Here is my story

[Bob]

hi Melanie,
His (IP) letter simply states "...lump sum offer needs to reflect the total contribution which still needs to be made of £15,000 plus your share of the equity..."
There is no mention of fees, so I will write back and ask him - though I wonder if it's worth bothering!
I'm going out now to my kids school to see a production but will return later.
Regards
Bob

[Adam Davies]

Hi
This does seem to be the standard reply from IVA providers and simply does not make sense.
as Melanie states there must be savings on the IP costs and the creditors will get the original dividend and their money earlier.The only thing that I can see to stop it would be creditors insisting on an equity release in the fourth year,rather than earlier due to increased house prices.
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

I must admit that they way I work out settlement figures is to calculate what needs to be paid to achive the original dividend, taking account of a variation fee and the fee for the year in which the case is being closed. This seems to work quite well.

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

[Bob]

Melanie, You have previously recommended I speak to Tony (Welsh Boy)Parsons regarding re-mortgaging, which I did and am currently in touch with. I have seen you recommend an other broker/adviser on this site, but I can't find it now. If this site has taught me anything it is to always shop around. Can you let have the details of the other broker please.
Thanks for your help.

Bob

[Lisa2009]

Bob i think the other mortgage broker you may be referring to is Andrew Graveson who works for a company called Bright Oak. If you google it you could find the telephone number. He is assisting me and has found me a firm remortgage offer so i can try and make a F&F offer. He is exremely helpful.
Also there is another broker who posts on this forum under the name of "mikebdomain" . He has been extremely helpful to me on this forum answering all of my queries regarding my own remortgage.

[MelanieGiles]

Andrew Graveson at Brightoak is on holiday until Tuesday, but is well worth a call in order to compare products. Brightoak's telephone number is 0800 0437 222.

Happy hunting!

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Lisa2009]

Sorry Melnie i didnt know if i was allowed to put the telephone number on here otherwise i would have

[Adam Davies]

Hi
Have a chat with MikeBDomain[contact details on the experts page],he is a director of mortgage brokers Leybridge and I can personally recommend them.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Bob]

Thanks for that, I will speak to both of them in the next few days.
Regards
Bob

[Bob]

Hello again to all on the forum and a happy new year to one and each. It goes wihout saying let's hope it's a prosperus one.
It's time for my annual rewiew with the IP and in preparing the information he asks for I have become quite disheartned by the way things have gone since the IVA started in Dec 04. At that time, under pressure I filled out an income and expense schedule, realy off the top of my head and without any reference to historic data to ensure accuracy. The income was based on a salary that I was promised but which never materialised.
The point is that each year, on paper we have not been able to afford the monhly payment of £500 to the IVA but have made every effort to keep up the payments. We have slipped on two occassions since Dec 04 and are currently in arrears by £1000. In that period, our Expenses have increased by 52% and my personal income has reduced by 8%. In Dec 04 the IVA monthly amount equated to 21.36% of my nett income, but now it equals 45.6 of my nett earnings. The only reason we have done as well as we have, the two hiccups notwithstanding is because of my wife's income."In richer or in poorer" were the vows we made nearly 30 yers ago but hell, that committment has been pushed to breaking point several times over the last year. The effect on not just my health but also my wife' sanity and our relationship has been tremendous.
Just to what extent can the IP insist on his monthly dues when it only because of my wife's earnings as a teacher that enable us to survive. How much of my sole earnings and how much of our joint income should be taken into consideration. Each year I have made it known to the IP that we struggle, jointly to maintain the payments. His usual response is always on the lines of 'you signed the agreement - if you don't keep it - I will bankrupt you'
To what extent should I or can I insist/request on a review, either with him alone or with him and the creditor representatives?

[MelanieGiles]

This further serves to highlight the importance of getting the figures right in the first place. If you gave incorrect information to the IP, then they will believe that you should continue to make your payments, and these days it is usual for the non-insolvent spouse's disposable income to be taken into account for the purpose of setting the IVA monthly payments. By the way this is not something IPs have brought about - but creditors.

I do sympathise with you here, but I am afraid that your IP has to supervise the IVA as it was written and signed so they do have a point - but they should have done more work to verify the figures you used in the first place, as they ought to have spotted the inaccuracies. To base salary on something which might eventually happen, for instance, is dangerous.

If you are genuinesly struggling, you can ask your IP to seek creditors agreement to a variation of the arrangement, but I imagine that his review will be based upon the household income and expenditure and not just yours.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Bob]

Hello again to you all. I've had a surprising development today. Just as we enter into the 4th year of the IVA, out of the woodwork creeps one of my creditors who to date had failed to submit a claim. They have now done so and my supervisor is writing to me to seek my agreement to the claim being entered into the arrangement. If I don't reply by end March, he will assume I agree.
So what's my position? Where do I stand? As I see it the claim was mentioned in the arrangement so it on the one hand would seem academic if it is included or not. On the other hand - is there a time limit, a sort of a 'put up or shut up' clause which could exclude them? will it have any material effect on my payments etc if I agree to include the claim? If I reject the calim, can the Supervisor override me or can he go to an extraordinary meeting (which no one will attend anyway) and then override me? Can this creditor seek to recover the debt sepertely from the IVA by a CCJ or similar?
Where do I stand?
Thanks for your anticipated replies.

[MelanieGiles]

It is not really your decicision to include the claim or not - that rests with your IP - but I suspect he just wants you to confirm that the balance being claimed appears correct. An IP can accept a creditors claim right up to the time they make their final distrubution legally. Is this a bank or a trade creditor?

[OPTIMIST12]

Bob -

Surely if the Creditor was included in the IVA from the start (presumably they were) then they are not really "creeping" in!!!!
They are just rather belatedly putting in a claim for what they are fully entitled to???

Surely it is of no bearing what the debtor thinks - they have a right to claim???

[Bob]

Melanie, it is a bank creditor (Alliance and Leicester). I was somewhat nonplussed that the Supervisor should ask my opinion - given that the A&L are listed among the creditors but I do understand the point of trying to assess accuracy. How difficult would it have been for my Supervisor to have put one line of expalnation in his letter - just like you have. But then again why should he change his ways after all this time. He seem to have a mission in life to never explain anything. I assume Melanie it won't alter the payments etc.
Thank you Optimist 12 - you are absolutely right.