Help with IVA

Richard_S

woolysheep wrote: »

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

Hi wooly,

The whole way your IVA has been set up seems to have been done with the intention of "bouncing" you into it before you've had the chance to fully assess the impact on your finances. The last straw must have been the creditor looking to increase your contribution to them, an IVA is supposed to be carefully considered so that you can still maintain an acceptable standard of living whilst being able to meet your commitments under the terms of the IVA.

The problem with phoning them is that you're likely to be on the receiving end of some "hard sell" tactics and may well feel pressured into agreeing to something that's not in your best interest. I think I'd phone and say you're not well enough to continue with the meeting and you'll be in conatct as soon as you're well enough.

I'm no legal expert but if you've signed something that has subsequently been changed then how can they enforce the contract against you? There should also be a cooling off period?? Your priority is definitely to conatct one of the debt charities and cancel the meeting (phone conversation) tomorrow.

Richard

woolysheep

Hi Richard

I took your advice and contacted Payplan and they advised me to contact
The Insolv. Co. which I did, 10 minutes before the meeting. They immediately became quite defensive and
told me that they did not have to accept the modifcations to the agreement and they would vote the creditor down and my payments would remain at £334. But yet, their letter stated that my refusal to accept the amendments would be deemed as a rejection of the IVA . I have a telephone meeting with Suzanne from Payplan tomorrow and we will go over my income and expenditure and see how the monthly payments tally with the IVA Co. When I spoke to them today they said they could possibly reduce the payments in 6 months time when they can call another meeting of my creditors. Would that be financial suicide for me. Would they, could they decide in 6 months that the payments should go up if I was to get a pay increase. Should I insist that they go back to the Creditors and reduce the payments?
Thank you all, especially you Richard for advising me so well. I'm not sure I would have got through those 72 hours.

wooly