Hi all,
I was made redundant back in January and have since been temping to keep the money coming in. I am half way through my IVA and have so far managed to keep up with the payments but am finding that my poor credit rating is affecting the jobs I am going for. I work in the financial sector and am worried that I am now unemployable. I feel sick with worry at the moment and cannot let this IVA fail. Advice please!!!
Try and keep your income up by temping, and apply for as many jobs as you can in the meantime. I am afraid that there is not much you can do about the attitude of prosepective employers towards your debts, but I am sure you will find something suitable soon.
You could also have a word with your Supervisor (IP) in case your temping work dry's up. A payment reduction or break can be arranged if necessary based on your changed circumstances.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Hi Kashmere, please don't panic....I was in the same situation. I was made redundant in December 08 and I'm still not working now. I let my IP know immediately and they advised me to make token payments of £1 per month which would eventually be drawn into a 6 month extension. They proposed a variation report which has now been sent to my creditors, with the meeting on 23rd May 09. As long as you keep your IP updated with any changes as soon as they arise then you should be fine. Good luck! xx
My husband was made redundant in October 2008 my relationship manager was fantastic during this time. I was able to take a payment break for Nov, Dec and Jan thankfully he gained employment at the end of January and therefore my payments returned to normal. At the end of April his new employer then laid him and 9 others off on a "temporary" basis for 2-4 weeks, will its been 2 weeks already and it doesn't look like he will be called back anytime soon. Emailed my IVA contact this morning and I had to contact the payments department the person I have spoken with has reduced me to tears for the 1st time throughout the whole IVA process. I have been paying since September 2006, it was agreed when my hubby went back into employed that my payments would drop from £504 to £460 for 10 months then as a car finance ends in Dec of this year I would then pay £566 for 20 months and extend agreement by 4 months. So after speaking to the payment team they have agreed to reduce the May payment to £260.00 but was informed that if I need to do this in June my IVA will fail no questions asked and i will be made bankrupt. The IP has not been back to my creditors as yet as in the orginal agreement i was able to extend agreemnt for a max of 12 months and reduce payments by no more than 15% before having to go back to them. Sorry for rambling but i don't know where to turn or what to do any advice would be great
Has your IP suggested contacting creditors with a variation proposal? It seems that you have done everything required of you and I would find it hard to believe that creditors would reject any new proposal.
It could be scare tactics by someone in the collection team but bankruptcy seems harsh from what you have detailed. Who is the IP firm?
I really don't know what else I can to be honest. The person I have always dealt with was so helpful and understanding. I have emailed her with what has happened today and awaiting her response. Freeman Jones.
Up until now I have been very happy with the assistance that they have given me, surely the creditors would agree to something to prevent the pick B word!
E-mail your IP directly detailing what you have written on this forum and ask for a variation proposal to be sent to your creditors. Huge numbers of IVAs are being varied at the moment due to the state of the economy and creditors realise are accepting these variations as the clients have not done anything wrong.
It is likely the IP does not know your case personally but once contacted by you they will likely review the file themselves and come back to you. Again from what you are saying creditors would want a variation put to them rather than you being made bankrupt without asking them first.
Am going to wait and see what my relationship manager says as she has been most helpful, I think its the "payment dept" which i assume is a new name for collections!
how would i get the contact details of who my IP actually is? Would it be on mt orginal paperwork.
It should be on the IVA proposal as they would have signed as nominee or on the annual reports as supervisor. You could be right that it is someone overzealous in collections or payments but we always tell our clients that we do not operate like the banks and encourage them to come to us with problems. You would have had all the threatening phone calls and letters pre IVA and you certainly do not need them to start up again from your IP.
thanks for your advice will keep you informed as to what happens. There was mention of even going for a full and final settlement but I don;t think that would even be considered in think I owed 42k and would have ended up paying back around 33-34k, so far i have paid in £14400 and £414.40 of additional money from bonus overtime etc etc no not even paid 50 per cent back yes
If there is little or no surplus left and it is directly as a result of circumstances beyond your control a full and final may be an option if there were third party funds available. The original dividend would not need to be achieved and we have closed down IVAs with massive reductions in dividend. The full and final would still be better than bankruptcy where the banks would get nothing.
I can't remember my exact figures i need to have a look tonight. its reassuring that you have had people offer a full & final settlement at alot less than the orginal dividend prediction.
