In May 2013 I received the Chairman's report from a meeting held to consider a proposed variation to my IVA stating that the resolution had been rejected by my creditors.
The proposition was that the funds paid to date be accepted as full & final settlement.
I have heard nothing since? Is this normal?
IVA approved March 2008, unsecured debt - £44,950
December 2012, redundant & breach notice issued. At this point, £26,542.49 paid in.
After over 4 months (!) draft variation received to approve re F & F. In this time I had an official complaint to the company 'upheld' having accepted that the draft variation shold have been within 30 days of breach.
May 23rd 2013, resolution rejected
3rd June 2013 IP suggested 'saving the IVA' by increasing monthly payment to £800 + on net take home £1200(commenced work May 2013)rejected this and they then suggested DMP over 8 - 10 years.
Supervisor only has £82 in hand.
I hope so; not like I did not try and pay back. Just really frustrated as I have been told to 'keep my head down' and see what happens!
Not in my nature; very anxious about no resolution and the poor way that the company concerned conducted themselves.
You should have received a copy of the Chairman's report of the variation meeting, within 4 days of it being held. How on earth did your IP expect you to be able to afford payments of £800 per month - was this including any other persons income to supplement yours?
The case appears to be in limbo, and if creditors have rejected your offer you need to know specifically why. And the IVA probably needs to be terminated. Which firm are you with?
I received a copy of the Chairman's report from Freeman Jones advising that the creditors rejected the resolution of full & final settlement in May.
What I don't understand is that considering the breach notice was issued in December 2012 it took over 4 months to propose the variation. I have an e-mail trail from my relationship manager during this period which kept telling me 'these things take time' Got told the same when I spoke to her. My official complaint is what made it move!
I was asked to contact my relationship manager which I did and at this point to resurrect the IVA, the monthly payment of over £800 was made; no other persons supplement my IVA. it was suggested that I discussed a DMP with an FJ subsidiary which I did but was not prepared to enter into an 8 year plus agreement having already paid in in excess of £26,000
If no-one is supplementing your IVA i.e no other income coming into your household, how would you manage on £400 per month for all living expenses, to leave the required £800 IVA payment. I'm glad to see Sarah is getting on the case for you, I'm sure she will ensure you have a reasonable living budget in place when discussing your options.
Let us know how you get on.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
Hello Sarah; I did have a message from one of your colleagues and I returned the call. I understand further correspondence is being sent to me by FJ tonight (notice of breach, I think) and will respond in due course.
Regards, Dave
Hello; I have spoken to a relationship manager at FJ following receipt of the notice of breach received today. My IVA is ''pending closure' due to the arrears/additional monies owing.
It was determined that a review of income/expenditure should be carried out to determine what I could reasonably be expected to pay. I await the forms which I will return for consideration.
A further resolution to my creditors was muted if agreement could be reached on an acceptable payment, my means allowing. Should this happen and/or an acceptable payment cannot be agreed, my understanding is the IVA would be terminated.
Ok - good to hear an I&E review is going to be carried out though to ensure your payment is not unreasonable. Keep us posted
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
Thanks for the support, I was advised that there was no way to proceed without my father being listed as a creditor to ensure he receives the full amount for the loan every month from me so as to not put him into hardship. Fj advised that their ip could lose their license if it was not disclosed as its against the law not to under this situation.
I therefore have had to have the difficult conversation as felt there was no alternatives for me, hope time will mend the issues from it.
IVA date now set as 26 sept just hope it all goes through now as there is no turning back now not sure what ill do if it doesn't go through as I've taken a leap now.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Al2304
Hi Tina
Thanks for the support, I was advised that there was no way to proceed without my father being listed as a creditor to ensure he receives the full amount for the loan every month from me so as to not put him into hardship. Fj advised that their ip could lose their license if it was not disclosed as its against the law not to under this situation.
I therefore have had to have the difficult conversation as felt there was no alternatives for me, hope time will mend the issues from it.
IVA date now set as 26 sept just hope it all goes through now as there is no turning back now not sure what ill do if it doesn't go through as I've taken a leap now.
,
