The title says it all really! I know it's not going to be flowers and sunshine, but the thought of it makes me physically sick! I'm pulling together my paperwork at the moment, but I feel awful.
For example, I'm trying to plan for worst cases in terms of childcare, as I know they are going to go up, but I can't really prove it as it hasn't happened yet - but I know it will when the wife starts her shifts properly! I'm worried that I'll end up in a worse situation again!
Worth a rant and explain your concerns to your IP company. Also bear in mind that the IP can reduce the monthly payments by up to 15% without approval of creditors and more with their consent.
While I would never advise anyone to enter an IVA that is doomed to failure, your IVA can be structured in a manner than makes it affordable and factors in foreseeable changes in circumstances.
My payments were specifically structured to vary due to a known change in circumstances that would occur 3-4 months into the IVA. My payments were therefore highter at the beginning then reduced when the change occurred but this was all in the proposal and was agreed by the creditors.
Get this written into your IVA right at the start if you can as this will ease your worries and sets in stone the fact that your payments will reduce and has been agreed by creditors. Your dividend should then be calculated correctly based on the months you pay the higher and the months you will be paying the lower figure.
Creditors might put in an amendment saying that you have to provide proof of the change I guess but you can then send in the increased costs of childcare to your IP.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
Like herbekj, I had known changes structured into my IVA and am paying an increased amount for the first 4 months and the reduced amount thereafter.
My son, is in childcare at the moment, but will be going to scholl soon and childcare costs will stop ... however, my IP has written into my proposal that this will not add to my disposable income becuase it will be offset by extra school costs (lunches, outings, uniform etc).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
homershairdo wrote:
Thanks all! Foggy - who are you with, as they seem quite helpful!
Well, it's early days yet -- they might have some skeleton lurking in a cupboard somewhere, but, yes, so far they have been great. They are RSM Tenon.
My only gripe is that I have never spoken to my actual IP. The initial paper gathering was dealt with by one person ( very efficient and friendly), then I was passed to someone else who drafted the proposal (again very good -- and upped my expenditure by around £100 (by adding in things I had forgotten about), and finally, when the proposal was accepted I was passed to the "Supervisory Department".
Last edited by Foggy on Mon Mar 21, 2011 9:04 pm, edited 1 time in total.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Your with Mel aren't you homershairdo? I would give them a ring tomorrow and explain your concerns, they're the best ones to advise.
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
Foggy, I had mine with Haines Watts, who got took over by RSM Tenon a few years ago. Your experiences with them are just the same as mine. And to be fair if you need to contact them, then the supervisory dept are on the ball. The only downside I experienced was when i wrote to them, and it took them a month to respond, and then it was only after i rang them to find out what was happening. They are a very big outfit, so if you do write to them send it registered signed for, I dont think for a minute they would deny receiving correspondence (they didnt with me), but it does cover your bum if they cant find it. Overall they do a good and fair service, and you should not have any problems, if all runs smoothly then you wont hear from them again till review time. if you are fortunate enough to get a windfall then they will give you best advice as to what course of action to take as well.
Thank you, Howard, that is good to hear. I must admit I do all of my correspondence with them by email (an unfortunate, but very helpful, individual gets all my woes),but, like your experiences, it still takes two mails to get a response. However, after reading a few peoples experiences with communicating with their companies, this doesn't seem bad at all!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
spoke to my lot this morning, and my mind is at rest. To be honest, it's going to have to be a best guess for some of my future costs. But at least I know. And I'm happy. I think!!
Glad you're feeling better! It is a worrying time but there is probably more flex to meet the rising cost of living in an iva than without one...especially when you're as strapped as we all are before going into the arrangement!! Best of luck x
I'm sure they will help you homershairdo - you should pick up the phone and speak to your IP or your case officer anytime you have any queries.
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
