iva modifications

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Foggy
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by Foggy » Fri Apr 06, 2018 5:43 pm
Do we know which creditor this is ?
niceguy
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by niceguy » Fri Apr 06, 2018 6:04 pm
kallis3 wrote:
I agree you should give BR some serious thought. Your wife would not be required to find work, particularly as she has family to look after and creditors should realise this.


Thanks Foggy and Kallis.

I think taking care of 3 young children is also full time job, she is busy whole day to look after children, IP told need to accept if you want iva to be successful, as other creditors voted yes.
So if i accept, and If my wife dont get job or dont want to do job within months, will iva fail?
Adviser mentioned if you accept, after month we will review and can explain them more financial problem if she does job, will review with documents and income expenditure.

Creditors should understand, these are my debts, and i need to sort out, nothing with my wife, she is already doing great work to take care of children.
Iva helps to reduce financial stress, but this makes more stressing.

What will actual happen if i accept and after month, creditor will not find any change, as no job, will one creditor fail the whole iva. and what other consequences.
niceguy
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by niceguy » Fri Apr 06, 2018 6:08 pm
Foggy wrote:
Do we know which creditor this is ?

Barclaycard
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kallis3
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by kallis3 » Fri Apr 06, 2018 6:31 pm
Seriously think about BR - it will put your mind at rest.
niceguy
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by niceguy » Sat Apr 07, 2018 8:47 am
Foggy wrote:
Do we know which creditor this is ?

what you think, if modifications negotiable with creditors before meeting on Monday? i can accept one year extension but not regarding my wife to do job, thats not possible. Will they say ok we withdraw employment modification.
Adviser will call on Monday at morning, meeting is at afternoon.
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Foggy
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by Foggy » Sat Apr 07, 2018 8:57 am
niceguy wrote:
Foggy wrote:
Do we know which creditor this is ?

what you think, if modifications negotiable with creditors before meeting on Monday? i can accept one year extension but not regarding my wife to do job, thats not possible. Will they say ok we withdraw employment modification.
Adviser will call on Monday at morning, meeting is at afternoon.


I cannot make the decision for you --- if you are happy going bankrupt instead, it is a consideration. Remember that there is a fee to find up front (£750 I believe) and, any business accounts from suppliers etc might be stopped (all business will have to be in cash --- no credit. But that would be similar in the IVA).

If it were me and I was happy going BR, but wanted an IVA if possible anyway, I would agree to the first modification (reluctantly) and refuse the second.
niceguy
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by niceguy » Sat Apr 07, 2018 11:51 am
Foggy wrote:
niceguy wrote:
Foggy wrote:
Do we know which creditor this is ?

what you think, if modifications negotiable with creditors before meeting on Monday? i can accept one year extension but not regarding my wife to do job, thats not possible. Will they say ok we withdraw employment modification.
Adviser will call on Monday at morning, meeting is at afternoon.


I cannot make the decision for you --- if you are happy going bankrupt instead, it is a consideration. Remember that there is a fee to find up front (£750 I believe) and, any business accounts from suppliers etc might be stopped (all business will have to be in cash --- no credit. But that would be similar in the IVA).

If it were me and I was happy going BR, but wanted an IVA if possible anyway, I would agree to the first modification (reluctantly) and refuse the second.


Thanks Foggy, will update you on Monday, If iva rejected, after how long i can submit BR application? next day or i need to wait any rejection letter.
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Foggy
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by Foggy » Sat Apr 07, 2018 12:07 pm
niceguy wrote:
Foggy wrote:
niceguy wrote:
what you think, if modifications negotiable with creditors before meeting on Monday? i can accept one year extension but not regarding my wife to do job, thats not possible. Will they say ok we withdraw employment modification.
Adviser will call on Monday at morning, meeting is at afternoon.


I cannot make the decision for you --- if you are happy going bankrupt instead, it is a consideration. Remember that there is a fee to find up front (£750 I believe) and, any business accounts from suppliers etc might be stopped (all business will have to be in cash --- no credit. But that would be similar in the IVA).

If it were me and I was happy going BR, but wanted an IVA if possible anyway, I would agree to the first modification (reluctantly) and refuse the second.


Thanks Foggy, will update you on Monday, If iva rejected, after how long i can submit BR application? next day or i need to wait any rejection letter.


As far as I am aware, if the proposal is rejected at the meeting you can apply for BR straight away --- the IVA will never have existed. Good luck.
niceguy
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by niceguy » Sat Apr 07, 2018 12:15 pm
Thanks so much Foggy, You and other advisers are very helpful here.

Will update, if anyone got same experience please share also.
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Lisa Thomas
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by Lisa Thomas » Mon Apr 09, 2018 8:17 am
I'm not sure how you can approve a modification that neither you (or your wife) can guarantee.

Plus you won't know what contributions will be until after you have entered the IVA so you don't know what you are actually agreeing to.

In any event it sounds as if an IVA is not the best option for you based on what you have told us so far, of course more inform would be needed to confirm.
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kallis3
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by kallis3 » Mon Apr 09, 2018 8:21 am
Regarding BR, you can pay by instalments I believe before submitting an application online.
niceguy
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by niceguy » Mon Apr 09, 2018 11:26 am
Iva creditor meeting was scheduled at morning, Adviser called me before meeting and discussed, but mentioned them will not accept 2nd one unfair and unreasonable request from creditor, Iva should help people to relieve financial burden, but the creditor wants put more burden and stress in coming days. but can accept the duration extension by 12 months. Then she said will call you back soon, will speak to them. so waiting for call,




Foggy wrote:
niceguy wrote:
Foggy wrote:

I cannot make the decision for you --- if you are happy going bankrupt instead, it is a consideration. Remember that there is a fee to find up front (£750 I believe) and, any business accounts from suppliers etc might be stopped (all business will have to be in cash --- no credit. But that would be similar in the IVA).

If it were me and I was happy going BR, but wanted an IVA if possible anyway, I would agree to the first modification (reluctantly) and refuse the second.


Thanks Foggy, will update you on Monday, If iva rejected, after how long i can submit BR application? next day or i need to wait any rejection letter.


As far as I am aware, if the proposal is rejected at the meeting you can apply for BR straight away --- the IVA will never have existed. Good luck.
niceguy
Posts: 13
by niceguy » Mon Apr 09, 2018 2:07 pm
Unfortunately it did not go through, Iva adviser called to accept but i rejected the employment modifications, might be that is good for me, don't want the stress of 5 years with unfair modifications from barclaycard, will make complain of these unfair requests. all other creditors voted yes.
Now will work on other option to relieve financial stress. Adviser mentioned you are free to go on other route.




[quote="Foggy"][quote="niceguy"][quote="Foggy"]
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kallis3
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by kallis3 » Mon Apr 09, 2018 2:33 pm
Sorry it didn't go through. If you do BR then Barclaycard are likely to lose out on payment.
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Lisa Thomas
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by Lisa Thomas » Mon Apr 09, 2018 2:36 pm
Best of luck exploring your other options.
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