www.iva.co.uk

Well our creditors meeting was re-convened for today. NR are still insisting for an extra £153 per month (and £45 extra from other creditors). We are mulling it all over and making a decision which way to go - IVA or bankruptcy.

I know it is wrong to go for an IVA if you cannot afford the payments, but as my husband is self employed it is really difficult to predict his monthly salary as it fluctuates so much. We are thinking of going for the IVA and giving it a go, we really don't want to go down the BR route. At least if we try and it fails then at least we have given it our best shot.

Our IP has even admitted that the wrong surplus amount figure was put forward to our creditors!! - but there is some kind of clause that gets round this - we definitely went with the wrong IP!!

Sorry for moaning constantly but nothing is ever straight forward.



Amanda

Sorry to hear that NR are still not playing ball.

I wouldn't go into the IVA if you are not certain that you can afford the payments. You could go BR now and get it out of the way. If you enter the IVA then you would have to let it fail by missing three payments, and then you could bankrupt.

It is a lot of money to have to find extra per month, and it would also put you under a lot of stress wondering how you were going to manage from month to month.

I would give it serious thought before deciding what to do.

I agree with Jan. £153 extra a hell of a lot of money to find and there's no point in agreeing to an IVA that is unsustainable from the start.

hi Amanda sorry to hear things aren't going well at the moment.I'm very new to all this but if you are not happy with your IP may be get some free advice from another company.I started with one company and changed to another as the original company I didn't feel were looking after my best interests I didn't think I could change but I did and its the best decision I made
I really do hope you get things sorted
Keep your chin up [^]

Unfortunately whetlor, as she is already in an IVA, she can't change companies.

oh thats is such a pity now I realise how lucky i was then.
it really is so hard to know what is the right thing to do in your circumstance.I am am jst so happy I found this forum

Amanda don't worry you will get there in the end

It is a shame, as I am sure there are a lot of people who would like to change.

Before you are approved, you can change your company a few times if you wish until you find the one you are happy with. Once in, however, that's it - you're stuck!

We are not in an IVA yet - or are we? Does it mean once your IVA proposal is submitted to creditors that you can't change IPs?



Amanda

Amanda - ignore me! I have lost the plot.

Of course you are not yet in an IVA! You're only in one once the creditors and yourself have agreed the creditors meeting.

Sorry about that - I don't know what I was thinking of.[:(]

It's okay Jan, your advice is very much appreciated, you are an excellent source of advice and put people at ease. I always look out for your posts, you are always so positive and give people much hope and encouragement.

Thanks a lot.


Amanda

Still shouldn't have happened though!

Thanks for the kind words Amanda - much appreciated.

Get another IP to look at this for you Amanda. There is something not quite right here, as Northern Rock rarely attack expenditure levels if the proposal has been prepared in line with the IVA protocol and recognised industry guidelines with regard to expenditure allowances.

Which firm are you currently with?

amanda please get in touch with melanies team it is paramount that you get a second opinion.my advice is totally unbiased.

Amanda take ronald.h1 advice and get a second oponion, i did and i am so glad as the second company are much more professional and positive!

We are with Payplan. I don't think it would be possible to input new I&E as it would look too suspicious surely if we altered figures. All our other creditors voted for the IVA (MBNA and Sky Card didn't vote).

Thanks for all your advice, its much appreciated. We are speaking to Payplan this morning.



Amanda