Bankruptcy

[maizie]

My IVA was accepted last month and have had my proposal through with details of the modifications. My first payment is due to go out on the 9th June but I spoke to Accuma today and said I am refusing to sign the document as there are a few things Im not happy with and want it sorted. I have also said that I dont want my first payment to go out until this has been done, can they take this payment out without me signing this document?

I have had a lot of hassle with Accuma... wrong paperwork being sent out... calling me on all correspondence by my middle name... speaking to me one day and then not even remembering that they spoke to me the next day. My payments have been increased by £30 a month and they haven't included for certain things that apparantly I couldn't put on my expenditure form.

If I decided that I couldn't afford these payments in a few months time and decided to go bankrupt what would happen? I saw Skippys post previously with the payment scale etc which was very helpful but what would happen if I had a bonus at Christmas... would I have to pay this etc? Would I have to submit bank statements and wage slips each yearly review like an IVA. Sorry for all the questions but I need to be aware of these things.

Life is far too stressful!!

[Skippy]

Hi Maizie, if you don't want the money taken (and I understand why!) I would cancel the SO or DD at your bank.

I have been told by Clarke Willmott (the company who are dealing with my IPA) that they do not need to see any more payslips from me unless my circumstances change. II'm not sure about bonues as I haven't had one yet!

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/

[maizie]

I dont know how to cancel it. Apparantly they have my bank details from when I first started completing forms in but my first payment is due to go out on the 9th June!!!

Life is far too stressful!!

[aguise]

Maizie ring the bank and tell them to stop it and not make payment.

Ang

[Skippy]

Have you got online banking? If so you can cancel the DD online.

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/

[DebtDummy]

maizie, aquise and skippy are correct. Simply go online or conatct the bank to cancel that payment to Accuma. As for the bankruptcy requiring wage slips etc, only for the initial meeting with the Official Receiver after that only when there is a wage increase and/or a bonus. Good luck.

Take care

All I have left is my humour.

View my blog http://www.debtdummybankruwoman.blogs.iva.co.uk.

[maizie]

When do you suggest I cancel the direct debit... due to go out on the 9th and dont want to cancel then find out the problem is sorted on the 8th!

Will they take 50% of my bonus or all of it?

Life is far too stressful!!

[maizie]

I just spoke to Accuma and said I never received a call back. Im cancelling the direct debit if I dont hear anything within the next hour. Thats the best I can do. Now Im worried that they will see it as first payment not received!!!

Life is far too stressful!!

[aguise]

If you cancel it you can always get it reinstated if things change just tell accuma you have cancelled it until the documents are approved and signed. Correct me if anyone thinks thats wrong.

Ang

[MelanieGiles]

Can I ask why your IP is sending you details of creditor modifications after the creditors meeting? You have to agree to these on the day of the meeting, otherwise the modifications are invalid. Are you saying that modifications have been accepted on your behalf without your prior knowledge? If so you really do neet to discuss this with the IP concerned.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Skippy]

I agree with you Ang. I would cancel it now, especially as 9th June is Saturday - I've had Saturday DDs pulled on a Friday.

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/

[maizie]

After my creditors meeting I received a call from Accuma saying there were 9 modifications but only one that would affect me and that was the increase in payments.

When I received the documentation it stated that all windfalls would be taken 100% from me immediately. I called them and asked them to confirm whether a bonus at christmas would be classed as a windfall and they said they didn't know. Windfalls are classed as unexpected and I dont expect a bonus every year. The previous year I didn't get any. I told them that I wasn't willing to sign the proposal until this had been confirmed to me. I rely on that bonus each Christmas.. I was ok about giving 50% but not all of it. They have increased my payments as it is.

I also had an increase in wages of approximately £60. This is because I have to do an extra 172 miles a month for work. I called Accuma who said I wouldn't worry about it.. at the year review we will do a new exenditure form but I dont want them backdating it when they get my P60 as the money is for petrol I spend out of my own money! Do I trust their judgement?

Life is far too stressful!!

[Oliver]

Usually only 50% of any bonus, overtime or commission would have to go to your creditors, but you are correct to wait on confirmation of this from the IP.

If your increase in pay is offset by an increase in costs then this will zero itself out.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva.com]

Hello Maizie,

I am sorry to hear about the problems that you are experiencing here.

Please could you submit a review of your experiences on IVA.Com? This would be useful to others thinking of entering into an IVA.

Many thanks and good luck with solving these problems.

Terry
IVA.com - Regulating the IVA industry by using customer feedback.

Please rate your IVA company or Insolvency Practitioner by reviewing them here: http://www.iva.com/submit_iva_review.asp

[Skippy]

Is it possible to amend a review on IVA.com?

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/