really cannot afford to pay more

[sonyse2t5]

IVA are geared towards creditors....think about this: 46pence to the pound or more,subsequent increased earnings,bonuses,extra job;4th yr Eq release, creditors will through these processes get 80% back in most cases.

Debts written off??.....hardly happen these days.

[Adam Davies]

Hi
Can't agree with that Sonyse2t5.
Not only are large parts of your debt written off but all interest is stopped and you are left alone for five years.
Are you actually in an IVA Sony ?

Andy Davie
IVA.co.uk Spokesperson

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]

Creditors should get paid as much as someone can comfortably afford to pay over a five year period, if an IVA is the chosen route. The writing off of debt is a privilege rather than a right, and anyone looking to get a maximum write off is probably not a great candidate for an IVA to be frank.

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

[OPTIMIST12]

If ever a "Ten Commandments" of an IVA is published then Melanies post above should be Commandment number 1 (in my humble opinion).

This really is the attitude that people should enter an IVA in - i.e. to repay as much as reasonably possible. It is the only fair and honest way to approach it - and if you do finally fail then at least you will do so with a clear conscience.

[juliaj]

Hi thanks for all the comments. much appreciated. yes i did have a payrise, i was told that in my IVA there is a 50% clause. I have since read every bit of my Iva information and it clearly does not state this.My IP said she would ring back but hasnt as yet should I ring her. I know that its my fault i got into this situation and i want to pay off as much as i can. but even with this pay rise my daughters costs at college ( she is in london) are huge. i was told that i could not mention most of these expenditures as they would not be accepted. but i have to pay them.

[MelanieGiles]

Hi Julia

Did you also check your Chairman's Report, as often the 50% uplift provision is put forward as a modification by creditors at the time of the creditors meeting.

I can's see why your daughter's education costs were not included - if you are paying them then account should have been taken of this. The decision to accept or reject expenditure levels should be the creditors and not the IPs!

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

[Skipper]

The cost of living invariably goes up and there is so much in contingency one can set aside from. Already it has been said creditors are using outdated I/E plans not taking into account inflation increases as on average the increase is 3% a year and it can be as high as 5%. Pay rise on inflation cannot match those increases and will fall more behind
To not ever have a payrise other than to adjust for inflation would guaranteer a fix payment



<<My motto:I am proud of black culture and is against racist bigotry>

[Adam Davies]

Hi
The new TIX compliant IVA allows for upto a 15% decrease in contributions without the need for a creditors meeting.A step in the right direction,allowing more flexibility with interest rises etc etc
Regards

Andy Davie
IVA.co.uk Spokesperson

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

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