I hope someone can offer me some advice before I approach my IP as I don't trust them very much. Sorry for the long question.
My IVA is due to complete in April 2011. I have the chance of voluntary redundancy in December with a package of £13,700. The total of my IVA commitment is £26,880 (£9,000 fees, remainder to creditors). I have about £13,000 max left to pay.
Am I able to get my creditors to commit in writing (through my IP) to an offer on my IVA out of the redundancy and if the offer is reasonable of course how likely in todays climate are they to accept? My debts were sold on and, based on professional advice, the total paid for these debts has already been covered by my payments. Do you think for example an offer of £10,000 would be reasonable giving me £3,000 to live on for a few months whilst looking for work.
Hi there, i agree with Andy that the figure seems completely reasonable and see no reason why your creditors would not accept the revised offer. Contact your IP as soon as you can, so that you can discuss the matter in principle and put your mind at ease.
I must say that it is a shame you feel you don't trust them very much, why on earth did you go ahead with them if you felt that way? or did the disillusionment come to light since the IVA was granted? I personally feel that it is important that, for want of a better description you feel 'comfortable' with and have faith in your IP - Did you get to speak to your IP prior to your IVA, after all they are working on your behalf and i feel it is important you establish a rapport.
Sorry a lot a questions but I was concerned by your opening comment
I too am sure that your creditors would agree to such an offer.
I would be careful however that you ensure that the money you retain will be sufficient to cover your expenses whilst you find alternative employment. It might be worth considering whether or not you should wait until you get a job offer before you commit to a specified sum.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
I don't know if the questions were rhetorical but in case they weren't I'll try to answer as briefly as possible to save boring you!
I went ahead with the company because I researched various debt management companies and these (at the time) seemed to be the best known with the best reputation. This isn't a dig at all but those working in the financial sector forget that theres only so much research joe public can do before they have to place trust in a company. Once I had put a rocket up them for their poor handling of my debt management, they organized the IVA swiftly and professionally. I was desperate by this stage to get an end to the threatening calls and interest I was being charged by creditors. Since then I have used this forum which has been excellent to educate myself in matters so I am armed with the facts when issues have arisen with my IVA.
As far as the redundancy possibility is concerned I was only briefed at work yesterday and we have till 11th December to confirm our wish to be considered for redundancy so I know I have to act swiftly. As for another job, I have been crippled by debt since the day I finished my post grad in 1993 and this is the first real opportunity to end this nightmare. I loathe the company I work for anyway and am used to working any job to put food on the table, so getting out of debt with a little to tide me over to find new work is my main concern.
Sorry if thats all longwinded but hope that answers your questions. Thanks very much again for all the advice.
Last edited by abcdefgh on Sat Nov 22, 2008 7:27 pm, edited 1 time in total.
