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| T O P I C R E V I E W |
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Posted - 10 August 2008 : 19:11:36
Hello, this is my first posting on this site and I am looking for some advise please.
We are 17 months into an IVA with over 50k of debts and only an 05 Zafira as an assest as we rent our home. Please don't judge for the amount of debts we have as this has been through no work, illness and the banks ill advise over the past 8 years.
We feel that our IP is failing us as we are being asked to pay 50% of money earned every time there is a five week month, when we clearly haven't eanred any extra and no matter what we say to them they are not interested. Also with the cost of living going up and our recent review, despite sending in proof of expenses going up, they still wanted more proof (how much proof can I give if I have already sent in receipts, rent inreases, CT and insurance policies etc) and we had to ask that they speak to our creditors to reduce our monthly payments, even though clearly in our I and E we couldn't continue the agreed payments they didn't say "well clearly you can't continue paying the agreed amount so we suggest that we call a variation meeting" and we had already missed one payment due to the increase in cost of living and informed them the reason why.
Our variation meeting is on 3rd of Sept and know that our IP has asked for the creditors to accept or fail the agreement.
My questions to anyone who can answer are:
If our creditors fail the IVA, does our IP continue to file for BR or do we have do apply for this, and if we do, who do we go to?
secondly, because we are not happy with our IP, can we come out of the IVA and file for BR even if the creditors agreed the lower payment. (This is because they have calculated our earnings incorrect and everytime there are five weeks in a month, they save we have earned an extra weeks wages, so have to give them 50%, they also don't carry over any minus amounts when we don't earn the amount they calculated, they don't respond to our questions or letters and just before our IVA was agreed, told them of increases in rent and they didn't add it on, which amounted to nearly £300, but they won't even take that into consideration when we have asked for that amount back)
I would be most grateful for your advise.
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| 2 L A T E S T R E P L I E S (Newest First) |
| smile or cry |
Posted - 21 August 2008 : 15:25:03
Thank you for your advice on this, I really can't cope with an extended period being added to our IVA. If they agree the IVA with an extended period then I think we will choose BR and petition it ourselves and try to get certificate of termination qickly, although I don't hold up much on that one.
Once the variation meeting has been held on 3rd Sept, then I will post our decision.
Once again thank you for your advice
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| John |
Posted - 10 August 2008 : 20:13:56
Hi soc & welcome to the forum
firstly I should say that no one on this forum will judge you in any way regarding your debt level.
From what you describe you are one of many that have been put into an IVA that does not appear to have been affordable from the outset.
If the creditors accept a variation that you can afford the decision is clearly yours as to whether or not you go forward with it. Although if they do the chances are that your original IVA period will be extended to cover the reduction in monthly payments.
You can fail the IVA any time by not making the payments. Your agreement will show how many missed payments constitute a failure (usually 3).
The IP will notify the creditors of the failure but they may, or may not, instruct the IP to petition for your bankruptcy. There is a cost involved which your creditors/IP may not rush to fund. They may wait for you to petition for yourself as there is a saving for them, but obviously a cost to you.
You should be aware that once you have missed the requisite number of payments for your IVA to fail, then the creditors will likely begin to write and phone as they did prior to the commencement of your IVA.
Please also be aware that you would need to be, in most courts anyway, in receipt of your Certificate of Termination from the IP before the Court will allow your bankruptcy petition.
From what you have said that may not be immediately forthcoming if the IP has been ignoring both your attempts to contact him/her and your pleas on the grounds of affordability.
www.Bankruptcyhelp.org.uk
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