Hi You need to take some professional advice from a licensed Insolvency Practitioner. R3 is the main trade assocication for IP's and you can find details of all their members on www.r3.org.uk. The initial advice should all be free of charge. Although IVAs typically last for 5 years there are no hard...

Hi In very broad terms a debt management plan is an informal arrangement with your creditors whereby you offer an amount you can afford each month. Generally creditors will accept the reduced payment and some may freeze interest, in return for you making full repayment. An IVA (again in broad terms)...

Hi Carl

Unfortunately this does happen sometimes. Your best bet is to ask your Supervisor to FAX a copy of the Chairman's report directly to Mercers. That should sort it for you.

HI bj There are several implications to consider if entering into an IVA - the main ones have been dealt with above (although I would say that an IVA doesn't have to last 5 years - depends on your circumstances). If you are considering it you need to get professional advice on all of your options - ...

Hi Suggest you have a chat with your Supervisor. He/she will probably ask to see a revised income and expenditure summary that takes into account not only the rent you will be receiving but also your revised living costs (presumably they will be less than they are at present as you will be sharing t...

Hi Melanie

There were not, what I would call, any exceptional circumstances. We did not have conversations with any of the creditors regarding voting. HSBC had less than 25% of the vote although TIX controlled just over 40% of the vote.

Melanie, despite someone at TIX telling us that the hurdle rate didn't exist any more we remained sceptical. The IVA in question was approved in May 2008. It was a five year IVA (using protocol) and HSBC voted to approve the IVA (through TIX).

Hi Suggest you speak with 2 or 3 IPs (make sure that they are licensed and not a company that just passes you on to an IP)and then make a decision based not only on their advice but also how you get on with them. You may be working with them for several years so it is important that you feel you can...

Hi

Wilson Phillips will need to get creditors consent to the payment holiday but given the circumstances and assuming that you are up to date with your monthly payments I can't see that creditors would have a problem.

Good luck with it all

Steve HSBC used to have a 40p in £ hurdle rate - not any more in my experience. We have a recently approved case where HSBC accepted around 27p in £. If you are worried about the advice you are getting, get a second opinion. If you look in your local Yellow Pages you should find all the IPs in your ...

Hi Ian I had a client who did it as they were desperate to stay in the area. From memory they got about 80% of market value (much more difficult to agree market value now, I would imagine). They then had to pay market rent. They were initially only offered a 6 month rental. When they pushed harder t...

Hi It is possible to ask your creditors to vary your monthly payments. I have some clients at the moment who because of rising energy/food/fuel prices etc find that they are now worse off each month than at the outset of their IVA. When this happens we ask them to update their income and expenditure...

Hi Creditors like full and final settlement IVAs as, from their point of view, there is less risk - they don't have to wait five years. As Melanie says you would need an IP to work out a sensible offer. Depending on your household income and expeniture (and any assets) a lump sum IVA should be very ...

There is no rule on this although I would guess that most IPs want to see the originals. I always ask to see the originals and then keep copies for my files.

Any payment holiday needs creditors' consent - so yes, your Supervisor would need to call a creditors meeting.