IVA Increased to 45p in the pound

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DebtDummy

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Post by DebtDummy » Tue Jan 30, 2007 12:16 pm
My IVA increased by 5p and my hubby and I weren't informed.
The proposal arrived today for us to sign, return and be filed at the court house. The new ratio is 45p/£; and the expenditures are a joke.
We are a family of 3 with 2 cars needed for work.

EXPENDITURES ACTUAL Water 30 45
Electricity 30 40
Gas 35 40
Telephone 30 45
Travel/Petrol 35 80
Vehicle Maintenance 20 40
Union 10 19

Now for the actual costs statements were supplied, twice. The income problem. The amount of £150 ENDS in July 2007 because it's child support for daughter and she will be 18 at that time. We are also in arrears with the mortgage. Talk about a tight squeeze for 72 months.
Oh, and add on two charging orders one payment at £40 and other at £80 with the interests still be added. That's an additional £120/month to find.There is no way out except through a bankruptcy (deep sigh).

Again, I was hoping there was a fairy godmother out there who could wave her magic wand and make the situation all go away. We lived up to our incomes and things spiralled out of our control.I became ill and unemployed. Life is not fair.

We shall take our blows;and our wounds will heal in time. My husband and I are still very much in love. That fact amazes me every day considering the financial hardship we have been under. Oh, and the arguments!Along with the harsh words!And me deliberately burning his meals [:)].

Well, we married for better and for worse. This is one of the worse moments which means it can only get better. Credit,ha! I have learned when you are made redundant, ill or get a lower paying job, the creditors become like vultures. They circle around you and poop on your head waiting for you to die from mental duress, then they viciously peck at your flesh and bones.

Click below to see what you can do to a debt collector. It will raise your mood and bring a smile to your face.

http://www.boreme.com/boreme/funny-2007 ... hot-p1.php

One of my favourite songs is by Nina Simone. Any jazz lovers out there? '' There's a new day coming...coming in peace, coming in joy, coming in love.''



All I have left is my humour. :)
All I have left is my humour. :)

View my blog http://www.debtdummybankruwoman.blogs.iva.co.uk.
 
 

freelili

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Post by freelili » Tue Jan 30, 2007 1:03 pm
Hi DD

What a beautiful post but so sad, I am so sorry you poor thing.

Love is the most important thing and will survive anything, even death. I love your spirit and you are made of pure gold.

Good luck with all your worries and those foes will be defeated without taking any flesh.

You make me laugh and cry at the same time, write a book and make millions. prong everone of these snakes in the grass. You didnt take it lying down, you came, you tried and you well... you didnt lose your sense of humour.

I think that you have helped so many sisters and brothers in debt in their darknest hour.

Take care my friend and march on

LILY
Last edited by freelili on Tue Jan 30, 2007 1:14 pm, edited 1 time in total.
LILY

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I asked God for an answer, I have to live with his reply.
Exsisto an angelus quod planto quispiam sentio melior.
 
 

Skippy

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Post by Skippy » Tue Jan 30, 2007 1:55 pm
Hi Debt Dummy, I'm sorry to hear that things aren't working out as you'd hoped. I can't believe the living expenses that you are being allowed - how do they expect you to survive the duration of the IVA?

I just wanted to say keep strong - you and your husband can help each other through this. Don't let it come between you - like you say, the wounds will heal in time. As long as you have each other you can survive anything.

Over the last few weeks I have been feeling down about various things - your posts mostly make me smile, and if not, they give me strength.

Good luck, and keep your humour!

Three down, fifty seven to go until freedom!
 
 

DebtDummy

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Post by DebtDummy » Tue Jan 30, 2007 4:56 pm
lilly and skippy, thank you for your kind words. I will be alright in the end. Life for the past year has been difficult for me,but it has given me the opportunity to reassess my life. When I was first diagnosed with a heart condition I was terrified. My heart would pound against my chest whenever I had to deal with a debt collector.
Then one day, I felt this sensation accross my chest and and neck. The next thing I knew I was on an ambulance with an oxygen mask on my face.

I didn't think about the debt collectors. I didn't think about how the bills would be paid. I didn't think about being unemployed. I do remember thinking about my family. I remember thinking, ''Please Lord, please Lord, I can't die. My daughters and husband need me.'' I was pleading with the man upstairs like I never have before.

And something else I remember about that day that I shall never ever forget, my husband. He was on the ambulance with me. His face, I'll never forget his face at that moment.His facial expression was blank. His face and lips were pale. Through his eyeglasses, I could see tears. I have never seen him cry before. And it was 'eerie' crying. He cried silently. Ladies, this touched every ounce of my soul.

It was in that moment this thought quickly entered my mind. ''OH! My! This is what the great poets were trying to express. This is what they were trying to say and I always referred to it as 'mushy'! This man love me...he really loves me. Well, either that or he was sad over the life insurance policies being cancelled because we could not afford them anymore. Anyway, from that day on I changed.

I no longer burned his meals(sorta scourched them)and we no longer argued (kinda didn't throw the pans anymore). We couldn't afford to attend restaurants. So, I would light tea candles and place them in the diningroom to create an ambiance. We could not afford entertainment either. So, I created a version of pin the tail on the donkey and named it pin the tail on the debt collector.Oh, how we would laugh whenever we played it.

In my younger years, I had a saying,'' romance without the finance does not stand a chance.'' When I think back to those years, I am grateful for personal growth and maturity. Today, one of my sayings are,'' Judge a man by the content of his character, not by the
contents of his wallet. I tell my daughters that one.[:)]

Life is perculiar sometimes. When handed lemons, make lemonade. When handed flowers, make a nice arrangement. When handed bills, head for the nearest door (smile). When you have debt problems, get help from a professional. It may not always work out the way you hope it will, but at least you knew your options.

I shall put on my helmet of strength and fight another day.

Take care.


All I have left is my humour. :)
All I have left is my humour. :)

View my blog http://www.debtdummybankruwoman.blogs.iva.co.uk.
 
 

freelili

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Post by freelili » Tue Jan 30, 2007 5:25 pm
You did it again

Tears were streaming followed by a smile. I think your daughters and husband are so lucky to have you. You are so inspiring, sounds like i'm sucking up. I feel so up facing anything after that.

I wish you the very best of luck through it all.

Thank you for finding this forum and giving so much to us.

God Bess you DD and your family

LILY
LILY

http://freelili.blogs.iva.co.uk

I asked God for an answer, I have to live with his reply.
Exsisto an angelus quod planto quispiam sentio melior.
 
 

gizmo

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Post by gizmo » Tue Jan 30, 2007 5:47 pm
You make me laugh debtdummy! I love your posts! I'm sorry its bad news. I know exactly where you're coming from though - my hubby had to have heart surgery out of the blue a couple of years ago and I have never been so scared in my life - I look back now and want to go back and hug the pair of us! It gives you a different perspective on life without a doubt. Me and my hubby are really strong and despite going through all this we still laugh and it hasn't broken us. i was thinking today of those horrible times and then I think what we are going through now means nothing. if we lose the lot it will hurt like hell but we'll pick up and get on with it.
I'm still marching on and I'm pleased you are too!
I know we all got ourselves into this mess but we have all tried our hardest to get out of it but if the creditors want to walk away with nothing then thats what they'll get and it will serve them right!
 
 

accgroup

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Post by accgroup » Tue Jan 30, 2007 5:54 pm
Hi DebtDummy

I may be missing something but it sounds like your IVA proposal is still being drafted and you have received what is meant to be the final draft to sign?

If you don't agree with the expenditure you need to speak to your IP/advisor and go through this with them. It should be a true reflection of your financial position, I would advise you to go through this with them again, is there some reason why they have changed the figures to make the dividend 45p in the £? There are some creditors who require a higher dividend than others in order to approve the IVA - maybe your IP can explain this to you?

Hope this helps



AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com
 
 

DebtDummy

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Post by DebtDummy » Tue Jan 30, 2007 6:57 pm
accuma, this is the final proposal. My hubby and I were to sign it in order for it to be filed and then a creditors meeting. About 10 days ago it was 40p/£. Today, it's 45p/£. Why? Because a certain creditor raised their ratio through TIX and there is nothing we can do. Also, there is no true reflection in our IVA. We have tried to present it as such, but the figures always get lowered so that , ''the creditors will accept it.''

This was our second IP in about 9 months. The bills have NOT been paid in 9 months. We have 2 charging orders about to be placed on the house. Now, we have rejigged the figures and turned them every which way but loose. We can't afford an IVA. We have come to accept the bankruptcy to some degree. A rather large degree;and maybe this is the best way forward for us.

We made the debt. We tried to repay it. What more can 2 people do?
We no longer have the income we had before. I became ill and can't work in the profession I loved. My cardiologist informed me no excessive stress. And when you're running from a patient who is having visual and auditory hallucinations I would say that's excessive stress.[:)]

Thank you AccumaGroup and all of you. You're top drawers!Ummm, draw!

Admin, if you read this post, can we please have a dedicated Bankruptcy Section here?

All I have left is my humour. :)
All I have left is my humour. :)

View my blog http://www.debtdummybankruwoman.blogs.iva.co.uk.
 
 

admin

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Post by admin » Tue Jan 30, 2007 7:30 pm
An excellent idea DD - thank you very much for the suggestion.
best regards, admin
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Skippy

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Post by Skippy » Tue Jan 30, 2007 8:44 pm
Oh Debt Dummy, I didn't realise about your health problems - you have so much deal with, I really feel for you. You come across as so strong, and you and your husband have obviously done all you can to repay your debts, as I think we all have on the forum. I sometimes feel guilty for being one of the lucky ones - my IVA was approved in October, and sometimes I feel a fraud offering my words of wisdom!

I'll keep everything crossed (might get some funny looks in the high streed tomorrow lunchtime but hey ho, it's a good cause!) for you that something gets sorted out soon.

Good luck, and thanks for making me laugh and cry xxx

Three down, fifty seven to go until freedom!
 
 

MelanieGiles

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Post by MelanieGiles » Tue Jan 30, 2007 8:59 pm
I do not understand why your IP thinks they should adjust your figures without discussing these with you. Which creditor has increased their criteria to 45p via The Insolvency Exchange. It's the first I've heard of it!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
 
 

DebtDummy

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Post by DebtDummy » Tue Jan 30, 2007 10:18 pm
It was HSBC, ha! For the employees of TIX click on the link and see what I would love to do to you....one by one.

http://www.boreme.com/boreme/funny-2007 ... hot-p1.php

Thank you MelanieGiles you are a good IP. I can tell by your post you are a woman of integrity.

Enjoy the link all
[:D]

All I have left is my humour. :)
All I have left is my humour. :)

View my blog http://www.debtdummybankruwoman.blogs.iva.co.uk.
 
 

MelanieGiles

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Post by MelanieGiles » Tue Jan 30, 2007 10:52 pm
Thank you DebtDummy - it is nice to be appreciated!

I have not heard that HSBC have increased their criteria to 45p. I will make enquiries tomorrow for my own (re)education!

In defence of the employees of The Insolvency Service, I can only speak as I find - and I find them extremely helpful and nice people. I do not agree with the rigidness of the BBA's Common Financial Statement (to which they are largely working) - but in fairness to The Insolvency Service people - neither do they half the time.

Things can only get better! And that link is naughty!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
 
 

DebtDummy

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Post by DebtDummy » Tue Jan 30, 2007 11:44 pm
Oh, that link is very naughty, but ohh sooo nice (smile).

All I have left is my humour. :)
All I have left is my humour. :)

View my blog http://www.debtdummybankruwoman.blogs.iva.co.uk.
 
 

accgroup

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Post by accgroup » Wed Jan 31, 2007 11:38 am
Hello

I haven't heard that HSBC now require 45p in the £ either - it's been 40p for some time now. I will also look into this....





AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com
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