www.iva.co.uk

Hi
Every case is different because every IVA is different,can you think why you are bieng asked to contribute more than the original proposal ?

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

hi andy

thanks for all your comments. my confusion is that they give me a settlement figure, when i quiered the figure and theirs fees. they then increased my monthly payments. i then made them an offer with was a few thousand above the original amount my ip phoned me to say that it wasnt enough and wouldnt even put it to the creditors, i asked them was it not up to the creditors and they never responded. after this they didnt return any of my phone calls or letters for nearly 7 months. i then sent in my income and expenditure and now they have further increased my monthyly payments, which will be about another 25,000 i wrote to them again and phoned still no reply. i changed my job and my pay increased my ip at the time told me it wouldnt effect my arrangement. i dont mind paying more im just confused that they keep changing the figures with no explanation.

Mmmmmmmmmmm
Communication seems to be a problem between you and your IP.
A pay rise can mean that the extra that you earn will have to be paid into your IVA and I think it,s because of this that your settlement figure is higher than your original amount [original IVA payments x 60].
Please try to keep a good line of communication with your IP,even if it means taking time out to go and visit them
Good luck

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

THANKS ANDY

Just an update on my situation....
Having just had an email from my IP’s assistant stating that my IP is happy to put my offer forward to my creditors, I have been asked to supply some reasons why I do not want to continue with the IVA contributions as they need to put it in writing.
Do you have any advice on what I should say?
I thought my IP or her assistant should really be able to construct what to say!

Tell them the truth - as presumably you are offering a variation as you are unable to continue making payments at the agreed level? The variation is at your request, not your IP's - and a variation should only be proposed for very good reasons.

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 Melanie,
I am offering a F&F from money loaned to me by a family member.

OK - so presumably you are going to offer at least the same dividend to creditors as was originally on offer. This should be perfectly acceptable, and the reasons for wanting to end the IVA early are therefore to repatriate monies to creditors at a much earlier stage than they would necessarily be available. If your family member is treatin this a loan, make sure that your IP discloses the loan repayment in the income and expenditure account they use to accompany the variation proposals.

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
You just need to say that a family member is making a loan to you on the condition that it is used in full to conclude your IVA as you are finding the ongoing monthly payments a struggle.You will then be using your disposible income to repay your relative.
Good luck

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

Hi All,
Just a quick update, my IP has agreed to offer my creditors an F&F settlement for £25k.
The meeting is set for later this month.
Fingers crossed I get a favourable decision.
Thanks to Melanie and Andy for their advice, it has been much appreciated.
I will keep you posted on the outcome.
Cheers

Melanie/Andy
I have my variation meeting soon for my F&F Settlement offer.
When my IP sent the letter to my creditors they stated an amount i had paid over the last two years. I will have made two further payments of £960 each by the meeting date.
Will the creditors be made aware of this by my IP as i think it could sway their decision?
Many Thanks

Your IP will fight your corner on the day, Mick, so this will be brought to their attention if necessary.

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

Thanks Melanie

Hi
Yes you need to continue payments until the creditors meeting.Once the variation is agreed you can stop your monthly payments and release the lump sum.
Fingers crossed
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

Great, Thanks Andy