New IVA rules during the Pandemic.

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Foggy

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Post by Foggy » Wed Apr 22, 2020 1:39 pm
Please have a look at this excellent article over on Debt Camel regarding the changes to standard protocol during the pandemic, designed to make changes and support easier, without the need for a variation. https://debtcamel.co.uk/coronavirus-new-rules-ivas/
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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Jessie91

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Post by Jessie91 » Wed Apr 22, 2020 2:25 pm
Thank you for posting this, was a really good read especially for me working in a care home doing few extra shifts as my husband is on furlough till the end of next month at the moment.

luluj

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Post by luluj » Thu Apr 23, 2020 4:05 am
Good to see these changes, particularly the key workers able to retain their overtime fully during this time .
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kallis3

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Post by kallis3 » Thu Apr 23, 2020 6:48 am
That's good news.
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Francesca

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Post by Francesca » Thu Apr 23, 2020 9:41 am
Hi guys. Just to let u know I got an email from Creditfix and they also don’t take any extras from key workers

Dora06

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Post by Dora06 » Tue May 05, 2020 4:21 pm
Hello.... in relation to the last i emailed McCambridge Duffy who we have our iva's with and they came back with the following...
Your IVA is not a Protocol IVA, your IVA is governed under the R3 Standard Terms and Conditions therefore the guidance would not be applicable to your IVA.
I understand this is a difficult time for you.  If you wish to retain any overtime earned, then a meeting of you creditors would be required, and we could put forward your proposal to retain any such funds. We would assist you with putting forward any such variation proposal to your creditors

I don't feel as though we would have a case to put to our creditors really as luckily we are both well and working full time at the minute so all overtime is going to have to be paid as usual.
Just wondered what the diffetence is and is it certain companies do one type of IVA and others do others?

Thanks in advance ☺

Foggy

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Post by Foggy » Tue May 05, 2020 4:51 pm
Yes, MCD do use R3 terms and conditions which, although broadly similar to Protocol arrangements, do differ in detail. There is no 'set in concrete' format for terms and conditions, indeed, as long as the agreement adhered to the actual legislation in its operation, any Ts&Cs could be used. The inceptions of both R3 and Protocol templates were simply to introduce some consistantcy and to make the processes more standardised and, therefore, easier for everybody to know what was on the table.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Dora06

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Post by Dora06 » Wed May 06, 2020 5:31 am
Okay thank you Foggy, that's disappointing on our part, was hoping we'd get to keep a little bit of extra for a time 😏.

Foggy

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Post by Foggy » Wed May 06, 2020 7:46 am
I would take McCD up on their offer to put forward a variation. Cite the reasons as being simply that you would appreciate being treated the same way as key workers in arrangements under Protocol in this unprecedented time. They are the same creditors who are doing this for those Protocol arrangements, so why not R3 ? Worth a shot, especially if McCD are willing to assist. Their response suggests some support there.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Dora06

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Post by Dora06 » Wed May 06, 2020 9:40 am
Thank you Foggy, good idea, I will give that a go as nothing to loose! 😊

luluj

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Post by luluj » Thu May 07, 2020 5:08 am
You have nothing to lose seeking a creditor review - worse case you have to pay it over as normal, best case you have extra in your pockets .

Let us know how you get on .
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

kallis3

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Post by kallis3 » Thu May 07, 2020 9:57 am
Good luck and I hope it goes your way.
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

Dora06

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Post by Dora06 » Fri May 08, 2020 7:58 pm
Thank you. Creditors meeting is planned for mid June so fingers crossed. Will definitely let you know what happens, thank you 😊

Foggy

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Post by Foggy » Fri May 08, 2020 8:02 pm
Fri May 08, 2020 7:58 pmDora06 wrote:
Thank you. Creditors meeting is planned for mid June so fingers crossed. Will definitely let you know what happens, thank you 😊
Best of luck with it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Sun May 10, 2020 4:59 pm
Good luck.
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
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