www.iva.co.uk

Hi now just coming up our third iva payment.When our iva was approved in march one of the modifications was that our grown up son who is living with us should find employment and commence contributions for board within 3 months. He had been out of work since december and as he was on the dole at this point although paying for his own requirements was not able to contribute to the bills. We fully understand why they added this clause and accepted it as we needed the iva accepted. However the three months are now up and apart from six weeks casual part time work he is back on the dole again through no fault of his own. Jobs in this area we live in are seasonal and scarce at the best of times without this current recession. We will have to throw ourselves at the mercy of our ip and creditors and are worried that they will not be sympathetic. Have you had experience of this situation with other people? just wondering what the worst scenario would be for us.

What a silly modification - how on earth can you guarantee that your young son would get a job within that timescale.

This should have been dealt with at the time of the meeting - you have agreed to something completely outside of your control. I suggest that the IP deals with this, as presumably they were the ones who recommended to you that you accept this provision?

At the time of our creditors meeting the chairman of that meeting rang to tell us of the outcome. He spoke to my husband and told him of this modification when hubby queried it he said without accepting it the iva would not be approved.My husband did say at the time it was something we could'nt guarantee. We have had no direct contact with our ip and have been advised by our case advisors that it is not normal practise for clients to speak directly to the ips.We have got separate ivas but this modification applies to both.

Try emailing your IP direct.

You should be able to find him via this link:

http://www.insolvency-service.co.uk/newipsearch.htm

I just love firms where IP's refuse to speak to their clients (not!). There is no place for this attitude in our profession, IPs must stand up and be counted and especially when you have something that specifically needs to be explained by the horse's mouth.

Which firm are you with?

I know IP's have enough to do but I think there should be a code of practice. Once signed up we seem to be at the mercy of our IP's good or bad!

I think IPs are regulated by the Institute(s) of Chartered Accountants who have codes of practice.

There are actually eight regulatory bodies governing the conduct of IPs David - just to confuse everyone I suspect!!

Now don't get me qwrong I am OK but I have no idea what to do if my relationship should go sour with my IP. I do in other walks of life!

You are regulated more than the medics and lawyers!

How are the 8 regulatory bodies funded Mel??

By very expensive subscriptions paid by their members Paul!! It costs me nearly £2,500 per year to have the pleasure of an insolvency licence, but in fairness my own regulatory body are extremely supportive, provide great training facilities and I am very proud to be one of their members.

Regulation is tedious for everyone, and no-one gets things 100% right every time, but when things do go wrong it is great to have the support of your own profession behind you.

That is dreadful LadyH - to think that such a silly modification can cause such pain for a family. Wish your IP had fought that one for you.

Reading your post ladyh reminded me that one of the companies my husband consulted (before Melanie) told him our son would not be able to go to The Royal Acadamy of Music and that he would have to leave school and get a job. It seems to me that there are certain IPs out there who should not be there at all. I am pleased to say that Melanie cleared in full with the creditors our son's academic ambitions with no hitches including the costs of the extra curricular lessons he must have. J

Don't forget though J that when you consulted these companies, it wouldn't have been the IP you spoke to but the office staff. They are the ones who tell you such things without looking into them.

We were told we had to go bankrupt by one company, couldn't do anything else.