Need IVA provider support - complicated case

miasuqu

Hello 

I have been working with a company for over 2 months re an IVA and I´m not confident in their abilities or understanding of my case and want to understand what I could do.

My case they keep telling me is complicated but I´m quite shocked in the lack of understanding on basic financial things such as tax and RSUs 

I have roughly 35K in debt and have had to move countries due to a chronic health condition and this condition is really part of why I am in so much debt. I have gone through the budget and worked on and signed a proposal with them which has now been rejected by a main creditor which I believe is down to their lack of understanding as I have had to explain and re explain things multiple times over the 2 month period 

My meeting is supposed to be today but they are putting it on hold with the creditors due to the rejection 

The complication in my case is that my company no longer give us bonuses they now give us RSUs which are basically shares. The shares are not liquid assets and every quarter a portion vests (means I can sell them) This company seems to have any idea what this means and I don't believe they have communicated this correctly to the creditors - they told me they understood but the rejection (which is over 50%) is based on the RSUs. When I sell these shares they are shown in my salary slip both as earnings and taxation 

I provided a document from the investment company that shows when they vest and the scheduled date I can sell them - I have been very clear and transparent that I cannot sell them now only when they vest as per the schedule and I will pay them into the IVA. The document shows the amount before tax (30K in total) but I will get much less after taxes and I only get them based on the schedule I shared and if I leave the company I lose any shares that still need to vest. They are asking me for more documentation but I have nothing more I can share I get the feeling they just do not understand the document I sent even after explaining it multiple times  

They also seem to not understand annual tax returns and that the country I now live in requires everyone to submit a tax return and there was a small amount (1K) I was keeping aside from my last vested shares in November (before the iva was signed) incase I had a tax bill - if there was no bill I would pay it into the IVA 

Can anyone recommend a provider that will actually understand this situation and or one that can help when an IVA (prior) to the call is rejected 

Thanks 

Grumpelstiltskin

Before we go any further can you answer a few quick questions.

Which country are you living in now?

Do you have a mortgage?

Have you considered a DMP?

miasuqu

I´m now living in Spain 
No Mortgage 
I was told DMP would not be the best solution by them - but in all honesty I am now in the situation where I don´t believe what they tell me 

miasuqu

To add - I´m open to all options really as this stress is making my health condition worse - I just need to find a provider that will work with me and understand the situation 

Grumpelstiltskin

Whilst ever you continue to live in Spain your UK unsecured debts can't be chased.

There are two words about you having an IVA barge and pole. All the IVA company is interested in is making money out of you, they take their fees out before any money is paid to your creditors.

Ditch them now, today and stop worrying about UK unsecured debts.

ManyWays

Do you have any assets still in the UK eg a house with equity? 
Say something about these debts and who the largest creditor is?

miasuqu

@GrumpelstiltskinI not sure how I feel about just ignoring it - surely there would be an impact - I cannot believe they would not come after me 

miasuqu

@ManyWays - these are all credit card debts and one overdraft - The largest is 11K 

RAS

Are you planning to return (semi-permanently) to the UK any time in the next 6 years?

EDIT: Do not sign up for an IVA in your situation. Have the company explained that they take a referer's fee and the IP fees are £4-9k? £4k is with Stepchange and I doubt they'd consider an IVA suitable for a non-resident.

Grumpelstiltskin

Just make sure you don't have any money in an account with any banking group you owe money to.
They can remove money so don't risk it.

miasuqu

@Grumpelstiltskin I did go that route could this impact any of my children if they move back to the UK in the future (still dont think this an option for me but wondering)