www.iva.co.uk

Hi Everybody!

We are having our creditors meeting end of next week. This would you believe is to see if they agree that we can pay the balance of our IVA off in full!!!!

We did on our supervisors advice propose a F&F of about £1100 short of what was owed their suggestion not mine!! and our biggest creditor who could NOT be out voted said NO as we were able to still meet all our payments within a week of getting the proposal.

So they changed the proposal to: PAY a lump sum off of just over half the balance of payments due and the ability for us to pay the remainder off early if we want to. IE.... we would owe 5 more months of payments and we plan to pay that off when I get paid two weeks after!!!!

I would just like to know what Stepchange would want to finally close it down?

Just wondered if anybody was with them?

I have said to our supervisor that we plan to pay everything off to close it before our review date purely to get the IVA finished ASAP!!

It does seem a bit of a joke to get permission to pay the IVA off early I feel, we are talking £3000, but they have you over a barrel.

I would add that because I have a very well paid job now which I got just before IVA started we have over the years been paying a lot of money to them through the 50/50 overpayments of salary. And this is why I felt the IVA company wanted us to carry on doing the monthly payments!! Cynical of me?

We have done absolutely everything asked of us, now I feel its going a bit wobbly.

Just have to wait and see what they come back with after the meeting.
I will let you know how it goes when we find out.

Thanks for taking the time to read this.
Baldy.

Sounds as though it's the creditor, not Stepchange who are causing the problems and if they say no then that's it - the offer would be rejected.

Hopefully this one will be accepted.

Fingers crossed.

To be fair we get very few complaints about Stepchange, so can only infer from that, considering also their case load, that they run IVA's fairly and consistently. After all, they do cherry pick the straightforward cases and farm out any potential problems.

As Kallis says, it would appear to be your creditor making life difficult.

Hi Foggy and Kallis.

Thanks as always for your replys. I did not want it to come across as a rant at Stepchange!!! On the whole they have been pretty fair and things have gone reasonably well.
I guess after nearly six years im finding things pretty frustrating.

I feel like I can see the end of it but ive really had enough!!!!

My wife says have some patience which is right but for me its been like six years of being on pause!!!

Less than a week to go until meeting so I just need to stop thinking about it and just hope it goes in our favour.

Its the not being in control of the situation which I think gets to me , i just want to finnish and start again!! With NO debt!!

Thanks once again, will let you know how it all goes when we find out.

Baldy.

Deep breath and chill baldy!!

Hi Baldy -- I understand exactly how you feel. Added to which we, on this little island of ours, have a very private view of "things financial", and the presence of a third party, basically, interfering with our private lives is frustrating in the extreme !

But, in the grand scheme of things, it is the price we have to pay to extract ourselves from the mire.

Three years out of my IVA and everything around me, in my little castle is mine, bought and paid for. I owe nobody a penny ( and it is going to stay that way ) and can even save -- I haven't had a savings account for decades !!

Not long now Baldy -- try to keep occupied and not think about it.

Hi Baldy - out of interest it sounds like you don't have long left to go on your IVA - can you not just finish making your normal payments instead?

Hi Lisa.

Today is the day of our meeting!!!

Just waiting to find out the answer!

The reason why we dont just want to run its term is because:

Ive had enough of being in it!!!

Paying very large sums of our salary every two months due to earning too much!!

The amount we have been allowed to earn before the 50/50 kicks in has NOT changed from day one.
In fact the only reason we have been able to survive is because of all the overtime ive been doing.
You just dont get enough through the budget to keep the kids happy, the car going etc!!

I really just want out!!

Baldy

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by baldy


The amount we have been allowed to earn before the 50/50 kicks in has NOT changed from day one.
Baldy

That is a bit strange, I was with Stepchange myself and completed it last August.

The amount I was able to earn (ie the 10%) before the 50/50 kicked in was always based on the net monthly salary in that year not that at the start of the IVA.

Stepchange also added things to my allowances that I had not thought of when first setting it up and "adjusted" a couple during the reviews to reduce the increases that would have been due with pay rises.

Every IVA is unique.

I presume there was a minimum sum offered or modified in the original proposals. Perhaps that sum was set too high.

OK.... feeling a lot better after yesterday!

Things went our way and it was agreed at meeting that we could pay our IVA off early in two lump sums, so effectively no payments would have been missed.

Paid the first lump sum yesterday and will pay the other half on Friday after getting paid.

St1100: when we first started I think our budget was pretty fair and we had a few bob to get through the weeks, but I think one of the hardest things is during the 5-6 years and things start to wear out that's when you see you don't have any spare cash for repairs like to your car, boiler,etc.

What has got us through it is me doing loads of overtime and getting some extra cash through the 50/50% on overtime.

Im very lucky to have got a well paid job just before we got into our IVA which has made all the difference to us where I have been able to earn extra to get by.

Hopefully in the next couple of weeks will get our CC and then move on.

Feeling better BUT will feel better when the CC arrives!!!!

Baldy

So they will be looking to close it down from Monday I guess

That's great news Baldy - well done!!

Glad to hear the variation was accepted - well done! Hopefully they will be quick to issue your cc...

Cont......

So we pay off another lump sum which leaves one final payment to be made by direct debit on Aug 1st.
Really looking foward to that payment coming out!!

So this day arrives and we are excited to check that everything is ok.

But would you believe it six years of direct debits coming out the last payment due has not!!!!

Quick phone call to see whats going on and for some reason they have not called for it.......waiting to hear from them to tell us why.

We are 100% sure there is one last payment due. So i guess wait and see.They have said they have up to three months to close it so im going to at least try and get something in writing to confirm we have made all the payments due.

Baldy

Yes I would get something in writing for your records.