IVA help

kellbells

Anondebtadvisor wrote: »

What she pays is not a decision for Kingsgate, it is one for her creditors to make.

I am surprised she is in an IVA if she was proposed to pay back £60,000 on £35,000 debts ( some fees for Kingsgate there)!!

If she wants to give up work for health reasons, she should just do it and inform the IP she wants a review and to call a variation based on the new level of disposable income.

Of course they would rather your mum continue at the current level, they are going to make £25,000 fees out of the IVA!!

Circumstances change and your mums health must come first! It is her right to propose a variation based on her new circumstances

I am sorry your mum is really not getting the advice and support she should be from her IP - it must be so frustrating

I'm going to find out the correct figure tonight and update this. That is totally outrageous if that is the case!

I will get her to contact Kingsgate and explain her situation and that she must ask for the variation meeting and not take anymore rubbish that they are spouting everytime she calls.

Thank you!

UpToMyNeckInIt

Some great advice from Anondebtadvisor.

Proposing a F&F is easily the best way forward - your Mum has repaid a very good return towards her debts (certainly in IVA terms).

If Kingsgate continue to be less than helpful, your Mum can 'fail' her IVA and go BR by merely missing more than 3 IVA repayments, spend £725 going BR (speak to the CAB first), (and treat herself to a nice holiday with the £2K she has saved!!!).

...But definitely speak to CAB before doing anything too rash!!!

kellbells

UpToMyNeckInIt wrote: »

Some great advice from Anondebtadvisor.

Proposing a F&F is easily the best way forward - your Mum has repaid a very good return towards her debts (certainly in IVA terms).

If Kingsgate continue to be less than helpful, your Mum can 'fail' her IVA and go BR by merely missing more than 3 IVA repayments, spend £725 going BR (speak to the CAB first), (and treat herself to a nice holiday with the £2K she has saved!!!).

...But definitely speak to CAB before doing anything too rash!!!

Is it really that simple for her to do - what can Kingsgate and her IP who works within Kingsgate do to her (if anything)?

Anondebtadvisor

It depends on the IVA proposal, sometimes although very rarely these days they can retain funds for bankruptcy if the IVA fails, have a read of the proposal and chairman's report. The IP can only do what the IVA allows

longtermplanner

kellbells wrote: »

Is it really that simple for her to do - what can Kingsgate and her IP who works within Kingsgate do to her (if anything)?

I'm not going to say anything is "simple" here because it sounds wrong, as though something important is missing.

It would be good if you could clarify figures with your mum:
- is she sure this is an IVA and not a DMP?
- how large were her debts that went into the IVA?
- how much is she paying each month into the IVA?
- what her current take home pay is?
- what sort of pension arrangements she will have if she retires?

kellbells

longtermplanner wrote: »

I'm not going to say anything is "simple" here because it sounds wrong, as though something important is missing.

It would be good if you could clarify figures with your mum:
- is she sure this is an IVA and not a DMP?
- how large were her debts that went into the IVA?
- how much is she paying each month into the IVA?
- what her current take home pay is?
- what sort of pension arrangements she will have if she retires?

Sorry, I didn't mean to sound so flippant about these kind of things.

- She is without question in an IVA.
- I WILL HAVE TO CONFIRM THE ANSWER TO THIS WHEN SHE IS HOME.
- She is paying just under £1000 per month into the IVA.
- Her current take home pay is £1300ish per month.
- Her pension that she currently receives is £618 and my Dads combined pensions are around £750.

kellbells

Anondebtadvisor wrote: »

It depends on the IVA proposal, sometimes although very rarely these days they can retain funds for bankruptcy if the IVA fails, have a read of the proposal and chairman's report. The IP can only do what the IVA allows

Are these something that she should have received once the IVA had been set up? If so, I will ask what paperwork she has and check it over when I see her.

kellbells

kellbells wrote: »

Sorry, I didn't mean to sound so flippant about these kind of things.

- She is without question in an IVA.
- I WILL HAVE TO CONFIRM THE ANSWER TO THIS WHEN SHE IS HOME.
- She is paying just under £1000 per month into the IVA.
- Her current take home pay is £1300ish per month.
- Her pension that she currently receives is £618 and my Dads combined pensions are around £750.

My mum has said the total into the IVA was £52k.

longtermplanner

kellbells wrote: »

- Her current take home pay is £1300ish per month.
- Her pension that she currently receives is £618 and my Dads combined pensions are around £750.

So the combined household income from work and pensions is c £2700?

Will she get any extra pension if she stops her current work?

kellbells

longtermplanner wrote: »

So the combined household income from work and pensions is c £2700?

Will she get any extra pension if she stops her current work?

My understanding is no she won't but what she will get is full housing benefit and council tax benefit which will obviously mean that her household income after she retires will be £1400.