Help

[nicnac]

Hi I am new to this site & in need of some help. I entered my IVA 3 years this November I was desperate and needed help after my husband (now ex, thank god) left me with alot of debt. When the IVA was accpeted the value of the calim was £17,102.50 12 months on the company reviewing my IVA produced a summary report with the amount of £25,205.58 then a further 12 months the claim was a supposidly £41,486.03. I thought that once the IVA was accepted creditors that did not accept could not enter into the IVA.

I also need to buy a larger property as I am expecting my third child with my very understanding new partner of 2 years. My IVA company won't let me use the equity to put into another house. We have no room for a third child and at my wits end not knowing what to do. The company that look after my IVA are so un helpful & I feel I entered into this without really understanding the consequences. Is there anyone out there that can help me or offer me some advise.[:(]

[mish1953]

Nicnac
welcome to the forum

I think we had better wait for some of the experts to answer your query .. its does sound very confusing
£17,102.50 then £25,205.58 then £41,486.03.

thats sounds weird .. I thought that once a figure was agreed that it stayed the same

Mish

[nicnac]

Hi Mish

Me too, it's only been the past few months I've got my head out of the sand and started to look at things. I've emailed the IVA company but the never respond & never return my phone calls

[catullus]

Nicnac

All your creditors go in to the IVA, not just the one's that voted. That's the real point of an IVA because it binds in all the creditors provided that, of those that did vote, 75% by value agreed.

I think that the increasing amount shown for creditors in your annual reports is reflecting that as time has passed more creditors have evebtually got round to claiming in the IVA. Hopefully you agree that at the start of the IVA you owed your creditors about £42000??

As to your property, does your IVA have an equity release clause in it and,if so, what was the estimated value of the equity at the time of the IVA??

[nicnac]

Hi

My IVA doesn't have an equity release clause in it, but they keep mentioning the wind fall clause.

The total amount of outstanding credit was around the £25k mark, no where near £42000

[catullus]

OK

Well, on the issue of the amount of your debts, either you (and your IP) seriously uderestimated the amount of your debts at the start of the IVA, or the IP has made an error in agreeing some claims at amounts much higher than they really are,

I suggest that you contact your IP and ask for a schedule of agreed claims and compare this to the list of creditors that was in your proposal. This will tell you where the differences arise and you can then ask your IP to explain them.

If the debts were uderestimated at the start of the IVA there could be quite serious implications and you need to sort this out with the IP before thinking about moving.

Something's not quite right in all of this because I'm surprised that the IP hasn't raised it with you already. In your first post you mentioned a "claim"
of £17102.50. What is this figure and how does it fit in to your estimate of your creditors being about £25k.

All very confusing I know but follow this up with your IP because it really is important that you get to understand these figures.

[nicnac]

I have requested all paper work in relation to the IVA, the company I used was Tenons has anyone else had any dealings. Thigs just aren't adding up.

[MelanieGiles]

Tenons are a relatively well-known national accountancy practice - I would be suprised if they would make a mistake of such magnum, but best to get all of the papers and review your IVA proposal - after all you ought to know what you owed and to whom.

Are you self-employed perhaps, and maybe it is the claim of H M Revenue & Customs which was originally understimated?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[nicnac]

Hi

I'm not self employed, but have requested all doc's in relation to the IVA. It's my fault as when I signed up I had no Idea what I was getting myself into I was sceared & greatful someone could take the pressure of debt away from me.