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Posted: Sat Jun 25, 2011 3:24 pm
by fuzzy_dunlop
my payments were due to increase earlier this year but due to rising costs and expenditure i am unable to make the requested increase .
my ip is about to arrange a second creditors meeting and reading through the paperwork if my creditors reject the proposals i will be petitioned for bankruptsy .
the proposal is to extend the iva an extra 12 months at the same rate to cover any arears .
anyone had a similar experience on how these meetings go and is being made BR real possibility
losing our home is unthinkable [:(]
Posted: Sat Jun 25, 2011 3:38 pm
by kallis3
Nice to see you fuzzy - hope you are ok.
I do hope that you can get this variation agreed.
I would hate for you to lose your home.
Posted: Sat Jun 25, 2011 3:57 pm
by Broke of London
Hi Fuzzy - I hope things go well for you. I'm surprised your IP is calling a creditors meeting to not increase payments, in my experience an I&E backed up by evidence to prove expenditure is normally enough to agree payments. Was the uplift written into your iva? x
Posted: Sat Jun 25, 2011 4:06 pm
by fuzzy_dunlop
Broke of London wrote:
Hi Fuzzy - I hope things go well for you. I'm surprised your IP is calling a creditors meeting to not increase payments, in my experience an I&E backed up by evidence to prove expenditure is normally enough to agree payments. Was the uplift written into your iva? x
it was agreed in my first meeting my wifes dmp was due to end in march but thanks to interest and charges this wont end till november now .
this was calculated into my i&e and the extra money from my wifes dmp was due to go into my iva .
thinking of borrowing the difference off a family member each month to make up the shortfall the risk of br is is unthinkable atm
Posted: Sat Jun 25, 2011 4:11 pm
by kallis3
If they are still adding interest and charges, will your wifes DMP actually end in November? Is it worth contacting the company your wife uses to see if they will agree to end the DMP now rather than November?
Posted: Sat Jun 25, 2011 4:26 pm
by fuzzy_dunlop
interest has been frozen since late last year
Posted: Sat Jun 25, 2011 4:39 pm
by kallis3
Will they continue to freeze the interest until the end of the DMP?
If you can sort this out with borrowing from a family member then I am sure you can sort this out.
Posted: Sat Jun 25, 2011 5:32 pm
by Broke of London
Hopefully your variation will be straightforward and they'll either write off the money until your wife's dmp finishes or just tack it into the end as extra payments. BR is a long way off yet.