I.V.A full and final and a whole lot of other stress

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nigg01
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by nigg01 » Mon Feb 19, 2018 5:18 pm
Hi me and my wife have been in an I.V.A for 3 years now, when we were accepted it was such a relief and gave us a fresh start. For the first year or so it was great all was going well the odd unexpected bill came up
juggle a few payments around no problem!. We have 3 children (Age 11-17) one who started college a year and a half ago (loads of extra expense including an annual coach bill of £1200.00!) this month alone i have had to spend £170 on transport alone for her to visit university's shes been accepted too. well all this juggling has put a massive strain on our finances and put us into arrears on all our utility bills and rent ( No mortgage or assets all unsecured debt ) we keep up with our payments each month but come the last week of the month and were broke. The main issue in our live's has been my son over the last 2 years he has gradually been suffering from severe mental health problems he hasn't been to school for a year and a half he's been signed off by a clinical psychiatrist and is on medication, to say the least our life's have been hell over the last couple of years without going into too much detail. My son is on a waiting list for treatment which we have been told can be up to a year and the only way we can hurry things up is to pay privately which we want but we cannot with our I.V.A commitment but seeing £310.00 going out of our account a month when we could be using that money for his treatment is so depressing he's already missed 18 months of school he cannot miss another 12 and that's before he's even got any treatment.
My dad on seeing our struggles has said he can come up with a full and final payment to end the I.V.A but its just over half of what the creditors would get over the next two years.
I have contacted my I.V.A company and explained all and they have set a date with our creditors.
I have 3 weeks ago been signed off sick by my doctor ( Been struggling at work for so long ) but to add to our problems my work only pay S.S.P so i calculate i will be about £400.00 out of pocket this month and really cannot afford the I.V.A payment. Life is so bad at the moment full of uncertainty i'm fed up with broke all the time cannot afford food praying my car doesn't die ( 11 years old ) the I.V.A has well and truly stepped over the line of its OK were being punished for our debt's but its not fair to be affecting our children so much.
were in a position where my wife should be at work earning now but she cannot as the psychiatrist has told us we cannot leave our son for longer than 2 hours we are in such a vicious circle we can see no way out how me and my wife are still together i will never know. Our original Debt is around £30.000 ( Built up over about 10 years ) we have never missed a payment and have completed 3 years they also got back around £3500.00 PPI. Our 3 year review ( Jan ) the I.V.A company said we couldn't afford our I.V.A. We so don't want to go bankrupt but were worried sick this offer will get refused i mean what happens then? Any advice would be gratefully received.
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Foggy
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by Foggy » Mon Feb 19, 2018 5:36 pm
In the circumstances the offer looks a good one, considering, if the IVA fails they will get nothing more ! In the immediate meantime, ask the IP to agree a payment break, so you need not make any more payments while waiting. I doubt that the creditors would get anything out of bankruptcy, so that probably won't happen.

Best of luck.
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nigg01
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by nigg01 » Mon Feb 19, 2018 5:56 pm
Foggy wrote:
In the circumstances the offer looks a good one, considering, if the IVA fails they will get nothing more ! In the immediate meantime, ask the IP to agree a payment break, so you need not make any more payments while waiting. I doubt that the creditors would get anything out of bankruptcy, so that probably won't happen.

Best of luck.

Many thanks i asked about a payment break all they told me was if i did have a break of say 3 months my creditors could extend my I.V.A by up to 12 months!!
I questioned this as its simply not fair but was told this is how it works so in effect they could be adding another year onto my I.V.A which amounts to an extra £3500.00 ( approx worst possible )
They know of my shortfall this month i asked them today but this was one of the questions they declined to answer should i persevere with this or just cancel direct debit and offer a token payment ?? (One payment is due before creditors decide) i meant to say if its of any importance the debt is half mine and half my wife's so 2 different proposals
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Foggy
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by Foggy » Mon Feb 19, 2018 6:35 pm
nigg01 wrote:
Foggy wrote:
In the circumstances the offer looks a good one, considering, if the IVA fails they will get nothing more ! In the immediate meantime, ask the IP to agree a payment break, so you need not make any more payments while waiting. I doubt that the creditors would get anything out of bankruptcy, so that probably won't happen.

Best of luck.

Many thanks i asked about a payment break all they told me was if i did have a break of say 3 months my creditors could extend my I.V.A by up to 12 months!!
I questioned this as its simply not fair but was told this is how it works so in effect they could be adding another year onto my I.V.A which amounts to an extra £3500.00 ( approx worst possible )
They know of my shortfall this month i asked them today but this was one of the questions they declined to answer should i persevere with this or just cancel direct debit and offer a token payment ?? (One payment is due before creditors decide) i meant to say if its of any importance the debt is half mine and half my wife's so 2 different proposals



That is, frankly, a load of rot ! Payment breaks are usually added back on at the end of the term, like for like. Speak to Michael ... someone might need a little re-training !
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nigg01
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by nigg01 » Mon Feb 19, 2018 7:14 pm
Foggy wrote:
nigg01 wrote:
Foggy wrote:
In the circumstances the offer looks a good one, considering, if the IVA fails they will get nothing more ! In the immediate meantime, ask the IP to agree a payment break, so you need not make any more payments while waiting. I doubt that the creditors would get anything out of bankruptcy, so that probably won't happen.

Best of luck.

Many thanks i asked about a payment break all they told me was if i did have a break of say 3 months my creditors could extend my I.V.A by up to 12 months!!
I questioned this as its simply not fair but was told this is how it works so in effect they could be adding another year onto my I.V.A which amounts to an extra £3500.00 ( approx worst possible )
They know of my shortfall this month i asked them today but this was one of the questions they declined to answer should i persevere with this or just cancel direct debit and offer a token payment ?? (One payment is due before creditors decide) i meant to say if its of any importance the debt is half mine and half my wife's so 2 different proposals



That is, frankly, a load of rot ! Payment breaks are usually added back on at the end of the term, like for like. Speak to Michael ... someone might need a little re-training !

This is what i thought!!!!
If Michael is still with the same company when i started the I.V.A its that company !!
I really haven't anything bad to say about them but this isn't right. Michael was the reason i chose this company on account of his good advise !!
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Michael Peoples
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by Michael Peoples » Wed Feb 21, 2018 12:17 pm
My apologies Nigg01 for only replying now and many thanks to Foggy for highlighting the post to me.

I have spoken to supervision and by all means give us another call. There may be crossed wires somewhere but if there is a full and final settlement on offer then we can suspend the payments until the outcome of the meeting is known. I am sorry to hear of your personal circumstances and creditors are usually sympathetic to such cases so hopefully the full and final will be accepted. Feel free to call myself or Roisin who is the manager of the supervision team to discuss anything further. I believe that the full and final settlement meetings have been scheduled for March so very best of luck.
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recovering
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by recovering » Wed Feb 21, 2018 3:18 pm
Michael Peoples wrote:
My apologies Nigg01 for only replying now and many thanks to Foggy for highlighting the post to me.

I have spoken to supervision and by all means give us another call. There may be crossed wires somewhere but if there is a full and final settlement on offer then we can suspend the payments until the outcome of the meeting is known. I am sorry to hear of your personal circumstances and creditors are usually sympathetic to such cases so hopefully the full and final will be accepted. Feel free to call myself or Roisin who is the manager of the supervision team to discuss anything further. I believe that the full and final settlement meetings have been scheduled for March so very best of luck.

Bit off topic sorry but I just wanted to say Thank you to Michael for all his invaluable help and advice over the duration of my Iva
:D
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