HELP: In forth year now they want me to do 6!!

danonone

Hi my IVA Started in August 2006, as you can imagine the thought of it ending next August is rather nice.

However, received a variation proposal from DFD today saying that the proposed divi of 35p is not going to be met so they are going to write to creditors to propose a 12 month extension.

On reading this my heart sank. Whats even more annoying is that the increased contribution of £3900 would only get to the creditors in the form of £1260! So the rest is being swallowed up by the supervisor fees etc.

I just want out of this arrangement now, there's no way I'm doing another 12 months of this hell.

They suggest I propose a F&F Settlement, as its quite close to the expiry date they suggested a GOOD offer is wise in the region of £5000.

OK so I have 2 questions.

1. Can they force me into this extra year?
2. Who will lend me 5 grand now to get rid of this crap?

I know replacing an IVA with another loan is probably not what everyone here deems to be a good idea, but I just need to free myself of these shackles, its seriously starting to effect my health and hairline, I'm constantly stressed out and miserable. I just need out.

£330 a month to this is killing me, woul dmuch rather replace it with a loan of 150-200 p/m and be free once more.

Any advice greatfully received.

Dan

silvercar

They suggest I propose a F&F Settlement, as its quite close to the expiry date they suggested a GOOD offer is wise in the region of £5000.

£330 a month to this is killing me, woul dmuch rather replace it with a loan of 150-200 p/m and be free once more.

£5000 payment is over £400 a month, even with no interest. So £330 a month for 1 extra year is a better deal.

danonone

No 5k is to settle now or 22 months at 327 inc the extension

danonone

I would rather not do either and have it run 327 until next year, whats the chances of that

debtinfo

Why has it not met the original dividend, have you missed payment or had reduced payments, wha their an asset that was supposed to be realised etc

danonone

nope nothing like that, i dont have a house so i dont know whats gone wrong, i missed 2 payments but i now pay and have been for the last year paying 327 instead of 297 which was the original amount... i really dunno what to do

debtinfo

You need to get your original proposal out, see what the pence in the pound estimate was, look at the breakdown of the fees etc and the clauses and ask the IP for a breakdown of the payments so far and where the money has gone, If you have paid more than the original amount and there has been nothing exceptional happen i dont see why they are asking for an exra year

Charco_2

I would certainly challenge this!


"Whats even more annoying is that the increased contribution of £3900 would only get to the creditors in the form of £1260! So the rest is being swallowed up by the supervisor fees etc."

How could they justify that less than half of this payment goes to your creditors...

Challenge the whole thing... if their fees have meant that your IVA has not met it's dividend then that is not your fault - ask for contact details of their regulators... that's usually enough to separate the !!!!!!!! out!