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Junior Member

United Kingdom
187 Posts

Posted - 04 April 2008 :  13:37:57  Show Profile  Reply with Quote

I have tried the suggestions to make my supervisor responsible but they have said ‘they are not responsible to retain funds for bankruptcy’. I had forgotten about modifications to the agreement that I signed.
In the terms it says:

1.11 Funds need not be retained for the petition of the debtor’s bankruptcy.

1.12 Should contributions become 3 months in arrears, not necessarily consecutively, or should they fall below the specified level, this shall be a breach of the arrangement and the Supervisor shall immediately arrange a meeting of creditors for the purpose of deciding if and how the arrangement should proceed.

Could anyone help I feel at a loss now.
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Senior Member

1191 Posts

Posted - 04 April 2008 :  23:45:55  Show Profile  Visit melanie_giles's Homepage  Reply with Quote
OK - if I had known that there were creditor modifications I would not have wasted your time on this thread. They are right and you will need to fund your own bankruptcy costs if that is the way you decide to proceed.
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Junior Member

United Kingdom
187 Posts

Posted - 05 April 2008 :  14:57:05  Show Profile  Reply with Quote

I only found out about the modifications to the IVA yesterday when they told me.
When I was going though the early stages of the Iva I would have signed anything, (I'm not very good with paperwork).

Thanks for trying to help Melanie, and sorry for wasting your time on this.

Also I would like to say thank you to Skippy for her post, I have just read your blog and found it very informative. To reed about someone else going thought the same thing as myself is very helpful.

Thanks again
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