Fugazi, I had the same problem with them over a recent case that was well publicised on this forum and all ended up well. So don't worry.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I wonder just how much money NR lose out on by insisting on these mods and the posters then being forced to petition for bankruptcy as the payments are not affordable?
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
It is not just NR. More and more people are opting for bankruptcy at the initial meeting stage because under the CCCS guidelines the payments required for an IVA are too high. IVAs as a percentage of overall insolvencies has been dropping which is the reverse of a long running trend.
But those percentages will be rising fairly shortly Michael. The CCCS guidelines virtually mirror image the Common Financial Statement from Money Advice Trust. Whilst the bugets are tight they are by no means impossible to live with. They are currently being reviewed and it is the intention where the CCCS ones differ from the CFS then they will be brought in line.
Last edited by David Mond on Fri May 22, 2009 7:11 am, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I must admit that when we started down our IVA route, BR was never, and still isn't, an option - purely because we would lose our house.
We put down everything that we spent and nothing was reduced at all, so I suppose we can consider ourselves quite lucky in that respect.
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
sigh .. just wish i'd gone for BC in the first place.
Been speaking to a friend who went BC last year, said it was the best thing he'd ever done and one of the easiest .. cost him £500, filled in the forms, went to court, judge said no problem and that was basically it.
It is a moral thing sometimes and BR is certainly not easy - if you have disposable income you will pay an Income Payments Order for 3 years plus will always have to mention it whereas with an IVA you do not always have to
You're bound to be upset and a down about it. It's not a nice thing to happen.
I'm sure your IP will do their best for you and I hope it is a positive outcome next week.
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
Well thats it, heard back from my IP today and NR have stated that they wanted the following clause in the IVA:-
That the £100 / month my partner pays to her creditors should be guaranteed to be added to the IVA payments in 2 years which is when they calculate the debits will be paid.
This is despite the fact that the NR debit was incurred before my partner and I got together and she has not benefited from the load in any way, that my partner is not involved with my IVA and who is to say whether my partner will extend the agreement with her creditors or even that we will still be together in 2 years. I'm not prepared to sign a contractual agreement that is based on gazing into a crystal ball and predicting the future. NR are not prepared to move on this clause and so my IVA has failed.
To me NR are cutting their own throats here, because the only path left for me now is bankruptcy which means even if I have to pay they will not get the 'extra' they want ... hopefully they won't get a penny.
What they can't seem to grasp is that they would benefit anyway if my partner pays all her debts off in 2 years because I would have to inform my IP about the increase in disposable income and the IVA payment would increase anyway, but I'm certainly not going to sign a contract that insists I have to add the extra regardless of the circumstances at that time.
So now I need to find advice on bankruptcy as my current IP don't deal with them .... any ideas?
There are IPs on here who can advise if they would take on your debts in a new IVA proposal.
There are a number of companies offering to help fill in bankruptcy forms for a fee.
However if bankruptcy turns out to the best option for you I'm sure we can support you as a community for free
There are a few posters on here that have gone down the BR route and I am sure they will give the advice you need. Please don't pay for someone to do this for you as from the posts I have seen It is something you can do yourself for free.
Best Wishes
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
