How does your IP know that what they have told you will be the only offer accepted by creditors? Have they already canvassed each one? I maintain that an offer of full and final settlement based on payments made to date is the best option for you, and as it is your variation and not your IP's they have a duty to put this forward. If creditors modify the arrangement to seek an extension based on smaller payments then you can consider this when you know their starting point. Which firm are you with as a matter of interest?
Thanks Michael and Melanie. We are with DFD. When this all started, you gave the initial advice to ask for payments to date to be taken as F&F but we were told no immediately as payments of £100 could be made (their figures not ours, although they have looked at the figures again and stated they think we have £84 disposable income but need to make it up to £100 out of our other allowances). I really don't want to be signing up to something that means I've got to use the contingency etc every month to even make the payments!
F&F approved May 13 - just awaiting Completion Certificate - moving to a new Debt Free life !!
It is not their decision - it is the decision of your creditors, and you have the right to put whatever offer forward you want to. It is ridiculous to squeeze a client to make payments of £100 per month - for whose benefit is this actually? I have had loads of IVAs successfully concluded on the basis that I have described above - dig your heels in and tell them exactly what you want them to do if you genuinely feel you would struggle to maintain payments at any level, or actually don't want to.
Even if the £84 is available it is under threat and economically makes little sense in collecting. If the IVA is not closed down as full and final there is a serious chance it could fail and this benefits no one.
Try and get Declan but I have not seen him on the forum for some time so he may be on hoilday.
Thank you so much for this advice - I will go back to DFD now and push our case. Didn't realise we could actually state that we wanted the F&F on payments made to go forward to the creditors. I was worried about signing up to this prior to us finding out about the possible further £2k loss. Thanks again - really appreciate your comments.
Last edited by Random Lady on Tue Aug 28, 2012 10:48 am, edited 1 time in total.
F&F approved May 13 - just awaiting Completion Certificate - moving to a new Debt Free life !!
Good luck with that Random Lady - we'll all be rooting for you!
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Thanks for the good wishes. Well I got a very speedy response to my request for a F&F which was NO. Suddenly we have £169 disposable income. My husband's pension payment has not been allowed for in the new I&E so I've gone back again as this was agreed at the beginning of the IVA. Also, an allowance was agreed at an increased level in 2010 but that has been reduced (I have email evidence from August this year confirming it had been increased)!!
Have emailed back for amendments to be made to the pension and allowance but that would only leave £89 disposable so we are back at square one!!!
Last edited by Random Lady on Tue Aug 28, 2012 10:40 pm, edited 1 time in total.
F&F approved May 13 - just awaiting Completion Certificate - moving to a new Debt Free life !!
Insist on speaking directly to your IP. This situation is not acceptable, and you now need to deal with the person who has put their name and professional reputation to your case. They cannot refuse to present your proposals, but clearly there must be agreement on the facts that they are actually presenting - and your disposable income figure seems to change with their calculations on almost a daily basis!
I know what you mean about the disposable income Melanie - they have told me there is a magical figure of £100 which the creditors will not accept less than. The expenses seem to be altered to get us to this figure.
I tried ringing IP yesterday but got the annoying voice message that promptly cuts you off after you have held on for 10 minutes! So, I emailed the IP direct but it was just passed on to another person to deal with who obviously knew nothing about the situation and I've had to email back because they discounted the pension and reduced the clothing (even though they themselves had confirmed the clothing had increased on 6/8/12!!)
I emailed back and advised of their errors and will see if I get a reply today. This whole situation is getting very stressful now - I'm just glad I've kept my papers and copy emails. They have said they will put the proposal forward to the creditors to ask for a reduction in payments to £169 per month with an added resolution that they can close the IVA if any further changes to circumstance occur - which I suppose would be an improvement if they had got our disposable figure right in the first place!! Really not happy about being asked to pay more than disposable income available - they are setting us up to definitely fail if we go with that!!
Will let you know if we get a response today.
F&F approved May 13 - just awaiting Completion Certificate - moving to a new Debt Free life !!
Well now I'm totally bemused by the situation!!! I was off work yesterday but was unsuccessful in making contact with my IP - just kept getting the annoying voice message that cuts you off after 10 minutes!!! It's extremeley difficult to ring during the day when I'm at work and I don't get home until 6.30pm so getting hold of anybody then is almost impossible.
I emailed the person the IP had passed my email on to as the £169 disposable income they had stated was available had not taken into account the 4% pension deductions approved at the beginning by the creditors.
Well today I receive an email back to say they have amended the incorrect allowance however they now state that there is £175 disposable income available. My husband's employer has supplied estimated salary figures for the months of Aug, Sept and October (when husband is on part new and part protected pay)and these have been used in the revised I&E being worked on so far, but today I receive a new I&E and the figures given by my husband's employer have been discounted and a new figure has been calculated and quoted which is way higher than that quoted by the employer without the pension deduction being taken into consideration!!!
This situation is now driving me insane. Fed up of having to explain things to new people all the time. This week alone our disposable income has gone from £59 to £84, then £89 then £169 and now £175!!!
We were asked to provide the estimated salaries but they have now been totally disregarded and I fail to see how or why this should be the case.
To say I'm getting frustrated by the whole situation is an understatement!!
F&F approved May 13 - just awaiting Completion Certificate - moving to a new Debt Free life !!
