www.iva.co.uk

Hi, finally had the meeting at 11.
My payment of £480 a month (45p in pound)was not accepted and they want £910 a month!!

£200 off travel down to £100 (my season ticket to london is £300)
£150 off food down to £130
£40 off phone

I asked my IP if these were explained as not being negotiable at the time...and they said no!!

Stressed1, I am so sorry to hear that.

You and your creditors have 14 days before it is written in stone. Can your IP not go back to them and explain (at least about the travel).

How could an IP put forward a proposal that could be off the mark by so far. I mean going from 490 a month to 910 is an outrageous leap. Your travel expenses are fixed,you cannot get a cheaper season ticket(unless you offer to sit on the train roof!!).

Really sorry to hear things didnt go to plan.

I have gone back with what I can cut back on but its a tenner here and there. And that really is the final proposal I cant agree to double the payments- thats ridiculous. Not sure how I can take £40 off the phone when that was all I had allocated!!!
They are having another meeting in 7 days.....Not sure if I should make the effort to attend as some of these things to me seemed common sense that I couldnt cut back on.

It's ridiculous the amount they want that to go up by!

Have you any idea which creditors asked for that?

Which IP firm are you using? There is something radically wrong with a proposal put forward offering £480, and creditors saying the want £910. I rarely see creditors requesting increases, and wonder if your IP used the CCCS guidelines in assessing your circumstances.

Food at £130 is ridiculous for a single person - I always use the upper allowance of £195 and this is generally accepted. And if your season ticket costs that much it should be accepted.

In the event that you can afford the higher sum - perhaps an IVA is not required in the first place?

I just spoke to my IP who informed me that the creditors had not attended and had just faxed in there modifications to the meeting. Hence there was no discussion whatsoever and it wasnt explained that they are infact my travel costs.I have explained I am willing to send copies of train season ticket etc as proof - I think they have just looked at the figure next to travel and said thats too much without actually looking at my work or background.
The IP did say they have not seen modifications as extreme before. I could understand if I had put high amounts on my A+E but they are all well within the guidelines

I think the IP needs to have words with them before next week and explain the position to them.

Surely something is amiss here for the figures to be so badly requiring adjustment. What insolvency firm are you using,is it one who treads these boards??

No, they are an accountancy firm which I was referred to. Not particularly pleased about the situation at present- its been a long 4 months to get to this point

Have you paid them anything up to this point??

yes- I have made payments for the last 3 months- which I understand they utilise on account of there fee should the IVA proposal not be successful

I don't agree with firms doing that. You shouldn't pay anything at all until such time as you have been approved.

If it is rejected, there is nothing to stop you from trying again with a different company. The professionals who post on here come highly recommended. You can find them under the expert link on the left hand side of the page, or you can visit www.iva.com.

They will certainly give you better advice than you seem to have had.

In the meantime, you could always do a temporary DMP while you get yourself together.

Can I ask who referred you to the accountancy company plz??

I was referred by a local company called Lifeline Debt solutions...
I will await the outcome of the meeting next week-if it is rejected again I will just have to swallow the fact I have made 3 payments which will not go to creditors....I will then try and go into a DMP until I can go for another proposal.
It will just be a pain going back to square one when I started the process in October. But I have certainly learned from experience to do things differently this time.