Increasing monthly payments to allow F&F offer?

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Mikeymayhem
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by Mikeymayhem » Mon Nov 05, 2018 6:12 pm
I have asked my IVA management co. To propose a final offer to my creditors and they have come back to me and say I have to sign a document to increase my monthly repayments prior to creditors meeting in order for them to proceed with arrangements of final offer meeting. ( despite me earning 4K less last year than the year before) is this right?
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MerlinL14
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by MerlinL14 » Mon Nov 05, 2018 6:30 pm
Doesn't seem right to me! I don't see the logic in increasing payments other than an off the cuff decision made by a desk jockey rather than your IP. I would question it and ask to speak directly with your IP rather than a case handler. If you were to increase the payments and the F&F was rejected then I doubt your paymwnts would reduce back to the level they are now.
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Foggy
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by Foggy » Mon Nov 05, 2018 6:40 pm
I agree with Merlin. Further an increased payment now would also increase the amount the creditors wouyld be expecting should the IVA run to term, and, presumably, increase the gap between that figure and your offer.... making the offer less attractive. A bit self destructive really!

This is not normal practice.
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kallis3
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by kallis3 » Mon Nov 05, 2018 6:50 pm
I agree with Foggy and Merlin.
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