IVA meeting I was lucky, in terms of modifications

[acorn]

If I dont ' give in ' to ammendments / modifications ' what happens to the proposal ?
I know its about what I can afford in the long term.
But to the creditors is it all so black and white ?

[aguise]

Hi Brian
The thing is that if you accept a modification or say increase in monthly payment then it could make the iva unmanegable for you and would be doomed to failing eventually. If there are any changes on the day make sure you understand them, sometimes they are basic about overtime and windfalls , but if they are increases monetarily ( bet I spelt that wrong ) then think carefully before accepting.
All the best

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[acorn]

But how are the creditors if you do say no ?
Basically are you told to keep negoiating or F'OFF !

[aguise]

Your Ip should really fight your case for you then and see if they will accept as it stands,. that is why you need to be avaliable for the meeting. There was a poster who stood her ground not long ago and it was accepted. A lot depends on what they want.
Try not to worry Brian quite often they are just minor adjustments or things that they want added that dont change anything it is just how they would like it worded.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[acorn]

Well Im off that day. Will be at the end of the phone to listen and talk to to IP

[aguise]

All the best Brian, keep us posted.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[acorn]

I will and thanks. Been re-reading my proposal and giving more details and information regarding personal history. Once got all statements ( original ) then will send in post after strike

[aguise]

I know the strike isnt helping things like this. I havent had anything for a week now and am expecting a cheque which I could do with for my hol too late now mas it wont clear in my account. Never mind though.
All the best Brian fingers crossed for you that all goes well.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Skippy]

I don't understand this postal strike - we've been getting post but I know a lot of other people haven't. We are hoping to move (one day!) and the buyer's solicitor has sent the contract to him in the post for signing - we're now hoping it doesn't get lost!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[aguise]

I'm sure somebody said they tend to only be delivering the first class stuff, thing is they will have to work twice as hard to cover the backlog. It is worrying that stuff will get lost.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Skippy]

It's my great aunt's 100th birthday in a couple of weeks so we paid for Special Delivery to send of the application for the birthday card from the Queen - the Royal Mail won't guarantee next day delivery but they will prioritise any SD post.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[tracy.h]

Ive had no post for five glorious days(no bills) but its back to normal tomorrow shame the phones havn't gone on strike,as the calls still keep coming.

[jamesfalla]

Brian

Just to clarify here, generally as has already been said you will not be asked to attend your creditor's meeting in person. However, if you want to go to Clear Start's offices and be there in person at the date and time of the meeting, this is your absolute right. In fact, many people do choose to do this and if you do, it will give the opportunity to meet face to face the people who will be supervising your IVA for the next 5 years. You will also be able to discuss and understand and modifications that your creditors suggest.

In terms of modifications, you must understand and be comfortable with them. If you and your IP feel that they are unreasonable, the IP can and should fight your corner for you. Modifications may be overturned or changed with reasonable arguement. However, as has already been advised if you get to a point where your IP is saying its accept this or the IVA fails, then only accept if you are absolutely confident that you can meet your obligations. If not, perhaps better to ditch the IVA completely and turn to Debt management or bankruptcy.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk

[acorn]

If I have to to turn to bankruptcy what are the implications for my salary being paid into a basic bank account, NI contributions, my company final salary pension, my old final salary pension which is frozen as I left that employer 10 years ago...
Im renting with someone at the moment would that be jeopordised ?

[jamesfalla]

Brian

To answer your questions about bankruptcy

1. Bank Account. If declared bankrupt the bank accounts that you currently have will normally be frozen by the court. However, you will be able to open a new bank account after you are bankrupt. This will generally be a simple card cash account. Your wages can be paid into this and you will remain in full control of your household finances.

2. PAYE and NI contributions: Generally these will continue to be taken out of your salary as normal although the trustee in bankruptcy may ask the revenue to divert the PAYE to them so that these payments can be shared to all your creditors - nothing to worry about - a strange twist of the law

3. Company (or any) pension: The fund you have already built up in any fund can not be touched.

4. Final Salary Scheme / Current Contributions to a scheme: Generally the Trustee will require monthly contributions you are making into any pension fund to be suspended for the period you are bankrupt. However, if you are required to maintain minimum personal contributions into a final salary scheme to stay in it, then the Trustee will assess the situation and may allow minimum payments to continue.

5. If you are renting, your landlord will be informed of your bankruptcy. Generally this does not cause a problem. The advice i normally give is to make a landlord aware in advance and explain the situation so they are not surprised.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk