Help with IVA

woolysheep

Can one of my creditors ask for more money 2 days before the creditors meeting? What happened to the small amounts of £260 pm advertised on IVA websites? Our take home per month is £1350 (My husband is retired and he doesn't know about the debt so therefore I am paying off the debts from my own salary.) I am supposed to sign the amned form and return it by 8th May for the meeting, what would happen if it didn't arrive until Wednesday?

WOOLLEY

tigerfeet2006

Hopefully someone with more knowledge than I will be along tomorrow to answer your question so hang in there.

Can I ask in the mean time who your IVA is being arranged with? Is it with one of the free debt charities like Payplan or CCCS or is it a fee paying one like B&E?

gettingitsorted

Hi wooly,

my first thought on reading your post would be can you afford the increase?

just out of concern who is the IVA with?

AlanD_3

Echoing previous posts.

I immediately thought "contact the IVA organiser" they will be able to answer the questions properly. It is my understanding that you cannot pay any of them more than you can afford. It is also my understanding that not all of your creditors need to agree with the amount they are getting nor even with the IVA at all as long as the correct percentage of the creditors agree all dessenting voices with have to put up and shut up.

Richard_S

woolysheep wrote: »

Can one of my creditors ask for more money 2 days before the creditors meeting? What happened to the small amounts of £260 pm advertised on IVA websites? Our take home per month is £1350 (My husband is retired and he doesn't know about the debt so therefore I am paying off the debts from my own salary.) I am supposed to sign the amned form and return it by 8th May for the meeting, what would happen if it didn't arrive until Wednesday?

WOOLLEY

Hi wooly,

I've not had any personal experience of IVA's but I'd pass that query over to the IVA company; you are after all paying them a fat fee for their services.

As the previous poster said if the required %age of creditors agreed to the IVA the remainder have to abide by it. Don't let them pressure you, remember the people chasing you are no doubt paid a %age for the money they collect as a bonus.

Richard

woolysheep

With outgoings + the IVA payment we will have just over £100
for the month. Petrol, the cost of living appears to be going up each day.
I don't understand how the IVA company (McCambridge Duffy, N.Ireland)
got the monthly payment so wrong. Had I known it was going to be so high I would have asked for help from my creditors and made the payments.
It looks as though for 5 years I will be drowning.

woolly:

rog2

Were this IVA company reccomended by one of the Free Debt Counselling Charities, such as CCCS or CAB?
There are, unfortunately, many companies who propose to 'write off up to 90% of debt' by using (sometimes MISusing or ABusing) the IVA system, which in principle can be a very good way of dealing with debt. The Insolvency Practitioner can stand to gain around 8 - 10% of your payments in fees.
It seems, to me, that this particular company has not given you the best advice over your Income and Expenditure (SOA) if you only have £100 a month left to live on.
Equally, it appears that this particulr creditor, who is trying to make you increase your payments, is trying to gain 'favourable status' before the creditors' meeting.
Even at this stage, if you have not already done so, it would be worth talking to CCCS, PAYPLAN or CAB, to ensure that;
a. Is an IVA the best solution in your case? - you say that you will struggle to keep up payments - if you fail, with an IVA, the next step is likely to be bankruptcy. In the meantime, the 'IVA Company has still earnt a good percentage of what you have already paid, yet you will be back to square one.
b. Is the Company, that you are dealing with, a reputable Company or are they just another bunch of 'financial vultures' who are feeding off of the misery of others?

woolysheep

Thank you all for replying. I have just read the letter again What does Tix
mean in regard to Tix wish to make amendments to the terms of the agreement.

woolly

woolysheep

I don't knnow if I will be able to get any further help with the IVA prior to the creditors' meeting at 10.30 am 8th May. Tomorrow is a Bank Holiday and PAYPLAN, CAB and CCCS are closed today. At this late stage can I decide not to follow through with the IVA and contact my creditors and make payments. Would I be automativally made bankrupt. Should I hold fire and hopefully get in touch with my Insol. Company and asked what I can do and phone National Debt Line asap on Tuesday.



Wooly

Richard_S

woolysheep wrote: »

I don't knnow if I will be able to get any further help with the IVA prior to the creditors' meeting at 10.30 am 8th May. Tomorrow is a Bank Holiday and PAYPLAN, CAB and CCCS are closed today. At this late stage can I decide not to follow through with the IVA and contact my creditors and make payments. Would I be automativally made bankrupt. Should I hold fire and hopefully get in touch with my Insol. Company and asked what I can do and phone National Debt Line asap on Tuesday.



Wooly

Hi Wooly,

It doesn't seem as though you've had the best advice from the Insolvency Company administering the IVA and I would feel uncomfortable about just turning up for the meeting without having consulted one of the debt charities. You won't automatically be made bankrupt because it takes time to get the legal process moving, and even then there has to be agreement between your creditors that it's the best course of action. Some posters on here have had failed IVA's for over a year and nothing has happened.

If I was in your position I would cancel the meeting due to illness and consult with the debt charities asap. They have only your best interests at heart so the advice you get will be professional and impartial; such is not the case with the IVA brigade.

As for Tix, I've no idea, perhaps paragraph "T" of section "ix" (Roman Numerals) ??

Richard

woolysheep

Hi Richard

Thanks for those words of comfort. I will not be physically at the Creditors' Meeting tomorrow but I arranged to be by the phone - the Company acting on my behalf are over 80 miles away. What if I don't answer the phone or I say that I don't agree with the proposal as it has changed since I signed the agreement over a month ago. I could also say, as you have intimated, that I am unwell and cannot take the call. The difference between the amount then and what is being asked for now is the difference between surviving and going under and not being able to keep up the payments. What about the forms I signed, are they not legally binding, and what about the Insolvency Company could they take me for breech of contract. I do intend to ring one of the charities asap Tuesday, I did try this am but they were closed. It is rather odd that I get a letter when it is much too late to contact anyone prior to the meeting. I received the letter when I got home from work 5.30 pm Friday 4/5/07