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MelanieGiles
IP
30800 Posts |
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Alph
New Member
17 Posts |
 Posted - 28 January 2010 : 10:32:17
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Unfortunately, my variation was rejected! Apparently all my dozen creditors (including Student Loans and HMRC!) responded and all agreed to it except for good old Northern Rock...the bain of my IVA!!! Unfortunately, my NRock debt is more than 25% of the debt.
The good news, I believe, is that they have not called for a 2nd Resolution (ie Bankruptcy) but rather have said the IVA must remain as originally proposed.
The girl from Grant Thornton who called yesterday said that the IP (or his team) would be in touch to see how we go forward but confirmed I was still protected by the IVA and we just needed to discuss catching up the arrears I have accrued and how I pay going forward.
Does it sound like that it's between me and the IP to ensure that we fulfil the full IVA over the next 4/5 years? Or are there/could there be any further issues around my arrears?
Has anyone else had a similar scenario with a variation and/or arrears? |
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Michael Peoples
Forum Expert
4387 Posts |
Posted - 28 January 2010 : 10:54:10
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| Sorry to hear your variation was rejected and I am a bit surprised. If the IVA is able to continue in its original form there would not be a need for a variation. If your wife is now obliged to support your IVA to the detriment of herself and her creditors this may be unfair. She should seek advice herself to ensure she is not being unfairly prejudiced. |
Michael Peoples | McCambridge Duffy Insolvency Practitioners www.mccambridgeduffy.com |
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Alph
New Member
17 Posts |
Posted - 28 January 2010 : 11:07:41
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| Hi Michael. Thanks for your prompt reply. The variation was to address some arrears and buy some time with a further break whilst my s/e business hopefully had an upturn. I will wait for the written response from GT for confirmation, however, as per my question, if NRock have asked that the IVA remains as originally proposed and they've not asked for any 2nd Resolution, does that mean that my IP and I have been left to get the arrears and future payments resolved? I can only assume they know there's no way bankruptcy would be an option as they are my mortgage company and would know there'sno equity. |
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Michael Peoples
Forum Expert
4387 Posts |
Posted - 28 January 2010 : 11:22:11
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| It is possible and I am sure your IP will explain. If creditors have agreed to forgive the arrears and allow the IP to reach a repayment plan then it should be down to what you both can agree. However, I am guessing as I do not know what the variation requested or what any new modifications are. |
Michael Peoples | McCambridge Duffy Insolvency Practitioners www.mccambridgeduffy.com |
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Alph
New Member
17 Posts |
Posted - 28 January 2010 : 12:36:39
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Thanks Michael. I'll wait for the confirmation letter/calls from the IP, see what the next move is and then keep you all informed and/or ask for help from you guys!
If by sharing my IVA experiences I can help anyone, I'd be glad to let people know how my IVA has gone...I think it has been (and still is!!!) a very unusual/complicated one where, I'm sure, GT have earned their fee(s)!! |
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kallis3
Moderator
27 month\s down 33 month\s to go.
United Kingdom
35545 Posts |
Posted - 28 January 2010 : 12:41:26
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| Good luck Alph - hope it all works out for you. Keep us informed. |
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
27 down, 33 to go.
Jan
xx
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Alph
New Member
17 Posts |
Posted - 08 February 2010 : 16:55:57
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I'm now beginning the process of renegotiation with creditors/IP regarding my failed variation, however, as my wife has been helping me/us out alot, she now needs help!!
As we think it will be a temporary thing, we are looking at a DMP for her until we're back to a decent level.
We've approached PayPlan and woule be grateful if anyone has any feedback on them - good or bad. Has anyone had dealings with them?
Any advice/help/info would be gratefully received!!
Thanks all.
Phil (Alph!) |
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kallis3
Moderator
27 month\s down 33 month\s to go.
United Kingdom
35545 Posts |
Posted - 08 February 2010 : 23:18:56
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I've not done a DMP with them but both hubby and I have our IVA's with them.
So far we have had no problems, although they do get mixed reviews sometimes. |
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
27 down, 33 to go.
Jan
xx
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lesley_
Forum Expert
30 month\s down 30 month\s to go.
United Kingdom
8889 Posts |
Posted - 09 February 2010 : 04:16:05
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I know that Andrew Graveson of Brightoak gets some good feedback on forum, his details can be found in the experts section.
All the best and sincerely hope it works out for you x |
http://thereisanend.blogs.iva.co.uk/
Downhill now 31/60.... |
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Alph
New Member
17 Posts |
Posted - 16 February 2010 : 12:25:50
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Hopefully someone can help!
Each time I enter rthe site it tells me I'm already logged on and it won't let me log off! That's fine, except I want to ask some new questions, but each time I go to do it, it asks for email and name etc and, I did it once, and it wants to reregister me each time!
Am I doing something wrong?!! Want to ask a new question starting a new thread, rather than attaching to a thread from a while ago...can anyone let me know what I'm doing wrong?
Ta!
Phil |
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Michael Peoples
Forum Expert
4387 Posts |
Posted - 16 February 2010 : 12:54:55
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| Sorry Phil. I know nothing about computers so you will have to ask here or hopefully someone from admin can help. |
Michael Peoples | McCambridge Duffy Insolvency Practitioners www.mccambridgeduffy.com |
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Alph
New Member
17 Posts |
Posted - 16 February 2010 : 15:59:01
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Thanks Michael. Will wait and see if someone can help.
In the meantime, maybe I can ask my question now.
As you may recall, my IVA is in a bit of a state and a recent variation to buy some more time and extend by 6 months has been rejected. Still waiting to hear from GT to see how we now move forward, however, it appears no 2nd resolution has been requested (no equity in the house).
My wife has been basically funding things whilst my wages are so much lower, to the extent that she is needing help herself. We think it may be temporary enough to consider a DMP for her and we've approached Pay Plan.
However, in their initial view of our circumstances, they mentioned to my wife the option of me failing my IVA and then doing a joint IVA with them to take account of our whole situation.
I was under the impression from you guys that there'e no such thing as a joint IVA, but rather interlocking individual ones. Is that correct?
Also, and more importantly, is it possible to allow an IVA to fail and then repropose another one more relevant to our needs and with another company?
Got the full chat booked in with Pay Plan tomorrow evening, so to be armed with some info beforehand would be great.
It really helps seeing and receiving all this info from peeps in similar circumstances and from the experts.
Thanks, all.
Phil |
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Michael Peoples
Forum Expert
4387 Posts |
Posted - 16 February 2010 : 16:06:42
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There is no such thing as a joint IVA and unless it is a last resort you should try and keep your own arrangement going. If an IVA is the right option for your wife it should be independant of your financial troubles and based on her own income and expenditure.
If your IVA does fail you can propose another but hopefully this does not happen and your wife can solve her own difficulties. Ultimately, you both could consider bankruptcy given the equity situation and this must surely be better than starting your IVA all over again. |
Michael Peoples | McCambridge Duffy Insolvency Practitioners www.mccambridgeduffy.com |
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Alph
New Member
17 Posts |
Posted - 16 February 2010 : 16:17:06
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Thanks, Michael.
Trying to avoid BR due to my occupation, however, we are seriously considering it, particularly for my situation. We'll see.
If GT/creditors give me the option to catch up with some arrears and get my IVA back on track, then that'll be first choice, with my wife arranging a DMP or her own IVA as appropriate.
Will see what GT and Pay Plan have to say for themselves!! Then get back up and/or answers from you guys.
Thanks again.
Phil
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kallis3
Moderator
27 month\s down 33 month\s to go.
United Kingdom
35545 Posts |
Posted - 16 February 2010 : 21:07:40
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Phil, your problems in logging on may be something to do with your password.
I think there is a problem if there are any capitals in it, but not 100% sure on that. |
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
27 down, 33 to go.
Jan
xx
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MelanieGiles
IP
30800 Posts |
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Alph
New Member
17 Posts |
Posted - 17 February 2010 : 10:28:16
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Don't think so, Melanie. My wife had the initial call with Pay Plan. Telephone appt was arranged between them for 8pm this eve for me to discuss both our situations and provide all the details, ie balances, arrears, account/ref numbers, etc.
Still awaiting to speak to GT about how I can move forward with my IVA with it being in arrears and now following the variation rejection. Was going to wait until I'd spoken to Pay Plan.
In any event, before any decisions made, was hoping to run things by you guys.
Phil
PS Do you look at DMPs as well as IVA/BR, Melanie? |
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MelanieGiles
IP
30800 Posts |
Posted - 17 February 2010 : 19:13:28
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| I certainly am able to give advice on DMPs but we don't actually do them within our firm. Payplan are one of the larger firms in this industry, and will not charge any fees as they are funded by creditors, but you can also find a selection of firms recommended on this forum all of which I have referred cases to in the past and would not hesitate to again in the future. |
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp |
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Hi. In an IVA that took 13 months of pre-proposal
