Repayments.

[markyp]

Hi everybody,

Hope someone can give me some advice and possibly put my mind at rest. Our creditors meeting has not taken place yet but I would imagine is just a few weeks away, however, we have been paying a set figure to Synergi for the last few months on the premise that it will look good to our creditors that we have started to pay even before the creditors meeting. The figure was based on our earnings, the amount we owe and the disposable income budget worked out at the beginning. My overiding concern is that when it comes to the creditors meeting the figure that we have been paying will rise astronomically. I have asked my I.P how things are likely to go and he has been very vague, I guess he needs to be careful about what he says and about giving me false hope etc. If anyone could give me some advice i'd really appreciate it.

Cheers

[Adam Davies]

Hi
Unfotunately Synergi have not enjoyed good press on this forum mainly due to similar situations as yourself.
As you are paying upfront your IP will have no incentive to hurry your proposal through.
Do you know what will happen to your payments if your IVA is rejected?
Do you know if your payments will actually be included within the normal 60 payments that are made in an IVA?
You should know exactly when your creditors meeting will be if it is in the next few weeks.
Your IVA payments should be as your proposal and should only change if you agree to this at the creditors meeting.
When you actually have your meeting remember that you have 14 days to agree to any modifications including changes to your payments
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[markyp]

Hi,

Thanks so much for your advice. Since this morning something new has come up, I've just been offered a new job, my new salary is significantly higher. Will the creditors just take ALL my new income, leaving me with the same disposeable income as I would have had with my current salary, or will I be better off? Under these new circumstances is it even probable that an IVA may not be the way forward after all? Please help!

[Adam Davies]

Hi
Well done
If the extra income means that you can service your debts as per the monthly contractual payments then an IVA is now not suitable.
If you are still insolvent and go ahead with your IVA it will mean that your disposible income will increase and consequently your payments.
Have a good think about things and post back with any questions
Are you a homeowner ?

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[markyp]

Hi,

Yes I am a homeowner but I already have a secured loan against my property if that is what you were going to suggest. My proposed IVA is joint with my girlfriend who lives with me, our unsecured debt for the purposes of the IVA amounts to about 30k and our joint income will now be over 60k per annum. We really don't want to go down the route of an IVA if we can help it, but my new job doesnt start till January and at the minute im skint with final demands and threats of court action letters coming through my door daily as Synergie have been atrocious at keeping my creditors up to date. What would you do if you were me!?