I've just signed up here. Chose my username as a reflection on why I'm here!
So, I decided to start my own business due to health issues. The short story is that it didn't work out and left me £60k in debt.
Where am I right now?
Jointly own a house with my ex-wife. She lives there with our 2 daughters. The house has about £160k equity.
Now living with a new partner.
Back in full time employment but just couldn't catch up with the repayments so decided to go down the IVA route.
My IP did the figures and came up with a figure of £463 per month. I don't want to shirk my responsibilities to I said I'd be happy with £600. Barclaycard have come back with modifications and said they want at least £877 per month.
They have also said that my partner should fight for maintenance from her ex and that 60% of that should go to the IVA. That ain't going to happen! He lives in a camper on a plot of land in Bulgaria and comes back to the UK once in a blue moon.
So, does the Barclaycard thing seem reasonable? What if I said that I wasn't prepared to pay £877? Is it negotiable?
Is it really a millstone to be in an IVA? Am I faced with 6 years of penal servitude?
I think that's it. Any other advice would be gratefully received. I've got my creditors meeting on Wednesday so hopefully everything should all go smoothly.
Are you actually in an IVA yet? If not then I would speak to another few companies beforehand.
Andy Davie/Vincent Bond will give you free advice as will one or two other companies before you sign the dotted line.
You should only pay across your disposable income.
Don't know about your partners maintenance but would not think that they can insist on that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Might I ask who you have spoken to -- sounds like one of the bank funded firms ! If your disposable income works out at £463 that is close to what you should be paying ( creditors might tweak for an extra £20 -- but an extra £400 is unreasonable. Do they own more than 25% of the total debt ?
Your partners maintenance would be for paying for the child's needs, not your debts and, again, this is unreasonable.
Do not be tempted to voluntarily up the payments -- things do go wrong over 5 or 6 years, cars break down and boilers blow up ---- if you cut the cloth too tightly it will give !
With a fairly worked out budget and a helpful firm behind you it isn't penal servitude -- not a bed of roses either !
Speak to a few companies -- I would recommend the smaller firms where you can speak to your IP if needed and who will treat you as an individual.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you for that. I guess I'm not in the IVA until it's all agreed at the creditors' meeting which is in Wednesday. Probably a bit late to think about chopping and changing now. To be honest, I just want to get the ball rolling. I was getting 10 calls a day from the creditors and the relief that that's all stopped wince the proposal went out has been worth it.
Luckily, my earning potential is quite good. I take home a little over £5k a month but with maintenance to 2 ex wives and a lot of other things my expenses are quite high. I'm probably spending £500 a month on petrol, for example, as the type of work I do means I have to go where the work is and moving home just isn't practical.
I guess what I'm looking for is someone to say "It'll be alright". I just want to get my head down, close my eyes and steam through the next 6 years as best I can.
In my normal life I deal with them for something completely different.
Not impressed.
Also given amount of equity would suggest that you speak to a company that takes you through all options.
Two ip's post to the board (Jane and Michael) and might be better options.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Sorry to post again. One of the things my contact said in respect of the Barclaycard issue is that "The Barclay card debt has been voted on by IVA Watch. They are more hard line than other agencies".
They have a LinkedIn profile and used to be part of grant Thornton.
Now called watch portfolio management.
Asset management are 2 words that come through.
Not good from your perspective given how they advertise themselves.
Northern Ireland based.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
There are several large firms who administer debts for other creditors: IVA Watch, The Insolvency Exchange and Max Recovery among them. Unfortunately this means they can "gather" small debts together to get a deciding vote (or fortunately if they are voting "yes").
IVA Watch are closely connected with Grant Thornton.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Baker Tilly are set up the same way as Grant Thornton - g** help you if you sign up and have a problem.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
They are a limited liability partnership that is part of a larger group.
Experience for people with grant Thornton is that if things go wrong structure is used as a way of frustrating the complaints process (if you can find it).
A smaller company identifying more closely with your needs might be a better option,
Foggy can confirm problems people have faced.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Should add I have checked their web site and it's not that clear.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I'm with Debt Lifeboat and they are actually very good (so far). If I were you I would refuse the modification and that ought to be able to resolve the issue with the creditor and if not, then look to move elsewhere. I remember having my meeting deferred twice because of negotiations but we got there in the end. Make sure that you are fully aware as to what will happen with the equity in your house before you agree to proceed! Going back to Debt Lifeboat, they have always been very fair with me and they are extremely professional and do everything in the correct manner.
