I have had this months' pay slip and due to raises in tax from benefits I get from work (health insurance / car etc) I am now -£125 a month from now on (I have double checked with tax office and my HR dept to make sure this is right). This will obviously have an impact on the amount I will be able to pay towards my IVA.
The amount in difference if I were to just take it off my IVA payment would equate to around 22% variation. I am due to finish in October and have paid around 82% return vs 25% proposal (discussed elsewhere).
I rang my IVA company today and they are going to ring me back on Friday to go though my I&E with me (nothing has changed except the reduction of my effective wage).
What is likely to happen? Am I likely to be able to ask them to settle it now based on contributions already made? I really don't want to extend the agreement, it will drive me mad if I have to. [:(]
Thanks
Last edited by Notsowiseone on Tue May 12, 2009 2:09 pm, edited 1 time in total.
I would have thought that reduced payments for the remainder of the arrangement would be a more sensible solution. See what they say, as they are best placed to advise you with the detailed knowledge of your case to hand.
Either as Melanie states or suggest that what has been paid in be accepted as a full and final with no more payments. You could argue not only on your reduction in net wages but because of any expenditure increases you are also suffering.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Thank you, I rang them today to talk about something else (online system said I was behind on payments, but it is just the bank holiday) and I asked about the possibility of proposing the end of it now when we do my I&E on Friday, the case worker I spoke to said it was quite possible given my payment history. I'm not holding my breath, but will be good to see what happens on Friday.
Sharing from experiences of dealing with debt
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Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Right, I have just spent the last 40 minutes on the phone to my case officer at payplan, and it doesn't look good.
We went through my I&E and worked out that I have approximately £210 surplus now vs £430 per month.
They said I could look at doing the following:
a) pay £230 a month but extend the arrangment by 4-5 months (allowed with out a variation meeting).
b) Ask for a variation meeting for the above which would probably result in an extension of term anyway.
c) Ask for a completed to date based on payments so far. HOWEVER. He said they were unlikely to accept this for the following reasons. I still have a surplus of £210 so why can't I pay thay and / or, as far as my increased dividend goes, that is pretty much irrelevant due to the 50% modification in my original report.
I really don't want to extend it, mostly because it is such a "mental date" in my head that I would be really annoyed and upset to have to extend by x number of months.
What can I do, I really think that after all this time they really are not looking at my interests so to speak. (Am I being unreasonable?)
Should I just BR? would that work?
Thanks
EDIT: Forgot he mentioned getting a sum together for F&F, but basically it was the amount that I have left to pay (£2K) but I have no-where I could get that from!
Last edited by Notsowiseone on Fri May 08, 2009 2:06 pm, edited 1 time in total.
I personally cannot see the problem in you extending for four to five months, and from what you say it appears that you have been give appropriate advice.
It is not that your IP is not looking after your interests, but he/she can only work with the figures you are presenting - and creditors will most likely say they want the arrangement extended.
HI Melanine, It's not actually a problem, it's just one of those emotional milestones that was in my head and heart, finish in October and get it done.
I will take the weekend to think about what I shall do and speak to them again next week.
Is it reasonable that offering a F&F of essentially the remaining amount of £2K to settle early should be done, or do you think (if I could get it) then maybe offering £1000 or thereabouts would do it?
First of all do not go bankrupt as it could make matters worse and you could end up with a three year income payments order. If your payments have been increased since the original IVA documents were produced I see no need for a variation or extension but if they have not a variation must be proposed. With a good story and reasonable creditors the IVA should not run more than sixty months. Do not be hasty but wait for the outcome of the variation and do not offer an extension.
