Would An IVA be betterthan BR???

tigerfeet2006

Anne why don't you ring the Insolvency Service on Tuesday and ask about the pension. Number in my signature.

blind-as-a-bat_2

debt_doctor wrote: »

Hi Anne,

What you have asked me has already been clarified by others. I think that IVA proposals are written that way in order to make them look 'more attractive' than BR. Obviously the IVA company is trying to show a better return for creditors to get the IVA approved, but some potential 'clients' could be led to believe that they would actually have to pay that total amount in BR, steering them away from BR.

I beleive that the majority of IVA companies ( not CCCS ) do just that.

I think you are on the right track.

DD

Quoting legal costs of BR as £12,186 is more than trying to make the IVA more atractive as it costs £1750 for a straight forward BR. obviously if there is extra work that may go up but the most ive heard of is a touch over £3000

I will let you call that what you want but its more than a case of making an IVA 'more attractive' in my book:rolleyes:

AnnesWitterings

Well hes going down the BR if its ok about his job and pension.

Is an IPO based on your basic wage and the overtime split 50/50 am hoping so as it was his previous job within the company that was offshored and him being moved to another dept and no overtime at that point that got him in this mess together with silly over extending himself.
The overtime in new dept has returned and this looks likley to be the case for the next 3 to 4 months and really bumps up his wage but the IVA was based on basic wage and any overtime shared pro rata...just worried if they based IPO on net yearly wage and then overtime disapeared and hes left with a high IPO and a reduced income.

fiveyearplan

If his earnings decrease he just has to submit a new I&E (also if earnings increase)

AnnesWitterings

Hi

Just read another post re IVA bad decisions...one thing sprang out at me that was never made clear on OHs proposal..if he had gone ahead with the IVA and paid the 60 months payments then was cleared is that when the 6 years on his credit file begins so in essence 11 years bad credit history or does the 6 years begin at the begining of his IVA payments??

If the above is correct then I shall be damn well angry as the IVA co we were about to deal with is under the umbrella name of a well thought of charity and it was on this charities name that we chose to do the intended IVA bloody sucks if the above is true.

Anne

AnnesWitterings

Looks like info was wrong...the 6 years start on the commencement of the IVA ...thank goodness for that...Id be old and grey if it had been 11 years phew!!!!

Dez-Titute

Hi Anne,
Cant say anymore than as already been said.His pension will be safe.his share save scheme could covrr the court fees etc plus a few beers on saturday.

Look forward to meeting up,if you want advice on the pension issue can talk then.

Cheers Dez

AnnesWitterings

Thanks Dez

Look forward to meeting you,,might bend your ear with one hand and be holding me drink in the other:beer: :beer: thats if I dont fall over OH doesnt drink so all the more for me :rotfl: :rotfl: :rotfl:

AnnesWitterings

Good morning all,

We had the phone call to end all phone calls last night,MBNA again they had a right old whinge and whine but they had changed there approach this time. This has left OH in a panic re his BR, I wish they would just sod off.

The content of the conversation went as follows:MBNA consider that he knowingly took out the credit card with them knowing full well that he could not pay it back he was in full time employment and up till May 2008 his payments were bang up to date,when circumstances changed..they have refused to take token payments even though we have sent them and they have cashed the cheques.

They mentioned that they were going to involve some organisation called CIFAS??? who are they??

They have upped the ante and the phonecalls are getting ridiculous 7 last night...4 on the answerphone in the afternoon and 1 this morning, no answer just putting the phone down but we recognize the tele number,

Im clear in most of the aspects of BR now thanks to all the help from the forum, so this has just speeded up the need for OH to get his BR forms done and set a date for it.

Im off to the court this morning and getting his BR date booked, we can live on beans on toast till we have the fees...

This debt business is gonna give him a heart attack the way its affecting him, plus the overtime and pressure at works piling up, we go on holiday for a week to Wales on Saturday, his bosses are trying to get him to cancel and rebook it they can go get lost, he needs to be away from the pressure at work and all the phone calls.

We shall be filling in his BR forms sitting on a beach in Wales (weather permitting)

Hope you are all well.

Anne

mysterio_2

http://www.cifas.org.uk/ they are a fraud prevention company usually deal with things like ID fraud etc

sounds to me like scare tactics & MBNA are trying it on