We are being threatened with failure. What can we do ? Can we go to another IVA .

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Jancie

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Post by Jancie » Fri Aug 29, 2014 8:36 am
My IVA people did not take into acccount all the outgoings of myself and husband on our yearly assessment last year and we disagreed with their findings as the payment was not workable for us. Again this year, having given all our outgoings they again have ignored the majority and just used the basics such as gas electic mortgage etc. they have advised we are in serious arrears and threatening to fail us in our IVA. They have given us 7 days to pay the arrear which is over £30,000 and agree to pay a figure we cannot afford. What can we do, can we go to another IVA company?
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Michael Peoples

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Post by Michael Peoples » Fri Aug 29, 2014 9:05 am
It is very difficult to switch your IVA although you could let the current one fail and propose a new one with a different firm. It would be better to salvage the existing one otherwise any money paid in would be lost so ask for a face to face meeting with your IP and demand a full review.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

lou3

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Post by lou3 » Wed Sep 03, 2014 12:17 am
Which expenses did they not take into account? IVAs are only supposed to allow for a "basic" budget, that's the whole idea, you get enough money to meet basic living costs but not for luxuries etc.

Depending on what the expenses were then the success or failure of the IVA may depend on your willingness to adhere to the budgets set by the common financial statement.

Unfortunately most IVA companies will not do face to face meetings, nor will you be able to speak directly with your insolvency practitioner - your case officer's job is to do that for you if necessary.
 
 

Dave Bowman

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Post by Dave Bowman » Wed Sep 03, 2014 1:17 pm
Seconding Lou3's opinion here

What "other" expenses were you wanting to include?

If they were essential or justifiable, there should have been no problem including them in your i&e.

I'd speak to your case admin. and get an explanation.

£30k arrears does seem incredibly high - how long has this been going on for?
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I work in insolvency as an IVA Drafter. I've been working in this industry for over 7 years and have seen every scenario you can imagine. I am experienced & knowledgeable in this field, so if I can offer any assistance to anyone, I'll be glad to help.
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