What exactly is mis-selling?

[Skippy]

I'm glad it's not just me who doesn't know what at PTD is! I don't know what a REMO is either!

I really wish I'd known about this forum at the very beginning as I may have made different choices. I thought BR was much more scary than it actually is (not that I'm saying everyone should go BR!), that everyone would know and, like you I would be bankrupt and paying for the next 15 years! I obviously read the R3 booklet but nothing can beat hearing about real experiences.

I'm sure you won't end up having to go BR Optimist as you are so determined!

[OPTIMIST12]

Thank You.

I think a REMO is a re-mortgage (?) - anyone know what a PTD is?

[Skippy]

I've just Googled it - a PTD is a Protected Trust Deed in Scotland.

[welshman]

size5, I can't believe you would deprive someone of a bunch of flowers for a funeral in favour of companies who are making billions in profits every year !!

[size5]

Didn't mean to come across as harsh but it is impossible to foresee every eventuality. My own view would be that there should be enough contingency allowance in an IVA proposal to be able to cover a bunch of flowers for a funeral, if there isn't then perhaps the payment is simply too high.

[Skippy]

I didn't have any contingency! I actually had £200 a month less than the proposal said I should have, and I take responsibility for that, but I think the figures were tweaked slightly so I could make 27p in the pound.

These are my figures:

VA:
Income £1284 per month + £560 from partner.
Rent / Mortgage - £556 (I don’t pay the mortgage, just £200 rent)
Buildings / Contents Insurance - £8 (I paid half)
Council Tax - £110 (I only pay half of this)
Gas - £40 (don’t have any)
Electricity - £40 (actually £25 per month)
Home telephone - £40 (this is paid by my partner)
Mobile phone - £50 (actually £35)
Medical expenses - £35
Food, toiletries, cleaning products - £300
Clothing - £40
TV Licence - £11 (I pay half)
Vehicle petrol - £120 (overestimated)
Vehicle insurance - £20 (underestimated)
Vehicle road tax - £15 (overestimated)

The rent mortgage was the problem - they say that I pay £556, but include £560 from my partner's income so that's cancelled out. I then had to find the £200 to give to him which he then gave me back so that we could eat!). There is no vehicle maintenance, and when I queried this I was told to use the gas payment as it didn't matter as long as the figures added up in the end!

Oh well, hindsight is a wonderful thing!

[welshman]

Why was my post edited? It's not as I wrote it and it wasn't anything bad

[OPTIMIST12]

IVAs and everything connected with them seem to be constantly evolving - so much seems to depend on exactly when people join the process.

For me - I am glad that I avoided the time / cost fees calculation and am generally very happy with my arrangement.

Skippy - its just a thought (and I know it is too late to raise it now!!!) - but was it suggested that you approach a different provider to put forward a new proposal after your IVA failed? I dont know how Creditors would have viewed it - just curious as to whether it was something you looked into?

Welshman makes a good point - banks make mega profits - but I think us IVAers would get little sympathy from the banks "regular" customers - as their fees probably subsidise the debt write-off that we are given in our IVAs!!!

[Skippy]

No, I didn't look into another IVA - I was paying 27p in the pound and I needed another £150 to £200 to be able to have a reasonable (not extravagant!) standard of living, which would have meant I was paying £260 on debts of £65k.