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| T O P I C R E V I E W |
| 626 |
Posted - 08 March 2007 : 08:22:07
I had an interview with the OR today and with debts of £38k and an annual income of £32,500 she wants me to pay £
350 per month to an IPA. With rent, council tax, and utilitie bills this will leave me with just over £400 for food, household goods, toiletries, clothing, presents, vet bills, dentist etc.. and anything else that comes up in the next 3years. Is this acceptable? What wouldhappen if I wanted to change jobs or (heaven forbid) lose my job? I'm now 51 and it might be hard to find another?
Thank you .
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| 3 L A T E S T R E P L I E S (Newest First) |
| go_4_broke |
Posted - 10 March 2007 : 23:04:24
Hi there,
Just wandered over from the IVA forum.
A thought - the key word is agreement.
That means you can refuse it.
If you refuse it outright then the OR can enforce it via a court order, then the IPA becomes an IPO.
However the OR won't want to do this if possible as it will cause her extra bother and expense. So you may have scope for some negotiation. As d/d says above, claim for everything you can think of, and see if you can get the contribution down a bit as the price for your agreement.
There was a court case (Re: Rayatt) which held that your needs should be 'reasonable' not 'basic' and I'm sure the OR is aware of this. Their job is to recover as much as possible for your creditors. Yours is to look after yourself !
Best of luck !
'Bankruptcy - an elephant from the front - a mouse from the back' |
| Debtdummy |
Posted - 10 March 2007 : 20:57:28
Very sorry, my eyes read OR, but my brain translated IVA.
Again I am very sorry. Take any evidence of your expenditures to your OR. S/he should make the appropriate deductions. You dental insurance, vet bills, clothing, etc., and the other items you mentioned should be taken into consideration. Especially, if you present the evidence. If after reviewing all the evidence and the OR STILL does nothing then request to speak with his/her line manager.
Even a manager has a manager(smile).
If you should have a change in income over the 36 months there will be an adjustment in the IPA amount. If you lose your employment then obviously you would pay nothing back if employment couldn't be found in a reasonable amount of time.
Also, you stated you're paying £350 a month to the IPA which means according to the OR disposable income chart posted on this site you have £500 of disposable income a month and you are paying back to the creditors 70% of this a month.
Hmmm, that may be too high for you. What-you're not suppose to feed your cat or dog? You're suppose to go to work naked (smile)?
Please check into this and post so we know how it all transpired.
Again sorry about my brain not 'kicking in'.
There is a proper expert here who can answer your concerns better than myself. Please contact the expert directly, he (Dennis)does give his telephone number here on the site.
I wish you success.
All I have left is my sense of humour. |
| Debtdummy |
Posted - 09 March 2007 : 19:57:44
hello 626, and welcome to the forum. I am not an expert, but I did have an IVA proposal drawn up. The reason my husband and I didn't have it filed was because it was extremely unrealistic. To give you an idea, our electric bill is actually £45 a month. This went to £30 on the expenditure form. Petrol for 2 cars was, believe it, £35 a month.
There were a host of strange or fictional figures listed, but none were accurate except the mortgage and council tax.
Contact a professional like CAB, Payplan, or National Debtline they will give you alot more insight into this matter. Also, if you can avoid it do not pay any upfront fees to your IP unless there is a receipt stating exactly what they are used. Some people doing IVAs have had issues with that.
And please post your questions on the IVA.co.uk forum as they are good questions that others need to see and ask themselves before doing an IVA.
All I have left is my sense of humour. |
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