www.iva.co.uk

Hi All

Not sure if its a low point or im just being more realistic than DFD seem to be in my reviewed circumstances , of earning less money , about £200 less than when I started my IVA in May .

With everything I wrote and explained about the dental market and its big fluctuations monthly , three payslips and bank balances , new I/E , have not been looked at for any variatio when I got the letter back this week .

I am to phone the office but for what ! The odds are over 5 years i will miss payments in this current climate . I am feeling a bit hopeless again with the financial pressure . The apartment is about £25000 in negative equity , so I dont know if looking at BR , though something I dread , could be an option .

Anyone been in a simlar scenario ?

Thankyou

Hi Bryn,

I understand how you fell....hubby's IVA has failed and he is in the process of going BR. Something which when you know the full facts is not as daunting and if its the solution, so be it.

Have you been refused a variation meeting?

Skippy was in a similar situation to you with her IVA, I am sure she will post some advice.

I recommend that you read her blog about her journey from her IVA to Bankrutpcy, I'm sure you can find some pointers on there.

Hi Swans Girl

Thankyou for your reply , I have been told to keep up with the same amount , which is not going to be realistic . Will try and phone and chat but they seem pretty imovable .

I have a fiancee who is happily sorting the wedding for next year , so a bit up in the air at mo .

I guess a lot is in the word bankrupt , such a horrible word anyway ! Reassuring that it does not seem so bad and i not the only one out there . I do think it a bit unreasonable due to the current climate and the banking mess and bailouts they are receiving!!

Bryn - be persistent with the IP. If you can't get through by phone, email the IP direct. I found this the quickest way to communicate and you have a record of conversations. Have you got a figure in mind to propose?

I had a lot of advice about BR including wonderful, honest, as it is facts from Skippy. Take Jans advice and read her blog.

Hopefully you won't have to go BR, but it will be a weight off your mind to know its not the end of the world.

I agree with Julie, be persistent with your IP and email them direct if you can't speak to them.

I hope you don't have to go BR, but if you do you'll know you've done your best in your IVA x

hi give your ip it straight its lower payments or your going BR with the current economic climate and your negative equity it will be most likely they will opt for less as going BR they will recieve zero or little else i am also going from iva to BR i have offered a small figure for a f+f settlement and i am hoping they will accept as i am also in neg equity and they will get very little if i opt for BR

good luck

Lost - don't be too sure about creditors preferring reduced payments over BR. We offered a lower payment due to circumstances outside our control and creditors rejected. Hence, going BR.

My advice is - don't threaten with BR unless you are positive its a route you want to go down.

hi i agree but everyones circumstances are different its all depending on how long you have paid into the iva for a start and if creditors think you will have money left for ipa payments so they will receive more cash and of course on the offer.I dont know your circumstances but they have probably thought your joint incomes are going to make you pay extra into the pot with ipa payments hence they will probable get more cash.My position is different because i am 32 months into the iva and i have offered a smaller settlement figure not lower payments.

No, with us, its only my hubby in IVA and the amount we offered to repay was a lot higher than any IPA payments...his IVA was nearing the 2year mark so creditors definitely stand to lose.

Every case has to be individually looked at, but I still wouldn't assume creditors will take a reduction over BR.

I agree with Swans Girl - don't threaten BR unless you're certain it's best for you. She's also right that creditors don't necessarily prefer a lower payment than BR.

yes i understand and agree but they are not lowering his payments and he is £200 down a month so what options does he have as for me i have taken advise and will be going BR anyway if the settlement isnt accepted

regards

good luck lost - let us know how you get on. We took advice too and now my hubby is going br...its still an individual choice and you have to agree every case has to be considered on its own merits.

In my opinion -its disheartening when an IVA fails and going BR is not an idle threat which should be taken lightly.

I just cannot understand why some IP firms are so inflexible. Surely any offer of settlement is better than bankruptcy, which does not often return monies to creditors unless there are assets to be realised.

Someone senior from DFD should look at this and review the advice given of continuing with the monthly installment. I will get someone at DFD to look into it for you. Keep faith!