www.iva.co.uk

Hi there,

I've been reading here for many years now just never really needed to post anything.

We pay £377 a month and are currently 44 months in to our IVA. We have missed two payments when I had my son which was agreed and we just pay these at the end. Taking it to 62 payments total (18 left). We have just offered to pay £6,250 which we have been offered from a family member and we anticpate paying another two payments in the meantime.

This will give a 25p in the £ payment.
The IVA was agreed with a 26p in the £ payment but one of the figures given in the figures was overstated so actually it would be 27p in the £ we paid if we continued to the end.

If we continue payments at £377 plus the equity release they require (which we probably wouldn't be able to get) they would get £8,919 total.

Two more payments plus £6250 comes out at £7004. Does this seem acceptable?

Payplan are taking 25% of all payments (annoying becuase we have now actually paid off all the debt and its now really just their fees were paying).

I just want to know if were singing off the right hymn sheet?!?

I put the offer in to Payplan about two weeks ago and they now have all the back up paperwork they require. Any idea how long we should be waiting for a meeting?

Thanks for reading.

Your offer seems a very reasonable one and it should not take long to draft a variation proposal. If you have not heard anything by now it may be worth chasing Payplan especially if they are getting a quarter of your payments!

Thanks for your reply.

Ive just had an e-mail back

'The meeting can take a couple of months to arrange and sort the paperwork required.'

Should it really take this long? The money is ready and waiting to be paid off!!

Kind regards

I know it takes a few weeks to convene another meeting.

Hopefully one of the experts can help with this one.

I hope it goes positively for you and we'll leave this bumped up for a professional opinion on the time span.

25% in fees is pretty high, but if the IVA was based on this some I guess they are entitled to draw them.

Looking now 25% seems ludicrously high but it was accepted and paying them only 26p in the £.

I guess these days they wouldn't accept it and would make the supervisor take a much lessor cut.

Well... eventually got the paperwork on Friday and have sent it back. Waiting on meeting date which look slike it is going to be the start of September.

With what we have offered it will make paymenet of 24p in the £ where as the original proposal was for 26p in the £. With payment gained now instead of up to Decemeber 2011 and plus equity release (which we wouldn't get) so probably extended payments!

See how we go...... Hope to God they accept it!

Very best of luck for the meeting - and let us know the outcome as soon as you know.

Best of luck from myself too x

Got varitation meeting times through....

2 September at 11am.

D-day awaits

22 days and counting.....

Good luck.

Hi,
Best of luck with meeting
deb

Best of luck from me too. I had F&F accepted yesterday, so hopefully you get yours accepted too.