Thanks for your comments Melanie.She is intending to go BR using her own funds in October, but it still leaves a bad taste in the mouth. I'm sure there are other people with similar clauses that we accept as we feel the eventuality of bankruptcy is covered with the fees being saved for you within th...

PS.The trouble is..they have got her over a barrel.She needs the money to petition herself or have them do it, and can't hang around for ages just waiting for the creditors to start getting nasty.The action of her IP appall me.They simply say..that ..yes...the clause is there but NORMALLY we do this...

Dear Melanie et al, My friend has had the latest bit of nonsense from her IP, a "Report on the meeting of creditors for cessation of a Vol Arrangement" On 24th July..the following resolutions were put to creditors: 1. That the arrangement be terminated and the Supervisor is not to petition for the D...

Can any expert shed any light on this at all..we really need some advice seeing as our IP is trying to rip us off ! Help !
Thanks

Had this reply when asked for clarification re the funding of BR..clear as mad...states it's IP's discretion..then states it's up to the creditors.Still dont see how they can just "ignore" the clause that states that all funds for the BR will take priority.My friend had paid more than £3000 in to th...

Thanks...She has paid nearly £3000 in the past year.The firm is Wilson Phillips.Thanks for the advice,it does seem a little pointless.My gut feeling is that this is a sneeky attempt to get out of the payment and keep it to themselves.Not very professional and we won't let them get away with it if at...

Thanks for yr reply Melanie.. The wording is as follows:" The Supervisor shall set aside, and at all times retain, sufficient funds for the purpose of petitioning for my bankruptcy, should this be necessary, and such funds shall rank ahead of the Supervisor's fees"ding is as follows " There was NO m...

Hi.my friend has a clause in their IVA that states that funds paid in will be given priority to funding a BR if it becomes necessary and these will take preference to any fees or creditor payments.The IVA is about to fail after 1 year.My friend has queried the £495 that should be used to fund BR and...

Hi..can anybody advise on the following wording in an IVA agreement "The Supervisor shall set aside, and at all times retain, sufficient funds for the purpose of petitioning for my bankruptcy, should this be necessary, and such funds shall rank ahead of the Supervisor's fees" Does this mean if an IV...

Hi..sorry if this isn't appropriate to IVA forum..but i am very nervous about it all. I declared [V]myself BR on 04/04/08..i have no assets except a vehicle..i paid £2000 for it last year..it's a Cat D vehicle ( ie a repaired insurance write-off).Thats why the car is worth less than many may think.I...

Thanks Melanie.I certainly dont want a public transport allowance anyway so thats ok One last question if anyone knows..i expect i will have to pay an IPA or IPO for up to 3 years of around 50% of my disposable income..BUT..i am unlikely to be able to stay with my parents for much longer so am i rig...

Hi..i am in my second IVA and despite my best efforts it is going to fail. I am about to go to court to register BR but just wondered do i need an official default letter from my IP before i can do this? Also, i have a car worth around £2000 but everything i read says you can a car of this value if ...

Hi..my friend has taken out an IVA, they were introduced by a third party and put in touch with the IP firm.The 3rd party is a well know firm(believe they post on here) To cut a long story short, she was alarmed when i told her that an IVA details list is available to all an sundry to view, with her...

How are people supposed to make informed decisions when clearly one of the following lifted directly from CCCS and Insolvency Websites give conflicting advice? It beggard belief to me ! Quote from CCCS "You are normally "discharged" from your Bankruptcy after one year. You will continue to pay into ...

Thanks for that..reassures me a little.They are likely to get about £9000 from me with an IVA or nothing with BR..surely surely they will vote yes.I will ask my IP if they have decent track record or not Cheers everyone.But if anyone knows any more stories about Max Recovery let me know if you would...