www.iva.co.uk

I know its hard but u've come so far and would be a shame if it failed now. If you dont feel comfortable talkin to ur ip have u tried putting it in a letter and sendin recorded delivery. In regard to ur credit card I know there not allowed but surely if there was gonna be a problem ur ip would have mentioned it by now.
If u won the lottery and it was enough to pay 100% + ip fees u would have to pay that over and maybe the interest too depending on ur agreement. If a family member were to halp u could make an offer of less than that, maybe the same return as ur iva would deliver if to run the full 6 yrs.

Hi Dots and welcome to the forum

You are struggling from the experience of two differing IP opinions, and whilst I sympathise it does seem that your initial IP was rather relaxed. He should not have allowed the use of a credit card, unless this had been speficially brought to the attention of other creditors within the IVA proposal - and then you would have needed very exceptional circumstances to justify this.

I can only suggest that you put your cards on the table with the new IP and explain why you are finding things so difficult. Perhaps they can put forward a variation to your creditors to reduce the payments, and if you cannot see any way forward maybe bankruptcy proceedings are a better option - although a shame if you have already completed four years.

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

Hi Dots
I do think if your iva provider company stops that you should have some choice in who they hand your case over to. It seems very unfair that you get used to being treated one way and another company rubns so differently and contradicts the one you had.
If you were to win the lottery etc then you would have to pay the full debt back plus Ip fees and interest at about 8%.
Another option could be if a family memeber were willing to lend you the money to finish early then you could offer a full and final if you only have one year to go it may not be that much. I would think you would have to offer the original dividend but at least you would be away from the iva and could use the money to pay the friend or family back. The other option is bankrupcy but as you say could have dire consequences at work so best avoided.
The other choice ids to plod on with the last year and finish. Sorry just saw ythat you have two years left. Your company can raise your expenditure if it has risen and at least allow you it back from the 50% overtime.
Hopefully Melanie or Catallus will be along to give advice.
I am in an iva the same and this is just my opinion.
All the best

Ang

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

Sorry becky and Melanie nothing was there when i started writing.

Ang

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

no problem , great minds think alike!!!!!

Thank you all for your input so far.

1. I write to my supervisor each month with updates of circumstances so they know what is happening, always have done... It is in the arrangement that I send my payslips on a monthly basis along with any 50% of income above budget, so they are always aware of my situation... I have done this from day one, but really would be nicer if they would take the time to actually listen to me if I phone them... I have no problem to phone them, but I get this distinct feeling they are reading from a screen rather than genuinely caring what is going on... as if I am just another one of those insignificants... I have tried it so I know this is how it is.

2. I do not have anyone that could offer money to present payoff, so I have to just muddle through if I can... It would be just so less stressful if the new office appeared human!

3. There was no choice in who the case was sent to... it was within same company, just sent to another branch.

4. I do not want to fail this, as you say, I have come a long way now, well over half way, it is just that although I know I should be able to approach my supervisor, it is more of an inquisition than taking a realistic re-handle on the situation... I am trying to hang on as long as I can, because also, if my job front changes and upsets the cart soon, then re-adjustments will not be avoidable... Most of all, I do not want to have it all extended past 6 years because of difficulties... I try to muddle through if I can... It is just now is a multi-panicing time.

5. The credit card was understood to be out of the agreement, but I took the professionalism of my supervisor's service that this was acceptable... It is just now, if it does all blow up, I will have external amounts to consider that cannot be claimable in the VA, along with the personal family cash loans to pay for SOME of the car bills recently... I have again kept the IP fully informed of amounts accountable from family help and indeed the expecting bills... As far as the card is concerned, I have always considered until now that as stated above, that it was approved but not written... If I can find a letter from them granting this, then I should be protected a little if it blows up, but as there are so many letters as you can imagine, it will be more of an excavation!

6. All being well, I am looking at 1st January 2010 to be final payment... But will I afford the Champers?!?!?

G

7. Most of the debts have been bought out by third party collectors... so one company has most of the debt at whatever price they purchased them for... As I do not know that value, they will stand to gain a great deal if I did get a windfall then, whereas the original creditors will have sold out!

Hi Dots
Is it ur ip u have been speakin to or just someone in the office. I had the same problem , the firm i started with closed and my iva was transferred , first I knew about it was a letter after it was done. I had nothing but trouble with contactin my new ip and when i spoke to the staff in the supervisory department they werent helpful at all. after postin on the forum my ip contacted me and turns out he's really nice and understandin and was willing to discuss my queries, it was just the people in the supervisers department causing the problems for me.

Hi Dots
Do you think that you could take a day off and arrange a one to one with your IP ?
I,m sure that it would be beneficial.
You have come so far,it would be so sad,and so wrong if you had to consider bankruptcy.
Sit down with your IP and agree a way forward for the next two years.
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

Becky we must be on the same wavelength tonight I was just about to ask the same. Dots sometimes the staff are difficult to get past, tell them you want to speak to your actual IP as you have so many contradictions from the previous office.

Ang

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

Yes, I have spoken to IP direct, but seems an office attitude... "as shepherd leads, follows the sheep!"

The difference I have of yours, is that the company did not go... it was just transferred to another office as they shut down the office I was using and made staff in it redundant... It has always continued one company but different branches seem to differ in policies which is outrageous!

G

My first impression when reading this is that I would recommend that you contact your Supervisor and ask for a variation to the terms of the arrangement. I would not look at this from the point of view of failing.

However, you were very ill advised with regards to the card that you retained. Under no circumstances should it have been used.

How much debt have you accrued on the card and what has it been used for? Can its use be justified to your creditors? Was it solely the car?

What did your proposals say about obtaining credit? It may have stated that, with the exception of utilities, you should not incur credit without first seeking the sanction of the Supervisor.

What is the minimum payment on the card? Without affecting your IVA, how quickly could it be paid off?

You are almost 4 years in and things have been seemingly well up to now. It's going to be a hard faced creditor who wants to see the IVA failed at this stage.

I would suggest you list all your income and expenditure details down and see what your disposable income is - ie what is left after deducting all necessary expenditure from your income. Is that going to be vastly different from the amount you were supposed to be paying at this stage in the IVA? Or was your arrangement £450 per month for the full 6 years?

From what you are saying, you have already paid amounts to your Supervisor in respect of the bonuses you have received. Are these amounts substantial?

Whilst I get the impression that you have, it is unclear whether you made payments to the IP BEFORE the arrangement was approved. If you did, then I would suggest that the amounts paid should be counted as a part of your 60 contributions. So if you paid £900 prior to the meeting of creditors, you will only be required to pay a further £26,100 (58 x £450) by the end of your six years. The Supervisor cannot deny the existence of the £900.

I'll give one possible alternative and would welcome any other poster's thoughts on them.

There may be the possibility to ask creditors to consider a variation to the terms of the arrangement.

Without full facts, I am assuming that your proposal is for a 6 year IVA with Contributions of £450 per month. The proposal may have been modified to include 50% of additional income that you have received. In addition there was possibly a minimum dividend requirement to be met.

What we need to establish first of all is the minimum dividend requirement. It is usually not vastly different to what was expected to be achieved in your original proposal.

If I were your Supervisor, I would be asking someone in my office to produce an estimated outcome based upon contributions made in to your arrangement between now and the end of year 6, being made at the level of disposable income you are currently able to afford. I would do this to establish if it is going to be hugely different from the original proposal, bearing in mind that in addition to the £450 per month you have also been paying your additional payments.

If that return is not hugely different then I would ask your Supervisor to write to creditors and fully explain the position. I would ask that creditors consider accepting a reduced level of contributions for the remining duration of the arrangement. It would be worth asking that creditors approve a payment holiday of two or three months to allow the car situation to be resolved. In return for them allowing you that payment break, you will suggest an extension to the period of the arrangement of that 2 or 3 months and make those two or three payments at the end of the arrangement.

As far a bonus payments being made. I may well consider acting on the side of leniency in that respect if I believed they could clear that o/s credit card prior to the next anniversary of the arrangement. However that would very much depend on the level of debt that has been incurred on the card.

A lottery win ... depending on the terms of your arrangement, I see possibilities.

1. You would have to pay enough to your Supervisor to enable creditors to receive payment of 100p in the £ and the Supervisor's costs to be paid in full.

2. You would have to pay enough to your Supervisor to enable creditors to receive payment of 100p in the £ plus statutory interest (Which I think is currently 8%pa) and the Supervisor's costs to be paid in full.





Tell it like it is.

Blimey, when I started the above response, no one had replied to the thread! I shall peruse the above posts now



Tell it like it is.

I am trying my utmost not to default, but as you all understand here, it is not an easy task as it advances through... if only! ... Yes, I have come a long way and have remained as responsible as required and indeed received commendation from IP for my assistance and conduct of year one and two and was noted to the creditors... It is just that life can turn so fast and all in one go... so if the base you rely on is not a good place to discuss, then you need to look out to somewhere like here and find a tremendous like-minded support of experiences that really does make a difference.

One of my main pasttime passions is my outreach website and will certainly be looking to link this forum to it... I do have a page on debt management and pointing to my IP company and also some helplines... After all this chat, I think I need to tweak my page to add IVA.com in!

G