Help and advice needed!

[Hawks1980]

We have spoken to our IP today and they have said they are preparing a letter to send to us stating that if we dont come up with the arrears on our account then they are going to put us forward for bankruptcy! We are in arrears of £11, 000 this includes 4 missed payments and also bonuses which my husband was due to pay in from his job. My husband agreed a plan to pay back the IVA an extra £100 a month to ensure that the bonus amount over the 5 years of £7500 would be paid in yet they said they have never had this. We have increased our payments and have made them. The four missed payments have been due to my car breaking down and nursery fees for my daughter. Our circumstances have changed dramatically since we entered the IVA, especially since the birth of our daughter and now my husbands change of job. Basically when I spoke to the person on the phone today she said I needed to be realistic and how much could we afford? We have worked it out that we have just under £600 a month once we have paid all our bills etc but we are being asked to pay £1000 into the IVA which was possible before we had nursery fees to pay for our little girl. If we send them all this information would it be possible for them to renegotate the terms of the IVA? We are currently paying back 86p in the £1 and if we were made bankrupt they would be getting aroung 10-20p in the £1 so if we came up with some new terms then surely this would be better than us going bankrupt?
I am beside myself with worry, I dont want to be made bankrupt we want to pay our debts off!
I dont know what to do but I cant go on with this worry.
Please help or give any advice
Thank you
Hawks1980

PS Our IP has changed 3 times since our initial proposal and we have only just found out about the 3rd change surely we should be informed about this?

[Lisa2009]

£11.000 arrears? is that what you ment to put only that seems a lot for 4 months missed?

[plasticdaft]

86p in the £ is a fantastic rate of return for an IVA and surely should leave room for change if you are struggling,if your current company wont help I would be tempted to allow the one you are in to fail and go through another company.

[Hawks1980]

Mrs Skint- Yes this is £4000 for the 4 missed payments and £7000 from my husbands bonuses which should have been £2500 a year so it works out at £5000! I dont understand why they are coming up with £11k myself to be honest. I am totally confused by it all and need to see where we owe and what for. Have just had enough!
Lady H- We are now with someone else like I said 3 different ones and we have never been informed of any changes and why. I think its rude, especially since i rang the one we were supposidly with who said "Oh you are not with me anymore ring these people!"
Plasticdaft- Can you do that? Could we ask someone else to give us an IVA?

[plasticdaft]

I dont think its possible to just change companies,but you can just let your IVA fail and look to finding another company,but I wouldnt do that until you get advice from one of the real experts on here like melanie.

Are you with debt free direct??

[Hawks1980]

No. Someone called Invocas- well thats who they said today, which was the first we had heard of it!

[Hawks1980]

We were originally with someone called Mackenzie Goldberg Johnson ltd. Then we were with J Simon Westhead now this Invocas. I dont know but the lady on the phone said we have written you lots of letters about your problems- well we have had about 3 and they were all in reponse to letters we had sent them! We have never been sent a letter about missing a payment!!

[kallis3]

Have you been with all these companies since your IVA? Or did you check them out before picking one?

It is exeedingly difficult to change companies once your IVA has been approved, and I believe it also costs.

The only other way would be if any of the companies had either folded or stopped doing IVA's and sold on their clients to another company.

[Hawks1980]

We only applied to the original one and since then we have been passed on to the others. We havent ever changed ourselves just been changed by the IP's themselves!

[MelanieGiles]

Are you in an IVA or a Trust Deed - as I thought that Invocas only practiced in Scotland? And is there any reason why your IP has not been collecting the bonuses, or you have not been paying them over? Your arrears are substantial, but creditors may still see some merit in varying the IVA rather than seeing it failed - so ask your new IP if it would be possible to put forward a variation. If this is possible, do make sure that the payments are set at a realistic rate as you cannot afford to get this wrong a second time.

[Hawks1980]

Are you in an IVA or a Trust Deed - as I thought that Invocas only practiced in Scotland? No it is an IVA. We originally proposed to pay the bonuses in at a lump sum but my husband asked if this could be changed and they agreed to £100 a month extra- which we have been paying when we havent missed the payments.
I am hoping that the creditors will be able to see that it would be benefical to readjust our IVA rather than cancel it.
Thank you all for the advice given so far! x

[Soulgrowth]

Just wanted to say good luck Hawks ... I hope that you find a solution.

Debbie

[Hawks1980]

Things looking very bad! Spoke to them again today and they need sometime to talk and are going to get back to me later on. I cant go on with this anymore am sat here looking at my little girl and just wanting all of this to end. How stupid were we to get ourselves in this trouble?

[Lisa2009]

Im sorry you dont think things are looking good.
DOnt worry about your little girl, as long as she has love (and she obviously does) she will be fine.
Your IP may decide to call a meeting of creditors to set your monthly contributions at a more affordable level. As the return you were originally offering was quite high, there could well be room for negotiation rather than banruptcy where the return would be far far less.
Hang in there and do please let us know what happens xxxxx

[Viki.W]

Hawks, you're not stupid. It happens and nearly everyone on this forum can relate to this. The most important thing is getting your family through this. You have each other and that's the main thing. Wait and see what they say but if BR is your only other option then it won't be as bad as you think. You're trying your best, you can't do any more.