobody should commit to an important financial step WITHOUT UNDERSTANDING and far far too many people do.
That's the reason that this board exists because they are frightened to ask the right questions at the right time (I'm talking about borrowing here as well) and would prefer to take an anonymous sounding from anonymous people.

John took professional advice and that professional adviser, armed with all the facts, should give John his professional advice.

He's always got this board to rely on for backup and that is it's real value but John's IP should be the first port of call.

Johnnie relied on that IP's advice. It's down to that IP to explain why the advice was given, what went wrong and what Jhonnie's options now are.

[Jhonnie]

Catullus

Can i ask you, do you think if i go bankrupt they will take more money than i am currently paying?

Regards

Jhonnie