www.iva.co.uk

Hi everyone...

I have been logging on to the forum for past six months and find it extremely helpful. I have been in an IVA since last August and have a few queries I would appreciate some advice on.
I joined with Synergie in Dec 2006, and began making payments in Feb 2007 but did not have my IVA meeting until August 2007. I have since then been making payments of £436:00 per month. My debts were £50,000. I have an equity clause to pay £8000 in 4th year on my property.
I have had the opportunity to work overtime and have paid a further £400 approx per month. However the money I paid between Feb and August 2007 has been deposited into the 'money pot' (quote my IP assistant) for my creditors, which I don't have a problem with, however from this forum I realise that IVA usually take approx 6 -8 wks to organise..am I right?
I received no letter to say when my meeting was been held and just received a call on the day when the meeting had been convened..is this normal?
A friend has offered to lend me £20,000 towards a F&F settlement, which I will have to repay. I have to date paid £10,478 (including overtime and payments Feb to Aug)The opportunity to continue with overtime will finish in the next few months plus I have to travel 80 miles round trip to work and my car is beginning to loose momentum and I worry that I may have to seek work closer to home which will mean a dramatic drop in salary..
Do you think this is a reasonable offer..sorry not very good at calculating the figures..
Even though I have not posted previously I would like to say what a great support ye offer and I wish I had found ye earlier...

Thanking ye all

It seems a reasonable offer and you should now ask your IP to provide you with a settlement figure together with their thoughts as to whether the offer you are making is reasonable.

Hi Melanie...
Thank you for your advice..I know there is nothing I can do about this but out of curiosity is it standard practice to wait six months for an IVA to be set in place?

Not at all - but this particular company appear to have a bit of a trait for making clients wait - I assume that you were paying them on a monthly basis in the meantime?

Hi Melanie

Thank you again...
Yes I was paying since Feb but did not sign upto IVA until August..So these payments went into the overtime fund..

May I ask you how you figure out what is a reasonable F&F figure?

Maggie

Can you please explain to me what an "overtime" fund is Maggie - I am not aware of this technical terminology used by your IP? Are you saying that by the time your IVA was proposed you had built up a cash fund, and how was this disclosed on your statement of affairs?

Hi Melanie

Thank you...sorry for delay..

How I understand the overtime fund is that when I send a cheque for 50% of any overtime I do it goes to my creditors but not into the same fund as my regular payments...so comes off my total debt and not the agreed amount that I pay back on a monthly basis...She described it as a 'bonus pot' to the creditors..

I have no problem with this but have not received an explanation from Synergie as to why I made payments for 6 months prior to the IVA ...and I know now in hindsight that had I not rang them regularly the process would have taken longer...

I was wondering did I do something wrong that this message wasn't posted on the main forum screen?

I wanted to ask you one more thing...(and thats it i promise!!)
You said that my offer of £20,000 seemed like a reasonable offer..This offer is inclusive of the £8000 equity clause...Do you still agree? My total debts £50,000 paying back £436 a month..and to date paid in approx £10,000 (inclusive of overtime and pre iva payments)
I'm beginning to feel stressed about the fact that I may have to move jobs soon as will not be able to afford to replace my car and so will be earning much less with no prospect for overtime...

Thank you again..I really do appreciate your advice..This forum is a real godsend and has kept me sane on many an evening in!

Regards
Maggie

The "bonus pot" is an entirely bizarre term, but so long as all that money goes to your creditors and not the IP by way of hidden charges, I suppose this is technically acceptable!

I still feel the offer you have suggested is worthy of presentation to the creditors, including a provision for the equity release.