please can someone help

[MelanieGiles]

As nominee you are assisting the debtor to present proposals to creditors, part of which seek the appointment of the nominee as supervisor. It is the creditors who appoint the supervisor at the creditors meeting and the duty of care therefore switches once the IVA is accepted. Of course most good IPs continue to ensure that the debtor is treated fairly and with respect during the ongoing period of supervision.

[Soulgrowth]

That makes sense Melanie ... thanks for clarifying.

I just feel that I have become so educated by this Forum!!

Zebbedee ... do please keep in touch and let us know how you get on with things.

Debbie

[zebbedee]

BR uk are going to call me back on monday to see if i raised the money, i mean how can i find £1050 PLUS the court fees when i can barely make the IVA payment.
Does anyone know if i go BR, will the courts take the same amount that i pay to the IVA each month and will i be able to keep my car (which will be paid for in 3 months). This is driving me crazy, and i thought it was all over once i'd set up the IVA. Its getting more stressful day by day!!

[Skippy]

When you go BR, if you get an Income Payment Agreement (IPA) you don't pay all of your surplus income, only a percentage. If you look at my blog there is a table showing the amount you can expect to pay.

Regarding your car, it depends on the value, and whether you need to car to be able to do your job.

If you do go BR, please don't pay any money to UK Bankruptcy. It's a fairly straightforward process - you can fill the forms in online and make an appointment at your local court yourself.

[zebbedee]

thanks skippy for the advice. have just been reading your blog and know how you feel!! Its been a great help just reading about someone else going through it. Thanks again

[ianmillington]

Zebedee

Can I just clarify for you how sound the advice you attribute to UK Bankruptcy actually is?

If you go Bankrupt,

It is an offence if you conceal any property of less than the prescribed amount from the Official receiver. (S 354 Insolvency Act 1986) - worst case scenario 7 years jail and a fine!

It is an offence if you fail to disclose (i.e you "hide") property from the OR. (S353 Insolvency Act) - worst case scenario, yes you've guessed it, 7 years jail and a fine!

I would, in all honesty, ask yourself who is mis-selling what?

Ian

Late edit: If you really are struggling with your IVA, speak to your IP. That's the first thing you should do I think.

[ianmillington]

To give my answer to Debbie's point, I see the role of the IP in the case of an IVA to be an independent "honest broker". The main job is to broker a deal that probably is not ideal to either side (if it was there would be a winner and a loser) but is one that both sides can live with and the Supervisors job thereafter is to make it work.

In terms of implementing the proposal, I can see why it might be thought that the Supervisor acts for the creditors. That is simply a consequence of the proposal imposing many obligations on the debtor but relatively few on the creditors (other than to do nothing but receive dividends!)

At the start of course, the Nominee (usually the same person as the Supervisor) acts for the debtor.

Ian