A week to put together a client's IVA proposal, when the IP does not have copies of the important documentation required to properly research the case (per your other post) is a little worrying. Is it this firm's policy to get you to sign up in the hope that the figures are right without doing any checking?
With regard to Fugazi's dilemma - I think that you should speak to your partner now about her contribution. If she cannot afford the payments in two years time, your IP can always propose a variation to the terms - by which time the debts will probably have been sold on in any case. When the IVA has concluded- you can always agree a repayment plan to your partner - or promise her a fantastic holiday (or honeymoon!!).
Hopefully at least you have other options to consider following Melanie's advice which as ever is always first class. Good luck with whatever you decide Fugazi and we are always here for you.
Last edited by ivas4us on Wed Jun 03, 2009 11:13 pm, edited 1 time in total.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
You are right Fingerscrossed - it is a question of personal choice with an IP, I am happy with mine, and wouldn't hesitate to recommend them, but I wouldn't recommend MDC after my dealings with them.
Fugazi, I hope you manage to get something sorted out. Good luck, and keep us posted.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Honeymoon!!!!! ... been there and still paying (literally) for it.
I was married for 17 years before the divorce gremlins crept in and to be honest that was one of the main reasons for me getting into debt. Usual thing woman like a hurricane ... all wet and wild to start with, but when they go the house is goes with them.
I really don't know what to do at the moment, it seems I am back to the choices I had before;
Debt Management - which would take 14 years to complete
IVA - submit to NR's demands for my partners extra £100/ month contribution after 2 years.
Bankcruptcy - seems a good option, but i am worried about how much my partner will be dragged into it.
I think I need some timeout to sit down with my partner and really dig deep into my options, whatever I choose is going to effect her as well, it just depends on how much.
Do you have anything to lose by going bankrupt? Assets? Employment? Or is it just the thought of it that puts you off, coupled with frustration when one of your creditors is not seen to be supportive of an offer which you feel is fair?
Personally, if I had nothing to lose and NR had treated me as they have you, then I would seriously consider bankruptcy.
It's NR's own fault if they get next to nothing back.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
There isn't anything I'd lose, my car is only worth £400 max and I have no other assets, even the house I share with my partner contains nothing of mine and the only thing we have brought together is a new cooker .. when I moved in everything in my flat was either sold or given to family and friends (that was over 4 years ago), the house is housing association owned with my partner as the only name on the agreement, none of the utilities bills are in my name.
If I were to go along the bankruptcy route would the fact we have lived together for over 4 years be taken into consideration when it came to seizing and selling any assets, if not then this would be the best way forward for me. I know from my IVA details that there is a very good chance I would have to pay an IPO / IPA for three years, in fact I would offer to pay the same amount as my initial IVA proposal - £280 / month.
I'm more concerned with getting something wrong on the paperwork and then having the IP decide I haven't been truthful and asking the court to extend the bankruptcy period and I can't afford the price of getting a specialist to do the paperwork for me.
You have no assets to seize or sell, and your payments will probably be more like £200 per month rather than £280.
The paperwork is dead simple - and if you want to e-mail it to me before going to Court I will happily glance my eye over it for you. I am sure that you have nothing to worry about - suspension of discharges are actually very rare.
Thank you Melaine, I will fill in the paperwork and accept your offer to look over it for me and if everything seems to be ok I will present it to the court and apply for bankruptcy.
Fugazi, I'm sorry it has come to this, but you have done your best, and at the end of the day it is NR's loss.
A very generous offer by Melanie as well.
Let us know how things go.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Once the paperwork is ready - it may be worth one last ditch attempt by your IP to tell Northern Rock that you are about to petition and would they like to withdraw the requirement to take your partner's surplus. It will cost nothing to ask, and if the answer is no then that will definately make up your mind for you as to what your next course of action will be.
I would just like to say Fugazi that everyone can see that you have done your very best to pay what you can, if they can't see that then its there problem not yours. Hold your head up high as you have done your best and I wish you the best of luck getting things sorted to alleviate the stress.
Best wishes
Paul
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
