At least one friend of mine!!! I'm with Sky and have been for years but do subscribe to BT sport for Motorcycle racing, Baseball and hubby likes American Football. Wasn't impressed today when the bill came through and it was more than double what it should have been!
They will (allegedly) be refunding that next month otherwise I may be swearing at someone!
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
Thank you for your letter dated 19 August.
I must admit that I'm rather surprised and confused that you feel this offer is not worth consideration by my creditors and not willing to call a meeting with them.
I appreciate that you have clarified some of the terms of the Arrangement, but seem rather confused why you have only mentioned the one limitation concerning the equity release via re-mortgage. In that it is subject to a maximum return to the creditors of 100p in the £ and failed to mention the limitation preceding this.
Condition 3.5 bullet point 2 “The incremental costs of the re-mortgage, including the cost of any new repayment vehicle, will not exceed 50% of the monthly contribution at the review date.” the maximum 100p in the £ being the following bullet point, bullet point 3.
I specifically mentioned this in my full and final offer letter that I believe a re-mortgage will not be a possible option due to this limitation. Also after trying to apply for one and speaking to two mortgage advisors, both have stated the same. In that current sub-prime re-mortgage rates, it would not possible without increasing the 50% contribution level, even before adding any further lending to the current mortgage amount.
Therefore the IVA proposal states on condition 3.7 that if I’m unable to re-mortgage this will not be viewed as failure to comply with the terms of the IVA and you will have the discretion to consider accepting one of the following alternative proposals.
• A third party sum equivalent to 85% of our interest in the property, or
• 12 additional monthly contributions
I appreciate the third party offer is some way short of the 85% equity (not forgetting 50% being my partners), but this equity release is no longer really an option due to the above limitations. Therefore, the only other alternative within the Arrangement will be the 12 additional contributions and really my offer should be considered against this.
Comparing this F&F offer to the dividend for bankruptcy 53.9 in the £ it would roughly produce a similar figure although only slightly lower 51.0 in the £, a 2.9p reduction that isn’t large amount, which I assume would be offset by savings in administration charges. Even with the 12 additional payments it produces a similar divided as bankruptcy 53.6 although this will be another 18 months away if my offer is not accepted.
Therefore based on this I hope you fully understand why I believe this offer to be fair and reasonable and that it should be consider by my creditors.
I also understand it to be within my right to request a variation, so request you put my offer forward to them. If you believe this is not the case, then can you please advise me why you believe not?
I shall look forward to hearing from you as soon as possible, and please do not hesitate to contact me if you have any queries with regard to my request.
A suggestion is this section "I also understand it to be within my right to request a variation, so request you put my offer forward to them. If you believe this is not the case, then can you please advise me why you believe not? - See more at: http://www.iva.co.uk/forum/topic.asp?wh ... 582#592413" reword and put it towards the beginning.
Part of the rewording might be "having sought advice I believe that you must put my request to creditors for consideration who will make the final decision about whether to accept the offer that has been made."
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.
