6 Months in and are in major trouble

[MRBLUESKY]

if you stated your marriage was breaking up because of the stress you and your wife are going through and your iva is going to fail because you cant afford the payments and you are seeking advice on bankruptcy in a full and final proposal offer this would put pressure on your creditors to accept a low full and final offer,and your ip is obliged to put it forward for you if you propose it in writing,if you could get some funds from a third party it would be worth a try before bankruptcy nothing to loose.

[poxy]

hi poxy you are going through the ringer at the moment.its sounds like youve signed up to a iva because of desperation but your income and expenditure dont tally up,you hav,nt been looked after here by your ip/case officer.it seems to me that your iva was doomed to failure from the start.you may be ok with the house in bankruptcy,one of the experts will advise better on this.to consider bankruptcy you will have to fail your iva by missing 3 payments.you and your partners health are more important here.because of health problems your creditors may consider a low full and final offer to complete your iva from a third party.with nothing to loose it might be worth a try say a ball park figure of £5000.it would help if you could get a letter from the doctor to confirm the stess that your wife has got because of your desperate situation within your iva.

MR Blusky you are absolutly right in what you say about the desperation and the reason we took the iva. It takes someone else to write it out before you see it.

I will be going to the doctors to see if there is any help he can give me in the way of medication. tbh I have felt sucidal and im genrally a really jolly person who picks up everyones spirits, but this has hit me for six.

What is the Chances that they will accept such a low settlement ?

[Shining]

Oh Proxy, please try and dismiss those feelings of suicide, there is a solution for everything. I would certainly visit your GP and get some help but do stay around her for any help/reassurance you need as there is nearly always someone about. xx

[MRBLUESKY]

iva,s are very flexible,creditors at the moment seem to be acting positive at the present to variations.full and final offers are looked at on there own merits and personal circumstances are considered in proposals by creditors,if the criteria in a proposal is draughted right regarding personal hardship and health problems then creditors may vote positive to a low offer.i had a offer accepted this year which was close to the original dividend,but my iva was,nt at risk like yours the bases for my offer was that funds were offered by a third party.your case is totally different than mine and i,m sure creditors would consider a much lower offer where health and marriage problems were present because of your hardship you find yourself in the iva.i think you need to contact your ip to discuss this.

[MRBLUESKY]

like lesley said there is a way out of this and all the experts will help you.stick around mate.

[poxy]

iva,s are very flexible,creditors at the moment seem to be acting positive at the present to variations.full and final offers are looked at on there own merits and personal circumstances are considered in proposals by creditors,if the criteria in a proposal is draughted right regarding personal hardship and health problems then creditors may vote positive to a low offer.i had a offer accepted this year which was close to the original dividend,but my iva was,nt at risk like yours the bases for my offer was that funds were offered by a third party.your case is totally different than mine and i,m sure creditors would consider a much lower offer where health and marriage problems were present because of your hardship you find yourself in the iva.i think you need to contact your ip to discuss this.

Who should draft up the letter ?

Will my IP charge me for doing a f&f ?

[MRBLUESKY]

no charge it will come out of the iva pot.i drafted my letter,using sample letters from this site,template letters top left.write everything down thats causing you difficulties ,state who the funds are from and they are only available if accepted as a full and final offer.name and address of third party,they will have to confirm this a bit later.send it to your ip,mine fined tuned my proposals to give it the best chance of acceptance.then sent it back to me to sign then the proposals were sent to my creditors with a notice of a creditors meeting regarding a variation f/f offer.aprox 30 days notice then it was accepted took about 8 weeks.

[poxy]

I'm still waiting for Blair Ensby to call me and having a few minute spare today Ive found that they have a very bad amount of unsatisfied people.

Is it correct that I speak to my account manager and not my IP ?

I would be greatful if Melanie could answer some of the above questions on the IVA or any other IP that are on this site.

I thank everyone with there responses so far.

Regards

Engin

[kallis3]

It is correct that you speak to your account manager. Try to insist that you be put through to the IP. If you can't contact them on the phone, you can email them direct via this link:

http://www.insolvency-service.co.uk/newipsearch.htm

[poxy]

It is correct that you speak to your account manager. Try to insist that you be put through to the IP. If you can't contact them on the phone, you can email them direct via this link:

http://www.insolvency-service.co.uk/newipsearch.htm

Evening everyone,

I spoke to the account manager finally today and tbh it was not much use as she said that because we are in the first six months there is not really much they can do. They said once the 12 month review comes we can reevalute the situation.

I may possibly be getting some help from the family, who may be willing to give £10k as a final settlement. As stated before we will be paying back £15000 over 5 years and already have payed back £1500 leaving £13500 left.

Will £10k be good enough ?

When we have the 12 month reveiw and say they adjust our payment to make it lower, will that adjust the amount we pay back over the term of five years ? or will they say we have another 2 years to add to it ?

I think that BR is probly the wrong direction for us as we are only 25 years of age and BR lasts 3 years and the iva will only have approx 1 year to run by the time BR ends. I assume an IVA is better than BR ?

The reason we need to go for a settlement now is that:

A the Stress on our relationship as its near breaking point

B In January my mother in law has informed me that she will no longer be able to look after our daughter as she intends to go back to work and my mrs will have to give up work, thus losing us £450 a month in income. ( if were still together )

C My health has started to be affected by the iva and tomorrow I will be attedning the doctors, what happens if he signs me off with stress ?

I would be greatful again for answers from your good selfs.

Regards

Poxy

[Michael Peoples]

Hi Poxy. Your offer seems reasonable especially since your surplus will drop. Creditors are accepting many settlements at the moment and there is no reason for yours to be rejected.

[kallis3]

It sounds reasonable to me as well.

What a terrible time you are going through - I hope you can get it sorted and that your health improves and things work put between you and your wife.

[MelanieGiles]

Why can't they look at your case now if your circumstances have changed? They do not need to wait until the annual review, and you are perfectly within your rights to put any offer forward you like when you like - so long as this is within the terms of the agreement.

[poxy]

Why can't they look at your case now if your circumstances have changed? They do not need to wait until the annual review, and you are perfectly within your rights to put any offer forward you like when you like - so long as this is within the terms of the agreement.

About the offer Melanie, they said to me that if my IP does not think it is good enough she will not put it to my creditors. Is this right ?

After going to the doctors she has now started me on a course of antidepressante tablets and has told me my blood pressure is also quiet high.

Melanie in your experience what would be an Final settlement you would think would be acceptable.

Lastly I have to say this forum is a credit to people that need help, I have found more help and advice on here than from blair endsby.

Thankyou all for being so kind.[:)]

[kallis3]

Not 100% sure, but I think if you want an offer to be put forward, you can insist your IP does so.

Hopefully Melanie can come back on with further advice.