I have been paying my IVA for 2 years now with no problems. But my car is now un repairable. Its going to cost £800 to repair a £200 car. I told my practisioner this and they prepared new I+E forms adding in car hp. As an offset for this I offered a 12months extension to the IVA. it reduced the money they got from 24.4p in the pound to 19p. This was mainly down to the down fall of housing prices. As I was to release the equity in my home. The meeting was today. They all refused the amendment. Im now at my wits end. I have done my best to repay the debts. They have now pretty much thrown it back in my face. I have 7 days left on my mot after this I don't know how Im going to get to work. Theres no buses at 5:30 in the morning. And after a 12 hour shift I dont want it to take me a further 2 hours to get home. HELP me guys before I end up losing my job. I informed my ip 30 days ago about the situation that I was in. Yet I now have 1 week left and no solution in sight.
I am so sorry I dont know what the answer is, you are obviously really frustrated and doing your level bast to make this work. Is there another alternative? Like BR? If you cant work you cant pay the IVA anyway. I guess you would have trouble obtaining HP anyway, wouldnt you? I am sorry I cant offer any solution for you. I just wanted to say I hope there is a way forward somewhere.
The HP is not the issue. I have that in place and ready to go. If i sign the papers before the creditors agree then Im in breach of the iva. What happens if I do this?
Hi - sorry to hear you're in this position and its one a lot of us could easily find ourselves in, unfortunately.
If you sign the HP forms without the IP's consent then you could be in breach of your IVA and they could fail it. Have you spoken to your IP direct, not someone from "the team"? It would be interesting to know how they think you are going to work and carry on with the IVA.
There is something silly going on at the moment with creditor voting at variation meetings. I rarely propose variations, although I suspect that given the current economic climate this will increase, but I have had one turned down today in similar circumstances, where creditors would rather get nothing under bankruptcy proceedings.
You are not in breach of the IVA, if your Supervisor has agreed to the HP agreement, but clearly if you have an IVA is place which cannot be serviced then it will fail and creditors will get nothing. I find this very suprising to be honest.
SO what can I do next. Iam still awaiting clarifications as to why they refused the alterations. See if we can alter the I+E in anyway and get it passed.
If you email your IP directly. just to make sure you can go ahead and get the car then that would at least keep you in a job. Lessen at least one of your worries.
Once you know what the reason is then you can possibly deal with it. If it's purely dividend grounds then that's a bit harsh if it's due to falling house prices.
Let us know once you know the reason.
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd) www.pdhl.co.uk
Hey there and welcome to the forum. I'm really sorry you're having to go through this. Please think carefully before trying to alter your I&E just so it gets accepted as if you leave yourself insufficient money to live off then your IVA will fail anyway. I hope your IP gets back to you soon. Please let us know what they say. X
Surely an IVA shouldnt be putting someone out of a job? Obviously you dont want to cause a breach but at the same time. This is an awful situation to be in. You must be going out of your mind.
I think the grounds for rejection need to be identified first - There will be a reason but until that's known we won't know whether there will be a solution.
I am sure that Melanie will agree with me here - if the creditors vote to reject a proposal or variation, the IP should at least be told why and, if not told, he or she should find out. That should then be passed onto the debtor. If the message is a simple "it's been rejected" then I'm afraid that's dreadful communication and simply leaves the client between a rock and a hard place.
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd) www.pdhl.co.uk
The excuse I had today from a well known debt purchasing firm is that "the dividend is too low". My client has recently had a baby, and is struggling with the cost of childcard and has returned to work for as many days as she can.
I absolutely agree with Ian - and under current banking codes, creditors are obliged to give their reasons for rejection - and of course it is courteous to do so. I rarely find that this is a problem, as I tend to deal with people at the top of the food chain in these organisations - as I will be when I get back to the UK tomorrow!!!
