www.iva.co.uk

I am currently 2 years in an IVA with my wife with payplan.
Problems were having, my wife was offered voluntary redundancy and before accepting it we asked payplan if we could use some of the money to make an offer to end the IVA and also use some to make urgent repairs to the house, payplan said yes we can but creditors may ask for all the money minus 6 months wages.
What I've since found out is they should not of said it was ok to do what I asked and instead asked for all the money minus 6 months wages. So we were misinformed.
Problem now 8 months from when this first occurred is that one offer to end my wife's iva was rejected and were currently waiting to hear back for a higher offer to end my wife's via.
So the problem is payplan are saying if this new offer is rejected again they may fail my wife's iva and look to bankrupt her. My argument is that we were originally misinformed and if we were given the correct information then my wife would not of taken voluntary redundancy and would of continued as normal with her IVA.
I don't think it's right that they can threaten us with bankruptcy when they were the ones who misinformed us.
There saying now it might be rejected because we did not give them the redundancy money.
Need urgent advice please as bankruptcy is not an option as we're fully capable of continuing the IVA until completion.

The refusal of a F&F offer should not lead to failure if you are still capabale of continuing regular payments, but I am afraid that Payplan are a bit of a maveric and tend to do things their own way, regardless of the agreement or agreed terms and conditions.

Regarding the "misinformation", this is a difficult one as it can be inferred from the response they gave you that they would need to put it to the creditors as to whether they would allow you to retain funds over and above the usual 6 months retention --- did they ever hold a variation meeting in this regard? Did you get any of their advice in writing ?

Ignore the bankruptcy clause - Payplan always put it in. You should tell them to remove it and they will.

Foggy wrote:

The refusal of a F&F offer should not lead to failure if you are still capabale of continuing regular payments, but I am afraid that Payplan are a bit of a maveric and tend to do things their own way, regardless of the agreement or agreed terms and conditions.

Regarding the "misinformation", this is a difficult one as it can be inferred from the response they gave you that they would need to put it to the creditors as to whether they would allow you to retain funds over and above the usual 6 months retention --- did they ever hold a variation meeting in this regard? Did you get any of their advice in writing ?

Hi thanks for your reply .
I don't recall any variation meeting taking place.
Initially we asked before we accepted voluntary redundancy if we could make an offer and make repairs good to our house, we were told we could do this but creditors might also request some of the money.
So it was not made clear to us as I've found out they should not of said it was ok to make an offer and make repairs as they should of requested all the money minus 6 months wages. So we were misinformed badly as my wife would not of accepted the redundancy should payplan made it clear what we need to do from the beginning.
I'm surprised they are letting us go ahead with this 2nd offer now to end my wife's IVA.
I have asked them to go over there recorded phone calls as we were misinformed.
They are also saying because my wife did not pay all the money to them minus the 6 months wages that she has breached her IVA.
We feel we have been badly represented as all this could of been avoided if we were given the correct information as my wife would not have taken voluntary redundancy and would of continued her IVA as normal.
I have made an appointment with citizens advice for February to see if they can help.
I don't think it's right payplan say bankruptcy might be an option if my wife's 2nd offer of £10000 cash + £4000 in monthly payments of £73, her debt is only £26000 so would hope this increased final offer might be enough. The creditors said if it's rejected it's likely because we did not pay all the redundancy money to them minus 6 months wages.

kallis3 wrote:

Ignore the bankruptcy clause - Payplan always put it in. You should tell them to remove it and they will.

I have told them bankruptcy is not an option especially as we can afford to continue the IVA should my wife's final offer fail.
Thanks