Help please

[MelanieGiles]

Hi guys

Your IP is a busy person and cannot deal with every aspect of your case on a day to day basis. He/she will employ a team of people who specialise in certain aspects of your case.

It is not uncommon to have a different case manager acting for you after the creditors meeting than before, but remember if you need to speak to your IP directly at any time they should make themselves available.

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

[maya]

Thanks Melanie,Aguise . That has put my mind to rest.

Thanks again.

PS: this forum seems to give me more answers than talking to an IP
Cheers

[Flowers2221]

Bluebelle,

Can I ask who your IP was? I need to find a new one as I'm going into the 3 month region without a creditors meeting. Thankfully I've only made 1 payment - but this is still a large sum of money lost!

Appreciate your advise.

Flowers

[maya]

Melanie,

Now that my IVA is approved & im paying £360/ permonth , is there anything to stop me from taking up a job abroad ? As far i continue to pay for the next 5 years ( & declare/pay anything extra ) , im looking at options & before applying etc. (i.e going thru the process ) i would like to know & i only have a rented property at present ( which i will have to give up incase of better opportunities abroad )

Your help & advice is really appreciated.

Thanks again
maya

[MelanieGiles]

Hi maya

Absolutely nothing to stop you from working abroad, so long as you are able to maintain your payments at current levels. I have several clients who live and work abroad - and you are only a click away!

Hope you find the right opportunity in due course.

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

[maya]

Hi Melanie,

Thank you very very much , I sincerely appreciate your help .

Thanks again
m

[maya]

Hi Melanie,

Ive been reading all the posts regarding increase in IP's fees & getting concerned ( just one month into the IVA ) I have re-read my modifications & one of them mentions that 'the nominee's fees not to exceed £2500 & total fees & disbursements (including VAT) will not exceed 30% of total contributions' Is this something sinister ?
Another modification that is worrying is ' the duration of the arrangement shall not exceed 72 months' aren't IVA'supposed to last 60months or is this to cover any unforseen months , where im unable to make payments ( for any reason ) .
Can you please advise as this is now stressing me out?
Many thanks
maya

[MelanieGiles]

Hi Maya

No this is not sinister The creditors have sought to fix the nominee's fee at £2,500, which is standard, but also to make sure that the IP cannot charge more than 30% of total contributions. If you are paying a high contribution, this of course allows a greater fee. How much are you contributing in as a matter of interest?

The 72 month thing has been introduced recently and is helpful to you. It doesn't mean you have to pay an extra 12 months contributions, but gives an additional year in the event you have missed payments to catch up the arrears. This has been designed to minimise unecessary variations.

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

[maya]

Hi Melanie,

At present my monthly contribution is £360/. (total debt of £48k)
Its a shame that you aren't the only IP in this world so that we all could come to you You are extremely helpful.
Please let me know what your thoughts are.
Thanks again,
m

[maya]

Hi Melanie,

Another question is I have just heard that my rental lease is up for renewal & the rent will increase , just don't know by how much . Does this mean that my IVA will be jeopardy ( again only paid for 1 month) Does it get worse than this?

Thanks
maya

[MelanieGiles]

Hi Maya

As your IVA has been accepted with the fees quoted, you no longer need to worry about the level of those charges. Your IP is being reasonably paid for his efforts!

With regard to increased rental, do you think that this can be absorbed within your monthly expenditure? If not, then you will need to talk to your IP about options - a variation may be necessary, but it is a shame that this is so soon into your IVA. Did your IP not ask you about potential rental increases at the time he drafted your proposals?

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

[thebear29uk]

Hi Maya

I found in the past when renegotiating rent that if you offer to sign up for longer they may accept no increase. My landlord wanted £25 more but I pointed out that there were some flats in my block already empty and if my flat sat empty for a month that would be lost revenue of twice the rent increase. I signed a 2 year lease with a 1 year get-out clause and rent stayed the same. In an IVA a longer term lease is better as there are fewer occasions to deal with searches and potential rent increases.

Dont know if any of this helps but just thought I'd let you know

Dave

[maya]

Hi Melanie,
Thanks for the prompt reply !!
I guess i will have to absorb the increase in my monthly expenditure as there is a clause in the proposal that if it is less than 15% then there need not be a variation however, i will have to make up the difference in the shortfall by making additional contributions . & no my IP never asked me about any potential increase i my rent !!
Dave thanks for the advice i should check this our when im signing the new contract.
Again thanks both of you & i'll re-read everything twice over.......
m

[maya]

Hi Melanie,

Firstly my rent is increasing by an additional £50/- per month , my proposal explicitly states that if under 15% then the shortfall has to be met by making additional contributions, so spoke to the IP & was met with a response alongthe lines of 'do you understand that' ..... Another aspect is that ive got some overtime paid of which 50% equates to £150. which i will hand over to the IP.
I really don't want any variation meeting for this but would like to know that if i absorb this increase in rent in my monthly expenditure ( which is going to be a struggle ) for a couple of months & then (hopefully) get a small increase in my salary which can cover this rental increase ... can i then state that I won't increase my contribution to the IVA as my rent has increased..... im not getting straight anwers from my IP . they want me to send a letter & they would then think about it & let me know . Please can you advise the best way without a variation meeting ... & my last question is : can i change my IP & come to you ???? I thought that the confusion , stress etc.were over once the IVA was approved but this regular stress is worse !!!
Thanks
m

[MelanieGiles]

Sorry Maya, it is not possible to change your IP. You can only do this by Court Order or a specific resolution from your creditors, which is unlikely.

If you are able to fund the additional rent payment out of your overtime earned, your IP should make an adjustment when he asks for the 50% uplift. He will expect you to use your 50% first - but I regularly review things like this with my own clients.

I would not be looking for increased payments from you if your salary goes up, as your rent has also gone up. Make sure you keep a note of all additional expenditure, so this can be presented to your IP at the time of your annual review. You definately do not need a variation!

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