QUESTION 4 THE EXPERTS PLS!

[flashingblade]

Hi

Hoping someone can help me...!

Just got the proposal, and for some other reasons its wrong so sending it back anyway but there are some other things i feel are not right. Just wonder what other peoples opinions are.

My proposal is that i will pay £360 a month for the first 3 months, til my baby reaches 1yr old, then it will increase to £420 for the rest of the term. So that means an increase of £60 a month, and they say that this extra will come from a decrease in food allowance, clothing and hygiene allowances.

Yet my baby will be walking soon, and will need properly fitted shoes at cost of £20-30 a time, as for hygiene, he will be in nappies for a long while yet, and as for food i cant see that decreasing as he gets older.

My questions are:
Does this seem reasonable?

What is the monthly amount we should be allowed for food and household goods for a family of 3, 2 adults and one baby?

I am surethat these amounts were not what i agreed on the phone at the time, and im with debt free direct, they told me i MIGHT have to remortgage in 4.5yrs time, but in the proposal they said i will.

Please help, i feel very uneasy, and its really taking its time.

[scaredkez]

hi flashigblade we are being allowed £400 per month for food for a family of five, yesterday i had my meeting and it was adjourned as they want a further £118 per month and to do this i have to cancel my life insurance and payment protection, then at the end of year 4 take out a remortgage and release 100% of the equity, even if i agree to this it doesn't determine that they will vote
scaredkez

[flashingblade]

I cant believe they expect u to find another £118 a month, how much do u owe?

Its the worst time of the year to be doing all this. Im so stressed, im off sick, i ring the company up and theyre no help at all, cant even speak to my IP. I have to speak to the person who just draws up the proposal, and even he sent me the proposal without making the changes that i told him about, we're just money to them.

[illihor]

You really need to speak to your IP to get things sorted. Just because someone has a birthday it does not mean they will need less food, clothing etc.

You need to discuss this with your IP to try and sort things out.

We have our creditors meeting on the 21st Dec. It has been made very clear to the creditors that our disposable income is just that and they will get no more. Should they want a modification for more payments hen we will be filing for bankrupcy.

It amazes me how creditors can try and demand more money from people when the disposable income and therefore the proposed payment has already been assessed by the IP. There is a desperate need for regulation in respect of IVA's. Guideline figures and definitive rules regarding pensions, life insurance etc. The way it is at present is what can only be called a complete farce. There is no continuity and I know I'm not the only one that gets irrate about it.

Kind Regards.

Lee

[scaredkez]

i owe just under 80k jointly with hubby, stupid really kept taking out loans to pay credit and got in deeper, i too have taken today off sick, just couldn't face anyone, i can't even go to the works xmas party as can't afford the taxi home, i agree wrong time of year to be doing this and i just don't know which route to take, seriously considering bankruptcy as its only the thought of losing the home thats making me continue with the iva, have just spoken to a nice man at myvesta and he explained the bankruptcy route and the only thing we would lose is the house and be discharged in 12 months but paying any suplus for 3 years which wouldn't be anywhere near £618 per month, i just have to find out if my job would be affectd
scaredkez

[freelili]

So sorry Kerri

The whole thing sucks and I am really feeling for you. Put the whole thing on hold, concentrate on Christmas and rethink in the New Year. (easier said than done I know). There will be a way to leave all of this behind and move towards a new life.

good luck

LILY

[scaredkez]

i know thanks lily, need to start focusing on the kids as been a zombie last few days, i actually feel better since talking to len at myvesta thanks for that link, as he said do i really need to worry about the house as 5 yrs is a long time to struggle.
kerri

[flashingblade]

Hi kez

our debt totals about 33k, and they want us to pay back 420 a month.

Ive thought about bankruptcy too, but scared as ill lose the house....where will we live? will the council rehome us or will we end up in a b&b?

Also, i may lose my job as a nurse too, but wouldnt have to work if we didnt owe so much...could be a good thing!!! [:D]

[scaredkez]

my hubby and i are going to contact the council on monday to see where we stand in regards to being re housed, however you are given 12 months to find yourself accomadtion, you are not thrown on to the streets, myvesta gave me some good advice today, unfortunately because of the equity in the house and both of us will have to file for BR we haven't the option to raise the equity unless a very rich frien or family member gives it to us as a gift
kerri

[freelili]

I think it might be of value to look at the homeless policy to see where you would stand if you were to go BR. Every local council has one and it may be accessible online.

Flash, I am a podiatrist and I contacted the Health profs council, BR will not affect my listing. I have and intend in future to work in NHS.

Good luck both

LILY

[neverending]

Illihor
YOUR QUOTE "It amazes me how creditors can try and demand more money from people when the disposable income and therefore the proposed payment has already been assessed by the IP. There is a desperate need for regulation in respect of IVA's. Guideline figures and definitive rules regarding pensions, life insurance etc. The way it is at present is what can only be called a complete farce. There is no continuity and I know I'm not the only one that gets irrate about it."
I AM IN TOTAL AGREEMENT WITH YOU.
Regards

[freelili]

when individuals become bankrupt, the reasons are looked at by the courts. As I see it Kerri and hubby are so much worse off because of synergi,plus northern R's unreasonable demands. Therefore the companys would be seen in bad light and bankruptcy may not be seen as the only option by the courts. Just a thought.

LILY

[scaredkez]

hi everyone thanks for the posts, i do have a question if any one is able to help.
as my hubby has just rightly said NR are the ones that are making the most noise at the moment, threatening BR if we don't agree to their terms, realistically we have never missed any payments to them yet as still paid into unsecured loan so could they make us BR, lets say if it got rejected and we are still paying them and they secure the loan on the house then we have no equity left, therefore would we loose the house or could we do the buy back for £1 and continue with the payments as normal (someone from iva squirrel told me if no or little equity in the house you don't necessarily loose it once the OR has looked at everything this is an option) or am i just clutching at straws.
kerri

[Storm]

What you have to careful of is giving creditors preferential treatment ie allowing NR to secure unsecured debt over other unsecured creditors.

When doing some research 2 years ago I came accross this guy who really knows his stuff and non judgemental. Not interested how you got there.....

http://www.theba.org.uk/

[neverending]

I would agree with Storm as I have spoken with John McQueen several years ago and have found him to be very impartial.I even have a book by him covering all aspects of Bankruptcy and will be happy to pass it onto you,please let me know.
The main thing IS to take as much IMPARTIAL advice as you can before deciding what to do.
Regards