www.iva.co.uk

Just got our propsed IVA summary through today and it nothing like what i had been told.I live with my wife and one daughter who is still at school. They have allowed us the following.
For food,toiletries and cleaning £4.06p per day each
For school meals and meals at work £0.51p per day each giving a total of £4.57p per day each.
my proposed payments are more than twice what i was told they would be, my surname has changed from the first page of the proposal to the last page. there service has been poor so far all they seemed bothered about was getting there first payment for setting it up, out of my bank which they got before i got the proposal through. and they expect my to sign it and return the proposal Well my IP Company
will not be getting it signed by me nor any more money from me.
Nigel

Nigel

This all sounds really dreadful, and those allowances are ridiculous. What firm are you using so that other posters can beware?

Hi
Good reason to find another IP for a second opinion,it's a pity that you've paid money upfront
Regards

It does sound as if you need to find another IP or indeed consult a couple more.

However, just one little thing about the food allowances? Your monthly allowance would be in the region of £417 per month which would seem about right for 2 adults, one child? Perhaps the experts could comment? Putting the allowance per day does seem alarming though.

For comparison we were allowed £650 per month for food etc for 6 of us (2 adults, 4 children). If we equate this to allowance per day, it only works out at £3.56 each and this included cleaning, school dinners, pet food etc.

Just a comparison mind.

The CCCS guideline for Food/Toletries and cleaning (of the top of my head as i am not at work) would be between £360 - £380 but of course this is only a guideline.

There is then ontop of this allowance clothing @ £43 (2 adults 1 child)

Food at work i think is £35 max (2 adults) and school dinners £12 (which is ridiculous amount)

Pet food / injections etc £20

However Nigel, i think the fact that they have spelt your name wrong on a legal document tells me that the care and attention that should be put into the proposal has not been - and more so this should have been checked by the IP before leaving the office !!

It's a shame that you have paid money upfront as you'll probably not get it refunded, even though they sound completely inept. To spell your name wrong would be funny if it wern't so serious and the allowances are ridiculous, I pay £8 for my youngest's school dinner's per week so that's £1.60....where do these people get those figures from????
I've said it before but it's IVA proposals like this that make br and easier option!!!

Simple spelling errors are easily rectified and you should not be worrying too much about that. The main problem here is that you do not feel that you can afford the payments - but in an IVA and under bankruptcy proceedings, creditors will expect you to live under a tight budget.

Under CCCS guidelines, you would be allowed between £302 and £370 for food, toiletries and cleaning materials, £43 and £56 for clothing, £35 to £47 for meals at work - so in essence the figures you have been quoted are not too far away from that - sorry in my earlier post I misread and thought you were saying the figures were for your whole family and not just one person.

These are figures which have been set by a "charitable" organisation, and are heavily relied upon by creditors and their voting representatives. In my opinion they are ridiculous, but if you want to enter into an agreement which required the creditors to say "yes", unfortunately these are the rules we all have to abide by.

I am sure that your IP probably shares my opinion of the figures, but that is no excuse for putting together a proposal for you which does not appear to have even been discussed with you in advance.

Whats the point of agreeing to figures that you know you cant keep too?? Or am I just missing something here?? What you spend, you spend on school dinners etc, they are inflexible. Ok you can have beeans on toast at home to save a little......

Simple spelling errors are easily rectified and you should not be worrying too much about that.

Sorry Mel but I have to disagree with this one. Whilst with Debtmatters, I received someone elses payslips - although she had the same name as me, she lived 200 miles away and her name was spelled differently. I would be wondering, in the first instance, whether they had actually looked at the correct information if my IVA hadn't already been set up.

They have also demanded unreasonable increases in monthly payments as well as a one off payment of £200 which, when I queried them, they backed down from (and with no apology or explanation of how they had actually arrived at the sums either).

I would be rather worried about the name thing from many perspectives, Nigel.

Personally, if you can get your money back, I'd go with one of the many experts on here as people that have, seem to have nothing but great things to say about them and that can only ever be a good thing. [:D]

Nigel i would deffinately take advice from a couple more companies and find one that you feel most comfortable with.
Remember an IVA is for 5 years and you need to have a certain level of trust in the company that will oversee it.
It doesnt sound as if the company you are dealing with are being very fair to you or your family so i would deffinately steer clear of them.

Hi Nigel and welcome to the forum

You ar rightly worried about this as the iva would be dommed to fail if you cannot afford the payments. Please do not sign and send back anything you are not 100% happy with as it needs to be sustainable for 5 years.

I started off with an iva provider and got to the stage you are at now when I realised the advice I was being given was not all correct, I then found the forum and changed to Melanie Giles and have never been happier and feel I have got the right iva that will be concluded successfully in 60 months.
It was daunting to change IP's at that stage but I know I did the correct thing.

Consult another IP asap for another opinion, you can always look at www.iva.com for reviews of IP's done by their clients.

Good luck