Point 1 of the Modifications states:

"Unsecured creditors must receive a minimum dividend of 36p in the pound or the arrangement will be deemed to have failed"

How can it be possible for the payments to not go up if the secured shortfall continues to increase pushing up the overall unsecured debt?

Andy - IVA payments were originally proposed at £380 based on disposable income - at the creditors meeting HBOS wanted more p in the £ so payments went upto £410 to satisfy this. IVA company had previously advised us on 3 occassions to stop paying all creditors, including the secured loan (but that'...

Hi, I believe my only option is for me and my partner to go BR. We've had an IVA approved but the payment stretches us to the limit - our house is on the market and as we have secured debt, the shortfall is to be included in the IVA once the house is sold. The shortfall will continue to increase unt...

Hi Melanie, They really did say to cease all payments, including the secured loan. In fact, three of their employees on three separate occasions all said the same and in all three conversations I asked "are you sure?" at least once! Now they won't even comment and insist that I should of maintained ...

mikebdomain - thanks for a speedy reply, one of the contributing factors to considering BR is because we're not overly keen to line this companys' pockets and can only forsee future issues with them. Andy - thanks also for a quick response! Could you clarify, when you say "keep up with the payments"...

Hi everyone....not posted for a while but am in desperate need of some advice. I started the IVA process a few months ago and had my IVA approved on 28th August 2007, however, I'm not 100% confident that it's set to last and am unsure which way to turn. To bring you up to speed our debts are as foll...

Just thought I'd post an update with the story so far.... Applied in person for an account with Alliance and Leicester on Saturday, there didn't appear to be any problems with my application...just waiting on the confirmation and the account number. 2 Estate Agents came today, first one valued the p...

Thanks for your post Jane, it's good to know we're not alone!!! There have been some developments since my last post....one of the IVA bods have called me back....twice...on time! This may not sound much to some but I hold folks in quite high regard when they do what they say! At this early stage it...

Melanie, it is possible that the 2 secured payments could be met without the other debts around our necks. After much discussion, we'd rather not stay in the house, odd as it sounds! It's played a very big part in helping us get to the debt ridden state we're in and we'd much rather try to start a f...

Thanks for the speedy replies. At the moment we have a shortfall of around £200 each month - up until now this has been met by using Peter to pay Paul along with doing afew car boots to raise extra funds. My parnter is currently working 1 shift a week which is all she's aloud to do on a permitted wo...

Hi....I've spent the last 3 days thoroughly reading and searching through this site and can honestly say it's a fantastic wealth of informative advice...so glad I've found it! Through various failings, illness, partner unable to work for the last 5 years through illness, unexpected household bills, ...