| T O P I C R E V I E W |
| stevedb73 |
Posted - 27 November 2009 : 16:48:02
I am only 8 months in to my IVA and so far have managed to keep up with repayments even though it has been a struggle and has to rely on family for help here and there. My question is I may be about to recieve a bonus payment from work this christmas. It may only be about £500 and will allow me to pay some money back which I owe and an unexpected car bill.My undersatnding is that I would have to pay half of this back. By doing this, I will struggle with my payments. What are my best option here? |
| 20 L A T E S T R E P L I E S (Newest First) |
| stevedb73 |
Posted - 12 February 2010 : 15:13:35
Hi,
It appears the creditors rejected the proposal due to the fact that the reason I am looking for a variation is that my wifes credit card payments were not on the initail I&E I submitted but just her take home pay from a part time job. Having since become more aware of the IVA process I have now realised this is the reason why I am struggling every month and should have included these initially. Having been refused the variation , can I go back with another proposal, or do I have to wait for a while. As I mentioned in previous posts my current payment is not viable, and I am out of money generally at least a week before I get paid. Do I need to pursue this, or is this something my IP should be doing on my behalf? As I am currently paying back 49pin the £, surely this would be a significant amount for the creditors to lose if I were to go BR. My house is worth about the same as my mortgage so their would be no equity to free up. Any help or guidance would be great. |
| stevedb73 |
Posted - 12 February 2010 : 14:59:22
quote:
Originally posted by MelanieGiles
I happen to think that the best source of advisory material about bankruptcy proceedings is the Insolvency Service's own website.
Creditors sometimes make stupid decisions, but a good IP should be trying to steer the way with your case and not letting it fail.
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| MelanieGiles |
Posted - 09 February 2010 : 22:07:34
I happen to think that the best source of advisory material about bankruptcy proceedings is the Insolvency Service's own website.
Creditors sometimes make stupid decisions, but a good IP should be trying to steer the way with your case and not letting it fail. |
| stevedb73 |
Posted - 09 February 2010 : 08:52:55
Hi Melanie,
I am not quite sure yet why they did not agree with the revised offer. I intend to follow this up today. My main worry is that the I&E sheet that we submitted clearly shows that the original monthly contribution is not viable and it is impossible for me to keep this up for 5 months nevermind 5 years. I did not originally want the BR route , but with 3 children to support and give a reasonable standard of life too, it may be my only option. I am unsure of the banruptcy process, so if you can recommend a good source of information on this , that would be great.
Once again thanks for all the support. None of my family have ever been down the IVA / BR process so it is dificult to attain any real life scenarios to help me through, and at the moment I feel uneasy sharing my predicament with friends.This forum really does help, even though laid up in bed at two o clock in the morning viewing it is probaly not a good idea. |
| stevedb73 |
Posted - 09 February 2010 : 08:42:30
quote:
Originally posted by MelanieGiles
Why have creditors not agreed to accept you revised offer Steve? They must have provided your IP with their reasons.
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| MelanieGiles |
Posted - 08 February 2010 : 22:16:04
Why have creditors not agreed to accept you revised offer Steve? They must have provided your IP with their reasons. |
| luluj |
Posted - 08 February 2010 : 16:23:24
I would talk this through with your IP direct and look to see if a I&E review can be done again and meet your creditors requests somewhere in the middle. It seems such a shame that you are having these issues when you so want to pay back the money you borrowed.
In no way forward then consider the bankruptcy route but you would have to let your IVA fail for three months first and your IP fail it in writing to you - save the three months IVA payments to fund the bankruptcy costs.
Hope you get things sorted ! |
| stevedb73 |
Posted - 08 February 2010 : 16:17:25
Hi All,
As an update, I had the creditors fail my variation meeting which was put back to today. My new payment would have been £310 from a current payment of £520. It is evedent I can't afford this so I don't know were to go right now.... |
| stevedb73 |
Posted - 08 February 2010 : 16:14:11
quote:
Originally posted by Michael Peoples
Hi Steve. Sorry creditors are putting you under added stress and I hope you get a positive answer today and not have to worry over the weekend. Best of luck.
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| Michael Peoples |
Posted - 22 January 2010 : 15:53:14
Hi Steve. Sorry creditors are putting you under added stress and I hope you get a positive answer today and not have to worry over the weekend. Best of luck. |
| stevedb73 |
Posted - 22 January 2010 : 14:59:27
Hi All,
My Variation meeting was yesterday and it appears one creditor is making me fret and worry a little longer. Sat next to my phone as I write this post.
I hope this turns out to be a nice weekend!!! |
| stevedb73 |
Posted - 22 January 2010 : 14:55:07
quote:
Originally posted by c.j
We had a variation meeting and our payments were reduced to £211 with a return of 21p in the £ from a return of 31p in pound.There wasnt an extenson put on ours as it was because of a change in family circumstances that we needed th variation.
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| c.j |
Posted - 10 December 2009 : 20:24:25
We had a variation meeting and our payments were reduced to £211 with a return of 21p in the £ from a return of 31p in pound.There wasnt an extenson put on ours as it was because of a change in family circumstances that we needed th variation. |
| Michael Peoples |
Posted - 10 December 2009 : 14:29:40
It really depends. There is not a huge amount of consistency but if the dividend drops quite a lot we find some creditors looking for an extra year. It is not guaranteed to happen but it is always a possibility. |
| MelanieGiles |
Posted - 10 December 2009 : 13:13:23
I'm not seeing too many creditors asking for extensions in these circumstances Michael - is this happening in your cases a lot? |
| Michael Peoples |
Posted - 10 December 2009 : 12:16:39
It is likely creditors will extend your IVA term by up to twelve months to achieve as close as possible to the original dividend. It may be worth reconsidering the bankruptcy option as you would have still over 5 years to pay in an IVA if it is extended. |
| kallis3 |
Posted - 10 December 2009 : 11:14:35
I think that there may have to be another meeting held as the drop is more than 15%.
However, what they will get back via the drop is probably more than they will get via bankruptcy.
Fill the form in and let your IP deal with it.
Hopefully the creditors will be amenable to it. |
| MelanieGiles |
Posted - 10 December 2009 : 11:08:00
Your IP ought to call a variation meeting to consider your request to reduce your payments. If £300 is now genuinely all you can afford, there should be no reason why this would not be accepted by creditors. |
| stevedb73 |
Posted - 10 December 2009 : 10:58:34
I e-mailed my IP with the information contained in the previous posts and they have sent me another I&E sheet to fill out based on my change of circumstances. My main concern right now is that my current payment of £519 has shrunk to £300 based on what I can aford right now. Even here it will still be a struggle but not as much as before. Wereas I was paying back 49% of debt, this figure equates to just over 25%. What happens next? Will another creditors meeting be held, and if so, what is the possibility of this being accepted due to the big decrease in monthly payments. Thanks once again for all the support and replies. They really do help! |
| stevedb73 |
Posted - 10 December 2009 : 10:50:44
quote:
Originally posted by stevedb73
I am planning to Pen a letter to my IP over the next couple of days explaining my circumstances in detail. In the meantime I will look at the implecations of bankruptcy.I will let you know of developments. Thanks for all the advice
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