IVA Help For Desperate Friend

darloboy_2

Hi All

Not sure if this is the correct board to post on, but a friend of mine (she has no internet access hence me posting on her behalf) has entered into an IVA with a company called Beesley & Company, just over a year ago. She had approximately £33k of debt, and is paying just over £400 a month for 5 years. Their web address is http://www.beesleyandcompany.co.uk. Not sure if these are a well known practicioner or not, they look like they are a solicitor involved in many different areas.

She hasn't given me much more detail, apart from this includes £8k of fees to this company for their part in helping her with the arrangements. She did not know of this board, or of payplan / cccs etc, so at the time did what she thought was correct. It seemed to work ok, albeit a bit of a squeeze, until a chance in circumstances recently.

She is wondering if, once you enter into an IVA, it is too late to get out of it and speak to payplan or similar and arrange a new IVA, or even petition for bankruptcy. She is having problems with the practicioner anyway, she has had a change of circumstances and as such has a reduced income, however despite writing to them to explain this and them asking for copy payslips (which have been provided), they are simply not even getting in contact with her about it.

Because of the reduced income situation, even with the IVA she is now spending more than she is earning with her basic household bills and IVA etc (her income dropped by £200 a month), and she is pretty much on the brink of desperation and saying things which, as a friend who cares for her, I did not like to hear her say. Obviously I am very worried and have said I will help her in any way I can, and am hoping to get any good advice, no matter how much or little, from this forum.

They also told her even if she was declard bankrupt, she would be moved to a basic bank account (which she has anyway as part of the IVA) and would still have to make sizeable contributions to her creditors until they are all paid in full - not sure how true this is, as i'm not overly familiar with bankruptcy laws etc.

If anybody can help it would be very much appreciated.

Thanks
Craig

james32_uk

You can of course contact CCCS or CAB for info. I dont believe you can change IPs once an IVA is agreed but she can still go down the bankruptcy route if it's right for her.

Best put her in touch with CAB. Can anyone else offer any advice?

darloboy_2

james23_uk wrote:

You can of course contact CCCS or CAB for info. I dont believe you can change IPs once an IVA is agreed but she can still go down the bankruptcy route if it's right for her.

Best put her in touch with CAB. Can anyone else offer any advice?

Thanks for the advice mate, much appreciated. If anybody else can offer any words would be much appreciated!!

CLAPTON

if her income has reduced on a tempory basis then its usually possible to extend the term.
however, if the reduction is fairly permanent then backruptcy may be the best choice....really need to see the SoA.
It may be that if she stops paying then the IP may make her bankrupt but that doesn't seem to happen very often.
She would probably pay a lot less in bankruptcy than her current IVA. unfortunately she can't really rely on th IP as he has a vested interested in the situation..she's best adviced to get free advice from Payplan and/or CCCS.