Just had a play around with the dividend shown on the original proposal and it states bankruptcy 53.9 compared to IVA 60.4, changing the IVA by removing the 7279 equity release amount and adjusting the regular payments to take into account F&F offer, it does go below the bankruptcy, now 51p in the £. Interesting is that it also falls below, if extension in term is applied, but only just 53.6 in the £. A f&F of 5200 would match the bankruptcy div of 53.9 but may as well just pay extension for another 18 months, totalling 5112.
Your IP cannot refuse to put forward a variation as it is your proposal and your right to do so. Creditors can reject and the IP does not have to recommend the offer but they must put it to creditors.
They will do their sums themselves and if they feel the money is better now than waiting for an extension they will likely take the settlement offer.
You also have to factor in that, with a lump sum, the creditors are saving a fair bit in administration (it often costs more to process a small quarterly dividend than the dividend itself!), as well as getting toxic debt removed from their books (which is why they often sell on debt for pennies in the pound).
They are as keen ( for different reasons) to get shot of the whole thing too and it is impertinent of your IP to think it is HIS decision to make !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
My IVA company recently sent 5 cheques to one creditor over a period of 6 weeks - no single payment exceeded £3.00.
The only one that I can see who benefits from that is the IVA company who will factor that into what is charged.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Agree with them or fight it but lodge a complaint at the same time and ask if it should be found that the IP regulatory body finds against them will you be reimbursed or indemnified.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Speak to the IP and ask them to put forward the variation. It is your proposal and your offer and your right to call a variation. If they refuse you would have grounds for complaint.
If creditors reject the variation then the IVA reverts to its original format which should just mean that the IVA is extended. I would be surprised to see creditors reject.
Do, however, insist on seeing the draft variation before it is presented to creditors and amending anything you do not like. I am sure it would not be the case but you wouldn't want anything to sabotage the presentation.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Okay thanks. Best I put this in writing to my ip? Any ideas how this should be worded? Strongly or diplomatic, I'm may be a bit too aggressive. So annoyed now and stressed.
Okay thanks. Best I put this in writing to my ip? Any ideas how this should be worded? Strongly or diplomatic, I'm may be a bit too aggressive. So annoyed now and stressed.
I would advise diplomatic. When I am in these situations I write what I want to say, have a cup of tea then go back and take out the swear words and the odd reference to extreme physical violence. Leave it overnight and go back and tidy it up.
Incidentally, do not do this on the computer in draft email form -- it is too easy to hit "send" prematurely !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree that it should be diplomatic. I frequently want to swear at people (BT is an example this morning!) but I didn't! This has got me into trouble on this forum in the past!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
