www.iva.co.uk

Hi
Need some advice, I have been in my IVA since July 2007, in Spet 2009 I went back to university to study full time and could manage my payments. In April this year my payments doubled. I had previously informed my IVA company that I had gone back to uni and that I would not be able to meet the repayment as it had douled. After months of going backwards and forwards as the IVA company were slow in reviewing they have now completed an IVA meeting and one of my creditors has rejected the IVA proposal to keep the costs as the same. I cannot afford to even pay anything and have explained that I am in m,y final year at uni so I could really do without this stress.

Today when I spoke to my IVA company they are talking about if AMEX (the creditor) do no agree in the 14 days then they can push for bankruptcy. I dont have any assests anyway as my car I use for uni and getting to my part time job is worth nothing so I am now really stressed and anxious going into christmas.[:(] Can anyone give me any advice.[:)]

Hi there and welcome to the forum

This smacks to me as if the creditor concerned do not fully understand your current position, or that it has not been fully presented.

Amex are usually a very sensible and commercial creditor, so you do need to find out from your IP why there are objecting to the offer being made and what they think that you can do to improve the offer. You cannot get blood out of a stone at the end of the day.

Welcome to the forum - your IP really does need to explain to you why AMEX are being difficult and should be working for you to try and find a solution - try and keep strong !

Hi and welcome.

So sorry to hear that you are having such problems. Hopefully there will be a way forward for this - it's in nobody's interests to bankrupt you now after all this time.

Speak to your IP and let us know how you get on.

Hi
Thank you all for your feedback. Since starting this whole process I dont feel I have been represented fully in helping sort my finances out and I dont want to go bankrupt as I want to be given the opportunity to pay back what I owe as due to various situations I did cause it. I am going back to my IP to see what has been said and why the issue has occurred.

Let us know how you get on and ask away on here if you need to.

Hi so stressed out, I hope you can get this sorted out with your IP, thinking of you. Hugs
Oscar
x

Good luck, I hope this can be sorted out.

Let's hope you get this sorted!

Paul

Hi all, I've just got off the phone to my iva company and my stress hasn't decreased. Amex have looked at my file and aren't happy that I won't have a job when I get out of Uni. I'm studying to be better myself as a sports therapist. I've told my Iva whilst Ive got a job offer its not confirmed and that I have been selected as 1 of 5000 medical staff to work at the Olympics as a sports massage practitioner, however this is voluntary. Amex have also moaned that my rent has doubled since moving in Oct 10, as previously I lived in a flat which cost £300pm to now a house costing £600. The review does show an increase in income however not enough to be able to afford the repayments of £400pm.
I've asked what will happen if it's still not agreed & no one can tell me - only that it will need to go back to my insolvency practitioner. Oh what a merry Xmas this will be - if I don't laugh I will cry

Just thought I would update as received confirmation that Amex have accepted the variation but added two clauses. The first is I have to be in Full time employment within 6 months of finishing Uni otherwise the IVA will fail & the second is that they want the IVAN to be over 84 months. As I'm already on to 73 months another 11 months won't make any real difference. So now only 23 months to the end yippee

That's sort of good news!!!! I hope you can get a job within the time scale.

Roll on 23 months SSO! Hope that means you can still have the experience fo doing the Olympics as that will be great for your career. I'm sure you'll find a job in the timescales needed but for now best wishes for Christmas.

Regards,

I am glad that you are happy with the result SSO, but what ridiculous modifications - and before you agree to them have you made sure that your IP has explored all options to outvote them?

Firstly, Amex are usually a small creditor and rarely have the casting vote - ie more than 25% of the overall debt. If other creditors have not voted, then they should be encouraged to do so by your IP. Ask to see a proxy summary so you can see the current voting position before agreeing anything.

Secondly - how on earth can they expect you to agree to do something based upon speculation. Unless you are Merlin the magician, how on earth can you guarantee that you will get a job in six months time. This could be throwing good money down the drain, if you are being set up for a fail for reasons completely outside of your control.

Modifications like this are completely unfair, and should be challenged by the IP every time they are raised. We occasionally see them in my practice - they rarely stick around for too long.