My supervisor sent me a letter to sign, i do not understand some of the details

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jeff472

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Post by jeff472 » Sat Feb 24, 2018 4:51 pm
After 62 months of paying my IVA my partner has fallen ill reducing our household income to a point that i can no longer pay the remaining 10 months payments. I have contacted my supervisor who has sent me a letter to sign asking my creditors to accept what i have paid into my IVA already be accepted and concluded but it also states the following:

"That a modification from the chairman's report be removed. Should the debtor be in breach of their IVA at any point in the future, the supervisor will have absolute discretion to declare the arrangement as failed including whether to petition for the bankruptcy of the debtor, without further recourse to creditors."

I don't understand what this means is it a good thing or bad .

Thanks in advance

Foggy

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Post by Foggy » Sat Feb 24, 2018 5:15 pm
What modification are they wanting to remove ? And I would ask them to remove the addition of the power to declare bankruptcy. It is not helpful at this stage. Are you with Payplan ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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jeff472

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Post by jeff472 » Sat Feb 24, 2018 5:53 pm
Hi Yes im with payplan and they are asking to remove it not add it so i presume thats good then?
cheers

Lisa Thomas

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Post by Lisa Thomas » Mon Feb 26, 2018 10:13 am
The key as Foggy has asked us what modification was it in the original Chairs report that they wish to remove?

I wonder if originally the Supervisor had to ask creditors whether they wanted the Supervisir to petition for your Bankrupcy in the case of a breach, but now they want to remove it so that they have the discretion.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

kallis3

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Post by kallis3 » Mon Feb 26, 2018 11:08 am
If it is to do with BR -they will remove it when asked.
http://kallis3.blogs.iva.co.uk/
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.
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jeff472

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Post by jeff472 » Mon Feb 26, 2018 2:48 pm
Just to clarify they want to remove the following clause that was included in the original IVA :-Should the debtor be in breach of their IVA at any point in the future, the supervisor will have absolute discretion to declare the arrangement as failed including whether to petition for the bankruptcy of the debtor, without further recourse to creditors." 

I dont understand why my supervisor wants to remove it ,does that mean they want to bankrupt me for not being able to make the last 10 payments .

Foggy

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Post by Foggy » Mon Feb 26, 2018 3:47 pm
jeff472 wrote:
Just to clarify they want to remove the following clause that was included in the original IVA :-Should the debtor be in breach of their IVA at any point in the future, the supervisor will have absolute discretion to declare the arrangement as failed including whether to petition for the bankruptcy of the debtor, without further recourse to creditors." 

I dont understand why my supervisor wants to remove it ,does that mean they want to bankrupt me for not being able to make the last 10 payments .

I do not understand why they are even mentioning it at this stage ---- removing it means nothing in reality.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

kallis3

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Post by kallis3 » Mon Feb 26, 2018 4:14 pm
It does - means they cannot make you bankrupt.
http://kallis3.blogs.iva.co.uk/
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.

Lisa Thomas

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Post by Lisa Thomas » Tue Feb 27, 2018 9:08 am
It means they will have to ask creditors to make you Bankrupt. They are removing their discretion which is very strange.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

kallis3

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Post by kallis3 » Tue Feb 27, 2018 9:11 am
Payplan have always been a law unto themselves!
http://kallis3.blogs.iva.co.uk/
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.

Foggy

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Post by Foggy » Tue Feb 27, 2018 9:25 am
Lisa Thomas wrote:
It means they will have to ask creditors to make you Bankrupt. They are removing their discretion which is very strange.

Payplan always do this and I cannot understand why ---- but have, in the past, removed the clause on request.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

Lisa Thomas

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Post by Lisa Thomas » Tue Feb 27, 2018 10:58 am
Foggy, I thought the clause they often tried to add was if the variation was rejected to proceed with Bankruptcy?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

kallis3

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Post by kallis3 » Tue Feb 27, 2018 11:11 am
It was - if you insist on its removal they will do it.
http://kallis3.blogs.iva.co.uk/
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.

Foggy

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Post by Foggy » Tue Feb 27, 2018 12:18 pm
Lisa Thomas wrote:
Foggy, I thought the clause they often tried to add was if the variation was rejected to proceed with Bankruptcy?

Full of flu ( and "Man-Flu" at that) ... can't think. I find Payplan perplexing all round!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

kallis3

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Post by kallis3 » Tue Feb 27, 2018 2:09 pm
It was added to my F&F offer and I had to tell them to remove it.
http://kallis3.blogs.iva.co.uk/
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.
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