When it rains it pours - Attention Payplan.

[back on track]

all we want gemma is a true or not true in the question of do you intend to put this in every variation as reguards the equity claus.brokebryn does not mind if this is out in the open as other ips have said a comment on this policy is all we want

[Gemma Burton]

As I am sure you are aware, each IVA is different and we work on a case by case basis as things like this depend on the clients circumstances and the creditors involved.

[back on track]

so what you are saying gemma is that payplan have not been told to take this direction per-say .
but if the creditors want you to put this in all variations then you will and not help your "other clients"what do you say to people looking at this thread and wondering what lies in store at the end of iva if the creditors are taking this direction. all iva are different is true but your criteria for variations that include do you want to make this person bankrupt is not one to put forward yourselfs if the banks dont ask you too

[brokebryn]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Gemma Burton

I have been following this thread and can assure everyone that Payplan representatives have been in regular contact with this client to discuss the issues detailed in his posts. For reasons of confidentiality I am not able to give details of what has been agreed, however we are doing everything possible to find a positive resolution.

'Regular contact' means therefore one email and one telephone call since early February essentially saying the same thing. I am not aware that anything has been 'agreed'. I have personally 'agreed' nothing on this issue save for signing the variation proposal, failure to do which, in the absence of any other option due to an inability to release equity, would have resulted in time in the collapse of my IVA. So what exactly does that refer to? I think that your post is based either on a lack of information or it is disigenuous, Gemma. Now can everybody see why I have HAD ENOUGH?

Surely if you are working on a 'case by case basis', the client whose 'case' it is has a right to be told why it is being handled in a specific way? Otherwise we are left with the ridiculous 'argument' that these things are dictated by fluctuations in the world economic climate.

[brokebryn]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Gemma Burton

As I am sure you are aware, each IVA is different and we work on a case by case basis as things like this depend on the clients circumstances and the creditors involved.

Please may I ask for clarification as to the precise meaning of:

1. 'things like this'

2. 'the clients circumstances'

3. 'the creditors involved'.

[brokebryn]

I am really confused now - more so than ever. Payplan have intimated to me via email and on the telephone, and quite rightly so, that they are in no position to influence the outcome of the variation meeting. Of course not. It depends entirely on how the creditors vote. But now their representative is saying that they are doing 'everything possible to find a positive resolution'. So what exactly is going on? What is it that Payplan are doing? Apart, that is, from assuring the creditors that if they reject the variation they will petition for my bankruptcy??

[footiemad]

This is a real shocker!!!

[brokebryn]

It need not have been. They could have just explained it ages ago. Perhaps there is no explanation.

[artemischild]

im just amazed that this has dragged on for so long Bryn, i cant even imagine the distress this lack of answers and resolution must be causing you!

[Foggy]

"......however we are doing everything possible to find a positive resolution."

Simply re-write the variation so that it does not promise bankruptcy if refused. Generally if a variation is refused the IVA stands as originally agreed. Why not so in this, and similar, cases ?

[country girl]

I hope you get an answer to this soon Brokebryn.

It has made me read my paperwork more closely and realise that I coucld end up in this postion. It was never pointed out to me that if I was unable to raise equity than I could go bankrupt. I was just told my IVA would be extended for another year. I realise now I should have taken advice on this but like I have said before you are in a very dark place when sorting out your debt problem (as I am sure others can relate to).

I would advise anybody starting there IVA journey to make sure they understand this.

I am really worried about what is going to happen to me next year.

Linda

[kallis3]

Does it say anything about that in your paperwork Linda? Mine states that we will continue on for the extra 12 months so I don't think they can change that. There is no mention of BR at all and my Chairmans report specifically states that no funds will be kept back for bankruptcy.

[brokebryn]

Have another look Linda. There was nothing in my original paperwork at all about the possibility of bankruptcy after 5 years of paying into the IVA. If there was does anyone in their right mind think that I would have for one moment entertained the idea of an IVA? All it says is this - I cite it verbatim for purposes of absolute clarity:

'An open market valuation of the property must be provided to the supervisor in the 4th year of the arrangement together with a mortgage redemption figure. The debtor must remortgage realise [sic] the maximum amount of his share of the equity in the property from a remortgage, up to a maximum 85% loan to value based on affordability. The debtor must forward details of the remortgage offer to the supervisor and written confirmation from the mortgage broker of the best offer available. Should the debtor be unable to realise his share of the equity in the property by way of a remortgage, 12 additional contributions shall be made, providing that the supervisor has first written to creditors to ensure that there are no objections'.

No mention, hint or whiff there of the predicament in which I have now been placed - Payplan need only add 'Should there be any objections on the part of the creditors, we will bankrupt you'. At which point of the proceedings, of course, you would cease having any kind of contact with them and look for other solutions to your problems. So check your paperwork - er, not that it will do you any good, because who knows what surprises they may spring on you depending on 'client's circumstances'.


For the precise wording of my original Chairman's Report I had to access Payplan Plus. It is really just as well that I did, for that brought a further surprise. As far as I was aware until a few minutes ago I was missing April's payment in order to offset my recent car repair bill and the arrears would then be made up over the remaining payments of my IVA, whatever they might be. But lo and behold, I see that that arrangement, verbally agreed with a representative from Payplan over the telephone a few days ago, remember that Lee?, does not now apply. Instead they would like £35,806.21 from me. Well I'll really try and see what I can do, but I'm afraid to say that I can't promise anything at this stage......

Here's the details pasted in from Payplan Plus:

Total paid to date: £46,016.35
Last payment date and amount: 05/03/2012 £760.00
Next payment date and amount: 03/04/2012 £35,806.21

I'm beginning to get a bit of a complex; and all this is so helping me to function on a day to day basis. Thank you so much.

[Broke of London]

Brokebryn! What a farce! I don't see why creditors insist on the BR clause for Payplan clients when every other firm seems to be able to revert to the original agreement following a failed iva - nor why your circumstances are different by virtue of being a Payplan client. On the surface, it seems a standard variation without any special circumstances. I hope you can get this sorted x

[brokebryn]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Broke of London

Brokebryn! What a farce! I don't see why creditors insist on the BR clause for Payplan clients when every other firm seems to be able to revert to the original agreement following a failed iva - nor why your circumstances are different by virtue of being a Payplan client. On the surface, it seems a standard variation without any special circumstances. I hope you can get this sorted x

No one knows whether it is the creditors who are insisting on the BR clause. Have you got £35,806.21 to lend me till the weekend?