Nearly Finished

[Blacky]

Hi, I entered into an IVA almost 5 years ago, I pay £305 per month and it has been very difficult, but now I see light at the end of the tunnel.

I was wondering if my Supervising company have been doing things right. I have had to send proof of earnings every 3 months in the form of pay statements and a income and expediture forms. I have only missed one payment and am waiting to find out the fall out for this.

I have asked for a date when I will be free but as yet nothing! My creditors meeting was held on the 23rd December 2003 but I started paying in August that year at the Supervisors request, will my IVA end in August or continue to December/Jan taking in the missed payment.

Also is it possible to end and IVA early by setteling the remaining amount and If so will this relase me?

My total debt was £28k

Cheers and great web site
Blacky

LMB

[iva experts]

Hi Blacky,

From the information that you have provided I would think that your IVA would finish in January as your IVA was accepted in December but 1 month should be added for a missed payment.

All I.P firms have different ways of doing the reviews, some do this annually others 6 monthly, so I dont think that your supervisor is doing anything wrong by asking for information every 3 months.

I would try to contact your I.P again and again untill you get a clear answer, also I would discuss with them the option of a F & F settlement. What amount are you think you want to put forward ?

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[Blacky]

A little shocked, even though I have been paying from the point of initial contact which was August. Jan 09 seem so far away I have been putting off pay increases all these years and was hoping to actualy have one this year. Anyway great advice I will reccomend you to anyone I know who has or is thinking of entering into an IVA bLACKY

LMB

[Adam Davies]

Hi
Were your initial payments prior to your acceptance on account towards your IVA ?
If so then your IVA should finish in August plus one month.
Chase your IP for an answer

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

[MelanieGiles]

Which IP company are you with?

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

[Beechy]

Hi
Just read your post with interest.

Were the payments you made direct to the IP or an introducer company?

Dave Beech

[Blacky]

Andy, Melanie & Dave Hi and thanks, the payments starting in August were made as part of the IVA contribution, but the confusion was the creditors meeting was not untill the December by which time I had made 5 payments. I had payed £500 to a third party as a kind of introduction to see if I was eligable to go for the IVA, this £500 was not payed to Synergi, or as they were initialy called Capital insolvancy.

I have failed to chase as I am embarassed about missing this months payment, my first ever. I did write and explain the circumstances but as yet no reply.

Thanks for the help all

Blacky

LMB

[Adam Davies]

Hi
Well your IVA should conclude in Sept this year,write to the supervisor of your IVA and ask the question,do not be embarrassed as many,if not most,IVAs have a missed payment or two.
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

[MelanieGiles]

Andy - did you ever have to miss any payments in your own IVA?

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

[Adam Davies]

Hi
Yes i did,I was three months behind at one point,i realise now that my IP was sympathetic and understanding regarding this point.
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

[Blacky]

Andy, you are lucky.

If I ran my company like my Supervisors company we would all be out of a job. I have still recieved no information from them and bet I wont get anything until my 3 month review.

When I first started I had a great lady looking after me and she told me it was all new and I was one of the first clients, she has been promoted and now there are thousands of us IVA'ers so I dont get the one on one I used to have.

To be honest if given the time again I would go bankrupt as this only lasts two years, forget the credit argument an IVA is viewed just as harshly.

Sorry feeling a little down today.

Cheers
Blacky

LMB

[debbiw]

Hi Blacky,
I hope you feel better soon! At least you are nearly at the end of the tunnel, and are almost debt free! Hang in there! Start thinking about what you are going to spend all your additional money on when your IVA is finally complete x

[ordinary_world]

Hi Blacky,
Hope you're feeling better too and at least your IVA should be finished soon (if not already!)

I was interested in your comment that IVAs are considered as harshly as Bankruptcy. I thought the purpose of IVAs was 'debt forgiveness' according to the government insolvency website....although the reality is probably much different (creditors do not seem a forgiving bunch do they?)

So what have you heard with respect to creditors view and treatment of ex-IVAers?



OW

- 'I wont cry for yesterday 'cause there's an ordinary world somehow I have to find...'

[Martin2011]

Good luck Blacky, I hope it gets sorted for you asap. With regard to your IP, you must have a named one, and have every right to speak to them and get answers to your very legitimate questions. Might be worth a few persistant phone calls...

Best of luck for a fast completion...

Martin 25 down, 35 to go...

[Blacky]

Thanks for the kind words, actuly recieved an apologetic reply in yesterdays mail, because I missed a payment I now have 10 to go, OK I can live with that. Problem now is they think I have failed to declare a wage increase of £100 per month and are demanding I settle 50% of the over pay immidiatly, thing is I have not had a pay rise at all during the last 5 years. I will not be paying the money they are asking for as I belive this will cause uneccesary hardship on my family and I, If I had a pay rise I would have told them. Another thing, every 3 months I have to send my expenditire form and 3 months pay statements, these guys are now saying I am missing 5 statements going back to April last year. Not possible as I have duplicate copies of everything I have ever sent them for my own records. Where do I go from here, this could get nasty and they could make me bankrupt, another two years of no money!

Blacky

LMB