6 Months in and are in major trouble

[MRBLUESKY]

some iva,s have been completed,i believe with a offer based on paid payments,depending on circumstances.

[kallis3]

I hope you can get it sorted poxy.

Doubt if you'll have any joy this side of Christmas, but I'd start pushing afterwards.

[poxy]

some iva,s have been completed,i believe with a offer based on paid payments,depending on circumstances.

Im a bit dumb lol, could you elaberate on that please and if its what im think what is the chances ?

[kallis3]

Some creditors, if they can see that they will not get a better return by hanging on, may agree to accept what has been paid in so far to complete the IVA.

I could be wrong, but I would have thought that after only six months this would not be likely.

I think that your original offer is much more likely to be accepted.

[MelanieGiles]

If I were acting for you poxy, I would be happy to put your very best offer forward - and that would be based on the very best amount you could afford to pay, or could be raised by a third party. There should be no reason why your IP should refuse to look at any sensible offer on this basis, or decline to submit it to your creditors for their comment.

[poxy]

Evening Everyone,

I thought I would update everyone on how we are doing. since I last wrote my mother in law has given us till the end of January and then she goes back to work so my mrs does have to give up, with us losing her money and the amounts on the IVA being incorrect there is no way of even making a minimum payment on the IVA.

I spoke to my account manager today who will ring me back tomorrow and go through the I&E form. She has agreed that the IVA is no longer feasable as there is not enough money being earnt to cover it and I have said to her that my Brother has offered £6000 to a final payment and she feels this may be accepted as its this or knothing.

I would be greatful if I could have opinions on the above.

Regards

Poxy

Happy New Year to all

[kallis3]

Poxy, I'm sorry to hear that your wife is going to have to give up work.

I hope that you can get an offer accepted, as you and your IP company have said, it's £6k or nothing. I hope you don't have to go bankrupt.

Let us know how things go.

[MelanieGiles]

I would have thought that you stand a very good chance of getting that sort of offer accepted. Let us know how you get on in due course, and good luck.

[poxy]

I would have thought that you stand a very good chance of getting that sort of offer accepted. Let us know how you get on in due course, and good luck.

Hi Melanie,

How long does it take from me putting the offer letter to my IP to the creditors coming back with a decesion.

Do I have to continue with the payments in the mean time ?

When does my brother have to give the money to them ?

Regards

Poxy

[Shining]

Hi poxy, I'm sure Melanie will be along soon to answer your questions but in the meantime I wish you well with your offer.

[MelanieGiles]

It is difficult for me to answer that Poxy, as I am not your IP and therefore I have no control or insight into the practices of the firm you are with. Once your IP has the confirmed offer, they will need to call a meeting of your creditors to see if they are prepared to accept your offer. It would be fair to allow a month for this full process to be carried out.

[poxy]

Morning Everyone,

Just got off the phone to my account manager and after doing the new income and expenditure form with are at minus £321 per month so it clearly shows the IVA is no longer affordable and effective for us.

What happens should my brother withdraw his offer to give us the money, where do we go from there ?

[Michael Peoples]

If you cannot make the payments and there is no third party offer of funds you could ask creditors to accepts payments to date as full and final settlement. The alternative is that the IVA will fail and you could petition for bankruptcy. Your brother could use his money to help your family meet the day to day living costs and possibly pay any fees and costs as a result of the bankruptcy.

[poxy]

If you cannot make the payments and there is no third party offer of funds you could ask creditors to accepts payments to date as full and final settlement. The alternative is that the IVA will fail and you could petition for bankruptcy. Your brother could use his money to help your family meet the day to day living costs and possibly pay any fees and costs as a result of the bankruptcy.

Michael I did say to my account manager about them taking the money payed up to date as a final settlement, but she said they would refuse as the IVA is only 7 months old and we have not payed enough in.

I really desperatly want to avoid the BR route as they can come after you for 15 years if im correct. So our life would be on hold for all that time.

[Michael Peoples]

If there are 7 months payments to date there would be no money to offer a settlement as it is unlikely that the fees and costs have even been met. However, the bankruptcy route is not as bad as you think as you are confused about the 15 year rule. Bankruptcies tend to last for 12 months but in extreme circumstances can be extended for up to 15 years. This only applies where there are almost grounds for jail and should not affect you at all.

Give the bankruptcy option a bit more consideration and speak again to your IP. I am sure they would be appalled if they thought you were so confused about bankruptcy after 7 months in an IVA.