Major change of circumstances

[Adam Davies]

Hi
I do agree with Cybus that a holiday allowance should not be factored in,but do feel that expenditure should be reasonable enough to give people the chance to save for extras like holidays if they so choose.It doesn't help that some ORs allow a holiday allowance in bankruptcy.
Sky,or similar,is the norm now along with mobile phones,basic package only.
I do agree with Johnz in that people who have made mistakes,or have been unfortunate,and are trying to repay their creditors as much as they can should be,almost,applauded by their creditors.We have afterall put our hands up,admitted our mistake/problem,and decided to address our problem.
We don't expect an easy ride or an easy get out option but we DO expect a reasonable standard of living.Remember that kids are an innocent party in all of this and should not be penalised.A holiday with their children is invaluable and for many people working long hours may find that it's their only opportunity for quality time with their children.
Certainly the case for me
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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

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

[Martin2011]

Well said Andy, I know our first discussions on the subject a couple of years ago involved agreeing that we were prepared to forego all the luxuries, pay every penny we could back to our creditors, but not at the expense of our family life. The children didn't creeate the debt and shouldn't have 5 years of their childhood filled with memories of parents working flat out, and never being there for quality time with them...

We've managed to keep our holidays together partly and thankfully because we all love camping, have had all the gear for years and know some good but innexpensive sites.... if we had top give that I'd throw the towel in, it's pretty much the best time of our year, every year...

Martin

[Shining]

I remember reading on here somone had gone on a sun 9.50 holiday, that's my plan for next year. I save all my change and I think I'll have enough for one or two of the 9.50's by the time I need to pay!

[aguise]

Hi there istheranend
It was me, wrote in my blog about it, and it was well worth it, you save that change, we had a 4 nights. Just the change of scenery was nice. Most of the parks have entertainment so the kids can be amused, you dont need to spend a lot.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[debbiw]

I agree with andy, my children are innocent, and just because i have been stupid, why should my children suffer, and not have a holiday. I will save every spare penny i have to see the smile on their faces when we get on the plane.

[aguise]

How many of us, most I would think, including any creditors reading, remember as a child the excitement of knowing you were going on holiday. For weeks before you would start count down the days till you go. Being in the car nagging mom and dad, "how long till we get there" and finally the first sight of the sea when you did. I have to say children should not be deprived of those ,memories for five years due to our misfortune or mistakes. No need for abroad, but a change of scenery to refresh mum and dad and some fun an quality time with parents who most likely work hard all the rest of the year.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[OPTIMIST12]

I cant get Cybus' last post on this thread out of my head. I assume that the happy holidaymaker was in an IVA?? How can people do this sort of thing when they have been given a second chance??? Unbelievable and shocking.

[Cybus]

He 'WAS' in an IVA. He will be a discharged bankrupt by now.

Tell it like it is.

[OPTIMIST12]

Its a strange world sometimes.

[Snickersneeze]

It's a very interesting debate on what is classed as a luxury and what is not, that's for sure.

Going back to what Cybus said about creditor representatives, there is one thing I don't understand. If a debtor, through somebody like Payplan, offers 57 pence in the pound and points out that bankruptcy would probably only realise 20 pence in the pound, why would a creditor rep ever vote against the offer?

I have an update for you guys; I have received a copy of a circular to my creditors enclosing a revised offer of £165 per month and an extension of 6 months and equity from my house sale £15,000 being put into the plan. Now the cynic in me will say that at the creditors meeting they will want a variation up to £250 per month and an extra year's payments....[;)] I need to clarify with Payplan if the 6 month extension means I have to pay for 66 months from January or do they take account of the fact that I have been paying since May 2007?

The other worrying factor here is that if, as is being predicted, house prices fall by up to 20% in 2008, then that equity is wiped out and we may as well hand the house back anyway...

[Adam Davies]

Hi
If house prices fall and you have no equity to release then your IVA will complete at the end of the extended term.
Creditors do not always vote for an IVA over bankruptcy because they often assume that the vast majority of people will not infact petition for bankruptcy but will instead enter into a neverending debt management plan,and Banks seem to prefer these as they do not write off the whole debt,as they do in Bankruptcy or an IVA
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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

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

[johnz]

No need for abroad, but a change of scenery to refresh mum and dad and some fun an quality time with parents who most likely work hard all the rest of the year.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

Just to throw another log onto the fire here, is there anyone else who thinks that British holidays are too expensive. Last year, we went to the Isle of Wight for a week (self catering chalet). It cost us more than we spent on going to Zante the year before. Comes to something when it costs more to stay in our own country. Doh!![}:)]

Johnz

[emma_t]

Totaly agree Johnz and it is a mad situation.

I go to the lake district as I can take my dog and stay in a holiday home. The prices are ridiculous and I could get a package deal abroad somewhere for 2 weeks.

It is a great holiday in the lakes and dog loves it but won't be ale to do it this year. Never mind if the weather is as bad as last year will probably get a few lakes near my house!!!

[Snickersneeze]

Hi all - back again [:)]. Since my first creditors meeting, when I offered £230pm and the creditors asked for £350pm and Payplan advised me to go with it, I had a review three months ago. I calculated I could now only afford £165 and the creditors accepted it without question! It's a funny old world...

Anyway, more developments... I have been made redundant. Next Monday I am eligible to sign unemployed. I have received the equivalent of two months salary (wages/hol pay/redundancy pay) so I have paid my £165 to my IVA today and I can pay it again next month - what happens after that, assuming I am not back in work??