www.iva.co.uk

Hi everyone, not been here for a while as I have liaising with Blair Endersby over my IVA. After practically 4 months I finally received a variation report. Although not particularly happy with some of the findings detailed in this report which I have referred back to Blair but deep down I think the only way foward for us personally is bankruptcy.

I would appreciate your thoughts on some of the things I have referred back to blair:

1. total cost/charges associated with our IVA is £7777, is this realistic compared to other IVA companies?
2. The Total Unsecured Creditors has rised considerably since the IVA was taken out. I was under the impression that the amounts owed would have been gathered and confirmed before the IVA was commenced?
3. I was hoping to have a set payment agreed. Where we have been unlucky renting places to live we have incurred arrears on utilities, like, gas, electric etc.... Blair want us to agree once these arrears are cleared the amounts we are paying are then to be diverted into the IVA. This is in addition to the six month review and taking 50% of any increases in salary. All this plus plus an extension of 12 months for the IVA.

I would appreciate your thoughts.

As always thank you

Mikey

Hi Mikey, sorry to hear you think Bankruptcy is the only way forward for you but if you truly believe that and want that, then there is nothing to stop you and I wish you well.

To be honest I couldn't tell you how much my IP charges are as luckily I'm happy within my IVA and never really got into that side of it, all I wanted was for it to be accepted as Bankruptcy wasn't an option for me at that time. Luckily it was accepted.

I do believe the total amounts can vary post IVA as I know that if another creditor comes along that someone had forgotten about it can be requested that it's included within the IVA?

I think most if not all of us have to pay our disposable income into the IVA after essential Income and Expenditure is worked out. The 50% ruling is also pretty much standard too.

I'm sure one of our professionals will comment soon and I wish you all the best in whatever your decision. xx

Thanks Lesley.

Also one other question, should I go down the BR route, what would happen with the money already paid to the IVA?

Mike

Hi Mike, nice to see you again and sorry you are having a few problems.

If you did go BR then the payments already made will go towards fees and possibly be paid out to creditors if there is any spare.

I think that fees depends upon your IP.

Hopefully one of the professionals will be along to advise further.

The report looks reasonable to me - and it does not look as if your IP is wanting to see anything out of the ordinary. Once you have cleared arrears of utilities, creditors are bound to want to see your payments into the IVA increase - why would you not want to agree to that particular point?

Thanks for your reply Melanie, its not necessarily that I disagree on the point but its the fact that they are insisting on an extra 12 months payments taking into account the reduced payments, but payments will have increased above what we were paying once the utility arrears have cleared and then fore I feel aggrieved but also having to extend the term by 12 months.

Kallis also thank you for your reply, you state 'If you did go BR then the payments already made will go towards fees and possibly be paid out to creditors if there is any spare.' So are you saying the £1200 I need for us both to apply for Bankrupt could already be sitting with Blair?

Mike

I think Kallis meant the IP fees.

I agree with RHB I think it was meant to read IP fees to conduct your IVA thus far. x

Apologies - I did mean IP fees.

no worries thanks everyone so basically what we have paid will not come off the total of our debt but will cost the costs charged by the IP

Mikey

Thanks for the clarification Mikey - for what it is worth I am inclined to agree with your point.

Hi kentmikey

If you would like to discuss the terms of your variation, or any specific issue with your Voluntary Arrangement, please contact us via the below email address.

Kind regards

Blair Endersby