Failed IVA following rejected variation

[MelanieGiles]

Your own proposal may not include provision for a 15% reduction - please don't forget that these contracts are individual, as there are a lot of posters assuming things on here at the moment which is not helpful to people who should be referring to their own unique set of documents.

[Foggy]

Your own proposal may not include provision for a 15% reduction - please don't forget that these contracts are individual, as there are a lot of posters assuming things on here at the moment which is not helpful to people who should be referring to their own unique set of documents.

I think it might be an idea to "sticky" somewhere a note that posters other than Experts can only speak for what is in their own individual proposal, as, as Mel so rightly points out, each agreement is dependant upon the individuals specific circumstances. Even today's protocol complaint proposals often differ on basic points.

[kallis3]

Unless people look at all topics on here then a sticky probably won't work. I look at the top 250 posts and that's it.

Even the experts can't comment on what is in a proposal and they certainly won't comment on their own clients IVA's.

We do have to be careful with the advice we give though.

[MelanieGiles]

I do agree that some advice is better provided by the professional experts on the forum. Sometimes when I read a post which has been ongoing all day late at night I worry about whether people are being given the right advice - but nothing is better than asking your own IP these questions directly to avoid ongoing confusion.

[kallis3]

I agree Mel - trouble is that the professionals aren't always around and I know you are all very busy and not always available so don't think I am complaining. The fact that you all post at all is brilliant.

I wish I had more knowledge than I do.

[Foggy]

The advice we give, Mel, is merely opinion based upon our own experiences with our own proposals. At the end of the day most queries ( well all of them really) are best addressed by reading the individual's proposal and speaking to the IP. It is sometimes useful to hear how other companies deal with specific issues, as much seems to be down to interpretation.

[MelanieGiles]

I know that you all do a great job on here, and please don't take this as any criticism to the fantastic amount of time you spend, there are just certain things that I feel are better left to the professionals - such as the discussion surrounding IVA protocol proposals for instance where there seems to be a lot of confusion at present.

If there is a burning issue that you are unsure of, just send me an e-mail and I will log on and try to help. We do need to make sure that the right advice is given out at all times on this forum, as the people who own and manage it are governed by strict guidelines under their Consumer Credit Licence.

[kallis3]

I'll take that on board Mel and will email you if I think it needs it.

[maradona10]

Hi all.
Sorry! Didn't mean to put a cat amongst the pigeons! I do find the help, advice, support and information fantastic on here. However, I do take the point about getting specific personal advice from your own IP.
However again, it's great to hear the expert, seasoned and novice questions, opinions, experiences and advice, if only just to see I'm not alone and to see what other issues are about.
With this in mind, the answer to Jan's question of me is my wife's unsecured debts amount to just over £80K. Therefore, individually, she'd be eligible to apply for an IVA. However, as mine is likely going to fail, I wondered how my creditors might react to a joint IVA?
Also, in response to Mel's posts, I have no post-IVA tax debt and, although it might be futile to reduce the extension request to 12 months instead of 24, I am now looking to keep the dividend at around the existing 31p and not the 19p that GT proposed for me! Hopefully this might reduce the drop in credibility that might occur!
Also, Mel, if HMRC have asked GT to petition BR but GT are going to say no because it's not in their remit in my case, waht will HMRC do instead?
Thanks again for all the support and advice...invaluable!

[kallis3]

Don't worry maradona - you haven't done anything!

You could try for an interlocking IVA which means that you would just make one payment, that's what most couples do these days.

Hopefully Mel will be on later to reply to your question to her.

[MelanieGiles]

HMRC will likely petition for your bankruptcy directly if there are no funds in the IVA kitty to fund this, or other creditors specifically stated that they did not want bankruptcy as an option which tends to be the case moreso these days.

[maradona10]

Thanks for your response, Mel
Would HMRC still petition for BR even though I have no assets/equity and it would kill my occupation? Or is that something that would come out during the petition and would influence the decision as to whether BR is granted? (Who makes the decision, by the way?)
Sorry! More questions!!