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Hi all
Im going to email my ip today but just wanted to check first:
My proposal says I need to make a minimum dividend of 26p in £ , the payments I'm on course to make will make a dividend of higher , not sure exaxtly what, for arguments sake say 30p in£. Do I need to have a variation , if by reducing my payments still brings in the minimum 26p dividend, or can it be at discression of ip.

I'm confused - why do you need to vary the arrangement if you are targeted to pay a higher dividend? Can you remind me of your circumstances, Becky.

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

Yeah. My proposal states I have to reach a dividend of 26p in £ but im on course to have a higher dividend. Ive been struggling really since start of arrangement 14 months ago and in filling in my new i&e for review i have a -£3 surplus , thats with no clothing, toiletries or contingency allowance. I asked my ip a while ago about lowering payments but he said creditors are not keen for variation in the first 24 months. So really I wanted to know as long as my minimum dividend is being reached is it possible to lower payments at discression of ip.

Yeah. My proposal states I have to reach a dividend of 26p in £ but im on course to have a higher dividend. Ive been struggling really since start of arrangement 14 months ago and in filling in my new i&e for review i have a -£3 surplus , thats with no clothing, toiletries or contingency allowance. I asked my ip a while ago about lowering payments but he said creditors are not keen for variation in the first 24 months. So really I wanted to know as long as my minimum dividend is being reached is it possible to lower payments at discression of ip.

sorry bout the reply twice , must have pressed the wrong button. Just quickly gone thru the figures and at the mo my dividend is 30p in £ , if I could reduce payments by £30 a month my dividend will be 27p in £.
my i& e is as follows ( please let me know if u think anythings to high)
rent £160
phone £30
hp £69.89
car insurance £30
car tax/ service £20
travel /petrol £50
food £120
top up tv £14.99
prescription £6.85
internet £10
iva £302
total income £800
as u can see no clothing , toiletries or contingency as over budget already with just the above

Becky

I'll be frank. I do not know how you are managing on that budget - no wonder you are at your wits end. It is your right to propose a variation to your IVA, and not at the discretion of your Supervisor. They may not agree to it, but they have to put it forward, and ought to explain to your creditors that an unrealistic budget was originally put forward.

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

Thanks Melanie ive emailed my ip and sent through some paperwork , he said he'll get back to me as soon as he's gone through it. Fingers crossed I can get a solution as Im trying so hard and really dont want to fail as br is not an option for me.

Heard back off my ip today. After going through the figures he agrees that my budget is very tight and he's very concerned about how i will keep up repayments. Hes asked for a face to face but now im petrified!! I know he will not ask me to do anything im uncomfortable with but im scared that when we meet that i'll be told my only option is bankruptcy.Ive asked him to see if theres any way to reduce payments by extending the agreement. I have staff im responsible for and so me going bankrupt would not just affect me!!!

Hi
Bankruptcy is not the only other option left to you Becky.If the IVA becomes unworkable you could look into a DMP until things get better and I would doubt that your creditors will bother to petition for your bankruptcy if your IVA fails.
Let us know how you get on
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Hi Becky

Don't be afraid of a meeting with your IP!

It is good that he is trying to get to the bottom of what is going on in your life and may come up with some ideas.

Personally, I am more worried about the ones that don't talk than the one's who do!

Good Luck

Just spoke to my ip , we're now going to reduce my payments for 6 months then do another review and see where to go from there. Im so relieved now , I know im not out of the woods yet but its give me 6 months to try and work something out .If at that point things are still not good we will then look at doing a formal variation. I know I have the option of dmp as well as br but my debts are £46000 and with no protection from added interest I fear I will pass away before my debts do!!!

Hi
That,s good news
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp