In other words the whole agreement is a load of codswallop - whilst it affords protection from your creditors and allows to repay some of the debt you have amassed that is it. So what is my supervisor going to do with the retained funds that could be used to petition for our bankruptcy - aahh yes pay his fees!
Looks like we shall have to starve in order to find the £1,000 needed to pay for bankruptcy! Although calculating it taking £10 off our £50 per week shop it will take us just under 2 years to save up the costs!!!
Any monies already paid in have paid my IP (and I was fully aware of this) and then will be distributed amongst my creditors.
I would suggest that once your creditors start hassling you again, you tell them to do their worst and make you bankrupt. It might just work.
If you are in rented accommodation, there's not a lot they can do to you.
Most IVA proposals - especially those prepared under the provision of the IVA protocol - are absolutely clear as to what happens in the event of default. I would not want this post to be construed as all IVA agreements are badly worded - even if you feel that yours has been.
I am sorry that your IP is using his discretion in a way you feel is unhelpful, but in reality most creditors these days are very anti-bankruptcy proceedings so that is probably influencing his views.
FYI - we rent, are in receipt of ctc/wtc, housing benefit & hubby gets JSA.
guess we are just going to have to left the creditors harrass us and try and get blood out of a bloodless stone. Have come to conclusion that the only way to deal with it - when they start is to remain consistent. Send them our I&E, letter explaining circumstances and the fact that it will take us 2 years to save up for bankruptcy proceedings so they will be prepared for the long haul and a token payment of a £1 each month! Well...I don't think we will win the lottery in the near future and there is certainly no relative about to pop their clogs and leave us with anything.
I certainly think our proposal is badly worded although not on GT's half. I will be writing to complain - not that it will do any good apart from making me feel a smidgen better!
Aahhh well thank god sainsburys do basic curry sauce for 9p! Lets put it this way - if I didn't see the humour in this I would a mess and thats not going to help my wee man.
Thanks for all your comments!
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