www.iva.co.uk

Andymav wrote:

hi all just wondered my wages are going to be fluctuating over the next 4 to 5 months due to me having to have time off from a serious injury at work last year what can my ip do as i will not be able to make my regular amount into my iva as my wages will be deducted and could result in redundancy in october

Was this known at the time of your IVA? Did you not discuss this with the IP (his/her staff) at the initial stages?

What fees did you pay in advance to whomsoever at the time you were looking into doing an IVA?

If all of this has now blown up - then a payment break or reduction might be appropriate until any compensation is received or until you are fully fit.

I think it is known to the IP David, at the time Andy was proposing his IVA he was also looking at bankruptcy which may be an option for him now if his symptoms are going to get worse and he ends up out of a job.

At least the financial side of things would be taken care of.

Andymav wrote:

the ip is aware that i have an ongoing issue with my injury but its recently been getting worse my symptoms im in and out of hospital my injury is one of the reasons i got into debt in the first place so they are well aware of it

The IP does know. David, as Andy has only been in the IVA for 2months, shouldn't this have been considered?..and would a payment break be an option?

I personally believe a payment break would be an option - I am concerned though as to why Andymav with his condition and problems at work would be doing an IVA and question who advised him in the first place to go this route?

Andy's with bridgestones David, I didn't know if you could have a payment break if only 2 months into an IVA.

A payment break can be arranged at any time for the right reasons Julie.

Thanks Melanie - I have so much to learn[;)]

Swans_girl - the IVA is so flexible as a tool and you can virtually do anything with it - I call it for a debtor who is in financial difficulty his/her flexible friend!

I'm sure there are some posters who would disagree with you David - Swans_girl for one!

You're right Jan!!!

David in an ideal world maybe your perception of an IVA would work. Unfortunatley through personal experience ( I know I'm not alone) the reality is, an IVA being your flexible friend is way off the mark.

On the plus side,I appreciate there are good IP's out there who only propose an IVA that will work and reflect individuals circumstances.

I accept that Swans_girl and regret not being able to help or advise you at the time when you needed it or possibly was given the wrong advice and acted thereon.

An IVA is an alternative to bankruptcy and could be used by those who either don't want to go bankrupt and have something that they can offer to creditors which creditors are willing to accept. It can be tailored to accomadate almost anythink - that was why I do call it a debtor's flexible friend. But I understand that it is not for erybody and apologies if I have offended you or anyone else regarding this theme.

Swans_Girl is just referring to the fact that her husband couldn't get a variation when he needed it and was forced to go bankrupt.

I have to agree that in those circumstances it isn't very flexible.

David you haven't offended me at all [:)] - I have learnt through mistakes. The advice I gleamed from the forum was/is priceless, unfortunately my hubby's IP wouldn't listen.

I agree an IVA is an alternative, but we have to be realistic, some creditors won't accept what we are willing to offer ( over £500 a month in our case) and therefore force us into going BR. Thus making the flexible argument void.

As I've said, I know there are good IP's out there who will act in the debtors best interest.

Going back to Andy, I hope bridgestones come up with a solution.

I would love to re-visit your case as your DI is enourmous compared to the many cases we do from contributions as little of £135.

Can we have a chat offline if you would like to see if something new can be done.
x

Thanks for the offer David, I thought it incredible creditors would refuse over £5oo a month! To be honest its too late for us,hubby has been declared BR against our wishes, but so be it. In the long term it will work to our advantage, we have more DI now and life is much easier.

As far as I'm concerned the creditors have lost out through greed and if we'd had a good IP then he would have argued our case easily. I know if I had been given the opportunity to meet the creditors, i would have got the variation through!

That said it doesn't deter me from recommending IVA's v BR. I know, an IVA can work given the right support.

Thanks for your offer [;)]