Equity

[goulda]

I have had an IVA with Debtmatters since July 2006. So far no problems. Today I read through my terms of agreement and it states that my property will not form any part of the IVA.Can anybody confirm that this cannot be reversed ie. in latter years of the IVA will they try and get me to re-mortgage my property and use any equity to pay to my IP. Also when I completed my first I/E form certain items ie.weekly shop, hygeine & hairdressing and contingency fund were calculated by Debtmatters and can these amounts be adjusted each year. I look forward to your replies as I make my first contribution to the forum.

A. G. Gould

[MelanieGiles]

If the property was excluded, then it was excluded, but there is nothing to then stop you from remortgaging and offering a full and final settlement to creditors.

Income and expenditure items are usually calculated by the debtor and not the IP, so make sure that you give them details of your actual expenditure from now on and not what they say you are allowed.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[goulda]

Thanks for your reply Melanie, the reason I raised the weekly shop is they allow my wife and I £260 per month but due to a special diet I require for type 1 diabetes and high blood pressure our monthly shop normally works out more than this.

A. G. Gould

[MelanieGiles]

Tell them about this additional expenditure. It is more than justified and you should now be allowed to report on what you actually spend.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Skippy]

I find it really frustrating when I read that companies have worked out expenditure levels! As an IVA is individual, then all expenditure is individual and people shouldn't have to conform to what a company or the CCCS think they should spend. OK, if someone is living off caviar then they are going to have to cut back, but otherwise they spend what they need to spend, especially if they have a special diet for medical reasons.

BTW Goulda, this comment isn't directed at you so please don't think I'm having a pop at you!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[goulda]

the following were set per month
Food and Household goods £260
Clothing £50
Personal Hygiene/Haircuts etc. £50
Contingency Fund £50
Petrol £80
not included by Debtmatters were
Life Insurance £32
Medical and Optical Expenses £16
I calculated by average monthly expenditure to be £760 but Debtmatters calculated the figure to be exactly £700.
The Agreement seems to have been calculated so creditors would receive a dividend of exactly 40%.
Also where I was naive when I completed my I/E review last July I used the the figures above but calculated all my other expenditure. My increased expenditure was accepted by my IP although he increased my average monthly income as my wages were higher in the second year I now pay £757 per month.





A. G. Gould

[MelanieGiles]

How generous of this firm not to allow you any medical expenditure. How on earth did they expect you to fund visits to the dentist, regular sight tests and prescription charges for the next five years?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp