Update & further advice.....

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Shining

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Post by Shining » Mon May 17, 2010 6:01 pm
We can keep this bumped up for Declan too. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Lusso1979

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Post by Lusso1979 » Mon May 17, 2010 11:05 pm
Thanks lesley and Kallis3 - where would I be without you [:)][?]
 
 

Skippy

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Post by Skippy » Tue May 18, 2010 9:26 am
Bumping this up for Declan
 
 

Charlietill

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Post by Charlietill » Tue May 18, 2010 1:34 pm
I'll bump it up for you as well. I'm with DFD so I hope that it gets sorted for you soon. x
Mim
 
 

Lusso1979

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Post by Lusso1979 » Tue May 18, 2010 9:36 pm
Hello All!

A bit more to update you all on tonight (I swear this is becoming a "dear diary" forum [:)]

I had an email to my work account (not the best given my current reduction in hours and the fact that I am a little wary of these things appearing at work!!) but it said that my IP has reviewed my case and has agreed to pass it through for the paperwork to be drawn up for a creditors meeting and that someone would call me in the next week to go through "what happens next" - I have another doctors appointment tomorrow and a session with the counselor that she has referred me to!

So my questions now are:-

Should I ask my doctor for a letter confirming that I have been signed off and that I am on antidepressants? Or given that this costs money - which I don't have at present - should I wait to hear whether the creditors need to see proof?

Given my IP has agreed to progress with the F&F does this signify that it is a good offer and therefore has a chance of being accepted? Or do IP's submit regardless? Long shot but does anyone know the success rate of these things?

When it gets to the creditors meeting, should the offer be declined, would I then be given the opportunity to try a higher offer (believe me I don't want to accept, but my other half just wants me back to "normal" and has said that he will see what he can release from his ISA if the offer is declined) As this debt was incurred by me before I even knew him I have resisted the offer, it should never be something he should deal with ..... but we aren't living a life with me worrying about every little thing.... especially losing my job and having nowhere to live!! so I might have to swallow my pride and take the offer....but only if absolutely 110% necessary. If this is the case can you offer there and then or do I have to go through the whole process again.... and we are talking a maximum of another £1,500 - £2,000!

Again - so many questions! soooo sorry![:I]

Lusso xx
 
 

MelanieGiles

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Post by MelanieGiles » Wed May 19, 2010 12:31 am
Now that your IP has said that you can put the offer forward, my best advice is to make the very best offer that you can make first time round. Your IP ought to recommend the offer, to put some weight behind it.

Most variations, so long as they are put forward for good reason, tend to get accepted - so good luck and keep chasing to ensure this is put forward at the earliest opportunity.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Lusso1979

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Post by Lusso1979 » Wed May 19, 2010 7:49 pm
Thanks for the advice Melanie - especially given the fact that you get nothing for volunteering advice to people with different companies!!

I had another call today to say that a drafter will call me on Saturday to go through the paper work with me. I have spoken to my boyfriend and he is also going to release £1,500 from his ISA to up the offer, which then becomes my very best offer. Details as follows

Paid to date: £1,938.00
Money offer from mum: £10,000.00
Money offer from b/f: £1,500.00
Money to be paid June/July: £646.00

Total paid/offered: £14,084.00

Can I ask the drafter if this is close to what they would recommend?

My creditors were expecting back £19,380 which means a "shortfall" of £5,296. Based on £19,380 I believe the dividend would have been 42p, not sure how much this works out at now.

As for my current circumstances, the relocation jobs are available for people to apply for at work, but I can't afford to move to Ireland nor do I want to... I have put my CV out, but from the recruitment agencies that have got back to me, they are all saying the same thing! I need to look at my salary expectation and look to travelling further afield and my doctor feels that even the reduced hours that I am doing at the moment are too much (plus given the job issue at work, I am not sure how much longer work will agree to the reduced hours and me using my holiday pay to cover the reduction in days)

So once I have spoken to the drafter on Saturday, what are the likely timescales for me to get a date for the creditors meeting?

Thanks again to you all, for your replies and for "bumping" this to the top of the boards [:)]

Thanks Lusso x
Last edited by Lusso1979 on Wed May 19, 2010 7:52 pm, edited 1 time in total.
 
 

Lusso1979

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Post by Lusso1979 » Mon May 31, 2010 10:15 pm
Hope you are all well and have been enjoying the Bank Holiday weekend?

I just have 2 really quick questions - where should I be able to find the fees that DFD are charging for my IVA? I know that when my creditors wanted amendments made to the initial proposal DFD agreed to reduce their fees but I can't find any paperwork detailing how much that would be.

And should I have signed the IVA proposal after the amendments were made? I never received anything after the IVA was approved even though amendments were made to the original proposal

I am just trying to get all the paper work in order as I am really up against it now. My variation proposal is now being drawn up after speaking to the drafter a week last Saturday and have been told that this would take 3 weeks - then on top of this a 28 day period given to the creditors. The only problem is, is that my wages reduce this month and my mum is leaving the UK on 30th July so I am desperately trying to get my stuff in order.

Could I be forced to apply for a job in Dublin - or will the creditors understand that a move at the moment, would not be beneficial and obviously the cost of living over there is much, much higher!!

I have got my 2 letters signed from my b/f and mum offering the money on a F&F only and I have a doctors appointment (again!) on Friday to ask if she will do me a letter detailing that I am currently signed off work and that this has been an ongoing medical issue since March.
 
 

MelanieGiles

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Post by MelanieGiles » Mon May 31, 2010 11:19 pm
Your chairman's report should clearly state the level of fees to be charged by your IP firm if these were amended by creditors on the day of the meeting.

You should have been advised of all creditor modifications, and given the opportunity to accept or reject them - including those relating to the IP fees. The IVA should not have been deemed in place until you had provided your written confirmation to these revised terms.

No-one can force you to apply for a job. If your IP puts the very best report forward for you explaining your difficulties, and recommends the course of action suggested, there should be no reason why the variation would not be accepted.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Lusso1979

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Post by Lusso1979 » Tue Jun 01, 2010 8:11 pm
Thanks for getting back to me Melanie!

I am really confused. I definitely didn't get to see the modifications after they were made and I definitely didn't sign them - am I in trouble, is my IVA not official??

I requested a copy of the Chairperson's report via email a month ago as I was still receiving letters from a couple of creditors so I asked for an email version so that I could forward it on to Capital One and MBNA. I have just had a look at what they sent and I can't see any "reductions in fees" like they said that they had agreed to in the modifications section - does that mean that I was lied to and in fact their fees remained at what was initially put forward in the original proposal?

I need to dig out the original and see what the fees were originally - would I then be able to ask DFD to confirm what I am paying for the service now?

I guess what I am trying to understand in how much the fees are over the 5 years and therefore what kind of reduction, if any, DFD would agree to if I was to have the F&F accepted before 1 year is out....

Thanks Lusso xx
 
 

Lusso1979

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Post by Lusso1979 » Sun Jun 13, 2010 11:53 pm
Hello All,

I have finally had my variance report through from DFD, 3 weeks from my last call from DFD and 5 weeks from the initial F&F call. I have sent my letters from my family and sent copies of sick notes, medication notes and my doctor's letter is in the process of now being put together!

The variance report that they have sent is incorrect, as they haven't calculated my payments, to date, correctly - they are out by £646.00 plus they haven't got my offer correct either. I am sure the letter that I sent, signed by my partner, stated that he was able to offer £2,000 based on a fixed and final offer (I might be wrong as the document was scanned and sent from work and I am obviously not in at the moment plus my meds mean that my concentration is awful atm)

Given how long it has taken from initially starting the process - he can now offer £3,000 (he is basically forgoing his ISA payments to help me get out of this - if possible - so that I can concentrate on getting better) so I have emailed DFD to ask them to correct the report.

My questions are:-

1. Do all the creditors have to agree or just a percentage like when it was approved?
2. Is it all my creditors or just those that voted last time?
3. What happens if creditors don't vote?

The official numbers are:-

My creditors were expecting £14,634 from me and my offer equals £10,540 (after DFD have taken their cut)plus I expect to have to make at least another 1/2 payments whilst this is going through, bringing the amount to £11,186.

DFD's charges have only reduced by £25 even though, if this was to be accepted, they wouldn't have had to "manage" my case for the 5 years they originally expected to - does this seem usual? I am just keen for my creditors to get as close to the expected dividend as possible.

Finally (sorry for the endless dribble!) Should the creditor decline the offer, would they suggest an offer that they would accept? I can't say that I would be able to scronge any more money - but if it was a case of getting another £1,000 together then I am sure that between my mum and my gran we could come to some arrangement - they have all done so much for me that I don't want to ask for any more unless it is absolutely crucial.

That's it.... I promise [;)]

Lusso x
 
 

MelanieGiles

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Post by MelanieGiles » Mon Jun 14, 2010 1:10 am
You will need to achieve a majority vote of 75% on the day of the meeting - and all creditors will be invited to partake in the vote. If creditors do not vote then they will be bound by the votes of those who do.

You should get your IP to clearly work out the settlement figure for you, so that you can check up on the level of fees that they are charging.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Lusso1979

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Post by Lusso1979 » Mon Jun 14, 2010 10:43 am
Thanks Melanie, as usual [:D], for a speedy response.

The figures were in the variance report and the total that they were originally proposing to charge me and the total that they would charge me should this be accepted only reduces by the £25.

I guess I expcted to see a 4/5th drop in costs as they wouldn't have to run any annual review for years 2 - 5 nor would they be managing my case. Actually, there wouldn't have to run any review on my case, should this be accepted as that's not due till December.

Thanks Lusso x
 
 

MelanieGiles

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Post by MelanieGiles » Mon Jun 14, 2010 11:15 am
It really depends upon the basis of their remuneration. If they are being paid on the basis of a percentage of realisations - which is the norm these days - then you will not see a reduction in fees.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Lusso1979

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Post by Lusso1979 » Thu Jul 29, 2010 12:16 pm
Dear All,

I just wanted to let you all know that my Full and Final offer was accepted today at 11:30! I am so relieved, I can't tell you!!!

My mum moves in 3 weeks so we were cutting it a bit fine but thank goodness it came through today and I didn't have to go through another 2 weeks of anxious waiting!

This has made me realise what a fantastic family and boyfriend I have and I can categorically say that I will never, ever, ever get into anymore debt again! Mortgage aside!

My partner and mum are transferring the money to me as I type so I can then pay DFD and start looking forward again!!

I want to say an absolutely massive thanks for all the support I have received from this board and wish you lots of love

Lusso1979 xxx
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