IVA 1st yr review

[Max]

I do not wish to be controversial here but before I found Melanie Giles 7/8 companies said I would not get an IVA - this, in the main, because I would not accept manipulated figures - one company even increased the Community Charge! Another told me the creditors would not accept what my Local Authority charged - likewise with water rates. Did they not think that my bank statements showed the correct amount? Ihave to say that Michael Peoples' company was NOT one of them because I never consulted them.They would not manipulate figures in any event. It is vital that I/E show as near as is pratically possible accurate figures - manipulated figures are lies and will lead to IVA failure. Melanie accepted and checked against statements and invoices the figures I quoted - the result was an IVA which was accepeted by creditors at first showing

[yade]

Thankyou all for the advice. The frustration for me is that I am not and have never used excuses for the mess I got myself in. I also have always tried to be honest and never looked to work the system, I am just trying to get out of the mess the best way possible while trying to maintain my life with my new family and not just lose the 5 years completely. Thats why BR seems like the best option unless the IVA can become much fairer.

[Locko]

Hi Yade, I had a bit of trouble with my case officer in October at Payplan. The compliance officer got involved and was lovely and sorted it all out for me. If you have no joy with the case officer I'd ask to speak to the compliance officer. Good luck Locko

[Shining]

I hope it's sorted for you Yade, speak to other people within the company as others have suggested and see if that gets you the result you're looking for. All the best and keep us informed.

[MelanieGiles]

As a professional I get increasingly cross where I see cases like this - and I see them regularly both on this forum and directly - where a person's income and expenditure has been unfairly manipulated by an IP firm. This is just not acceptable, and is a recipe for failure - and please, please can I urge any new forum members, or people that are just watching and observing, to not let this happen to you.

A good IP will listen to your specific needs and help you to work out a budget which meets these needs and that you feel you can afford. Anything less than this is simply not good enough, and extremely unfair to you and your creditors who will trust the figures being put forward as being properly verified.

[Shining]

Excellent post by Melanie as per usual.

[kallis3]

Excellent post Mel - I'm rather hoping my annual review goes smoothly when it comes up in a couple of months!

[yade]

Hi Melanie,

Thanks for your post, it is reassuring to have posts from an IP's prospective but you do seem to be a lot more balanced than other companies, obviously in my experience Payplan. Do you feel that you are constantly battling the case for IVA?

I currently can only see a benefit for IVA if you have assets but every company I have spoken to has recommended it to me and I have nothing but a huge pile of debt to my name.

[MelanieGiles]

I do sometimes Yade - but there are a lot of other IPs in the profession who also feel the same.

There are many benefits of an IVA, and also some disadvantages too - but the key thing remember is that we do not operate a one-size fits all- and that the perceptiom of what is an advantage and a disadvantage will be different for each person.

If you have lost confidence in your own IVA, and feel that perhaps bankruptcy is a better option, it may be time to give this some serious thought.

[yade]

I sent the email to Payplan regarding my IVA and included a new I&E on Tuesday and still have not had a response, how long should I leave it before hassling them again?
The lack of response is pushing me more and more into looking at BR but I want them to give me something that will stop me doing so and so far nothing.

[kallis3]

Try phoning them and asking if they have received it and when can you expect an answer.

[MelanieGiles]

Your correpondence really ought to be answered within 14 days from the time it was sent - so give them a few more days before getting too concerned.

[kallis3]

I know Payplan are running behind at the moment - it took six weeks for our quarterly review to be completed.

We did phone and chase them though.

[yade]

Okay, some better news. I had a call from Payplan today. They accepted my alterations to the I&E, just wanting me to provide proof of travel expenses. They also said they will allow me to make a reduced payment in February to cover some money I owed my dad for bailing me during last year. All in all I feel quite a bit more positive than I did. I am hoping that I can live comfortably without worrying from now on. The person I spoke to wasn't entirely clear, she said there is a rule with IVA that allows them to make up to 15% reduction in payment without consulting the IP, will they increase the term of the IVA beyond 5 years?

[MelanieGiles]

This provision covers reductions in payments without consulting creditors not the IP. Your IP will want to monitor all decisions made by their staff which directly affect the outcome of the IVA.