www.iva.co.uk

hi there help please. currently in iva with wilson philips going into yr3 (iva extended by 12 mnths)my original debt(joint with hubby) was 30k paid 1 year at 525mnth then next year at 300mnth, dont own any property but hubby pay has gone up however we will not be entitled to ftc which was a main source of income originally when iva was approved.

i have 6 children (1 disabled) and i hate myself for doin iva as it gets harder and harder to find the money. my mum-in-law has offered to lend us up tp 9k to pay iva off. am i fooling myself into thinking i can bring this all to an end with that amount? please help as although on paper we look like we have a fairly high income it is all goin to go down to approx 19-20k/yr which is not a lot when you have fed clothed and spent a disgusting amount of time back and forth to far away hospitals.

hi johngi and welcome!

i am so sorry to hear of your situation, i am not an expert but i am sure one will be along to advise you!

wishing you the very best

barb x

The only people who can really answer that are your IP and the creditors, but with three years to go at £300 per month, and offer of around £9,000 could well be acceptable. I suggest you call them tomorrow to see how the land lies.

hi thanks for the speedy reply. i phoned my ip for settlment figure and was told they would ring back but they didnt so phoned the next day and was told someone would do it and that they would mail it to me. the account the money would come from is a 30day withdrawal account so should she agree to that amount how long is the process and would i need to carry on paying £300mnth? also would it be worth explaining that my husband wage will be going down as they have put him on a day shift instead of early(15% shift allowance) and lates (25%) and that i will have to pay back an overpayment of ftcredit and also that my husband is currently going through treatment on his knee which will mean 6wks off work after op and stat sick pay. my head is all over the place and was told my only other option is bankruptcy which i seriously do not want to do as it would be a complete nightmare rearranging my sons dla etc and direct debits. once all the money changes happen (ftc n wages) i cant see us being able to afford the iva anyway

sorry also forgot to say that all of the debts are owned by MAX RECOVERY LTD as of 31 august 2007 stood at total of £23598.99

We were with WP and for our F&F we emailed them asking for a settlement figure. It took about a week and a bit before we received a letter from them confirming the amount along with an ID form for our 3rd party to fill in (name, address, DOB, NI number and a copy of some form of ID, ie passport etc).

Once we sent these forms back (within a couple of days), we received another letter confirming the date of the variation meeting. It was approximately 7 weeks from first contact to meeting. The figure we got given didnt take into account any payments that would have been made(2) in that period. We just rang them and they confirmed to stop those payments that would have been due. It was unfortunately too late for one of the payments but they sent us a revised settlement figure to reflect that.

HTH
Kerri x

hi kerri thanks for the reply. i just dont get this iva, how much we pay ip etc how, much we are supposed to pay back in percentages, iv never had a statment as to how much iv paid or what fees are etc its doing my head in i have no idea where to start when offering settlement etc, 1 of my crediters is inland rev (soz forgot about that one) and according to the statements from them they havent been paid anything since iva process and its still gathering interest. think im just thick cos everyone else seems to know what they sre talking about.
regards
michelle

For a start you should have been receiving annual reports from your IP detailing progress with your case. Which IP firm are you with?

And secondly, if you are currently struggling with the payments, and your husband's salary is in jeopardy, your IP does need to be informed about this as this may give good grounds for the variation to be accepted in the first place.

hi, wilson philips ltd is who i pay. the only thing iv had from them since iva notice/contract is a copy of a varience report in august. i have read through the original proposal of the iva but i cant read the photocopied small print that came with it. dont know what to do for the best.
michelle

The team at Wilson Phillips have a good reputation in the marketplace and I am sure that your IP will want to help you. Why not try e-mailing them directly to see if you get a speedier response? And you should certainly get hold of a better copy of the proposal documents.

hi qick question what is all this business of offeringx% dividend for f&f payment i dont get it do you have to have a minimum offer of the original debt (before iva) or the amount you would have paid back should you carry on? sorry to be a pain but the info is just not sinking in so any answers in laymans terms please. also do they take into account what you have already paid in when sorting out f&f figure?
thanx
michelle