Hearing This Week

[Foggy]

Hmmm -- as you do have a property to protect I am guessing they are banking on you not going for the BR route. It will hinge on how good your IP is at poker !

[Bradders]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy

Hmmm -- as you do have a property to protect I am guessing they are banking on you not going for the BR route. It will hinge on how good your IP is at poker !

Thing is though, the more time I have to think about this the more I'm coming to think that BR could actually be a good move for me.

[Shining]

Did you discuss Bankruptcy fully with your IP before proceeding with the IVA Bradders? x

[ginger3232]

bradders - you need to look at all your options - and choose the better one for you.

I hope i am wrong on this !!!! - but i cannot see the OR allowing an allowance to fund your adult sons education/living costs though !!!

[Bradders]

Yes Lesley and at that point it was felt to be a less attractive option because their proposed payment structure under an IVA was affordable to me and gave the creditors a better return than BR, therefore no reason to do it. BUT, with the extra £45 they've already modified it by, plus this extra that they're pushing for, the main reason for me going for an IVA disappears. Basically this is a case of waiting for GT to re open after new year and see what happens then. I'll just make sure that my IP fully understands my position before he starts talking with GT again.

[Shining]

Bradders you sound like you've got it all covered so I'm sure you'll end up with the best solution for you. All the best, do they open again on the 3rd? x

[kallis3]

I agree with Ginger as well - I don't think the OR would allow you to continue to fund your sons costs if you went bankrupt.

[Foggy]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by ginger3232

bradders - you need to look at all your options - and choose the better one for you.

I hope i am wrong on this !!!! - but i cannot see the OR allowing an allowance to fund your adult sons education/living costs though !!!

I agree to a point. I imagine there wouldn't be too much of a problem up until entry to Uni, as you are required to support him until 18. However, if they take the same stance as GT at least it will only be a sruggle for the balance of the three years order, as opposed to the extra two years in an IVA.

[Bradders]

Ok, it's just been agreed, I should have the email within the hour to confirm. GT have conceeded payments to ex wife until end of July and I've conceeded that I won't be able to help my son at University. Obviously this hurts but I'm having to be pragmatic, without an IVA I wouldnt have been able to help him anyway, not unless I increased our debt even further.
It's a strange feeling, I don't feel happy, or relieved although the payments we're going to make do look affordable and the return to creditors looks to be good.

First payment to be made on 15 Jan so no messing about either!

Thanks t everyone for the help and support, now where do you get those countdown thingies from?

[kallis3]

I'm glad you are sorted, even if it's not exactly what you wanted.

You can go into your profile and you will find a drop down list on there. Just put in the date your iva starts and it will save it under your avatar.

[KAYKAY]

Congratulations on finally getting your IVA approved. I can't begin to imagine the turmoil you have had to endure over the festive period. I am sure your son will understand that you will not be able to help him as you would have liked, but you are doing the right thing and take heart from this. I accept they don't seem to be hanging around before your first payment, but as they say, the sooner you start the sooner you finish. Wishing you every success on your journey to debt freedom.

[Shining]

Glad it's sorted and hope the IVA runs very smoothly for you from hereonin. x

[Rosepetal]

hi Bradders, i understand how you feel re uni.

we're paying my parents back the money they put forward for our F&F IVA last yr. our son returns to uni this yr to do his part 2 uni course & we can't help him this time. he's working (yr in industry)& trying to save.

i'm positive that a chunk of our debt has been from hubby funding help to him while he was doing his part 1(but we wouldn't tell him that).

i think he's finding it hard but we hope he'll come through it stronger. this situation isn't fun but it's the best you can do for now. your not alone

[MelanieGiles]

Whilst it seems that this issue has now been resolved, with some element of satisfaction, please understand Bradders that your IP does not accept modifications for you without your express agreement. I'm referring to the £45 uplift which you are suggesting was agreed without prior consultation with yourself, unless I am getting confused.

To stop you supporting your child through further education is unfair and inconsistent with GT's usual voting policy. If there is a written agreement with your wife that this is how your maintenance will be paid, they can hardly seek to overturn this. Personally if I were acting for you, I would be digging in on this, as the IVA is being set up to fail given that most parents will prioritise their childrent's welfare and education before repaying debts. And in bankruptcy, this expenditure would most likely be allowable.

[Bradders]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles

Whilst it seems that this issue has now been resolved, with some element of satisfaction, please understand Bradders that your IP does not accept modifications for you without your express agreement. I'm referring to the £45 uplift which you are suggesting was agreed without prior consultation with yourself, unless I am getting confused.

To stop you supporting your child through further education is unfair and inconsistent with GT's usual voting policy. If there is a written agreement with your wife that this is how your maintenance will be paid, they can hardly seek to overturn this. Personally if I were acting for you, I would be digging in on this, as the IVA is being set up to fail given that most parents will prioritise their childrent's welfare and education before repaying debts. And in bankruptcy, this expenditure would most likely be allowable.

Hi Melanie

Thanks for the comments and they cetainly are very interesting. The extra £45 was explained but only when I asked specifically for clarification, I have a 20yr old step son living with us as well as my daughter (13) and my son (18) lives with his mum but comes to us every other weekend. It's my son of 18 who I've been told that I cannot support through University. Are you saying that this is something that I could have fought harder on?

Sorry, I digress, the step son is 20, in a low paid internship pending going back to Uni for his final year in Sep, although he will continue to live with us. Although we had set board at £10 a week taking these things into account, GT argued that we should set it at the same level as if we were receiving child benefit for him, ie £81 per month, so they increased the payment by £45 to reflect that. I couldnt and still don't understand how that argument pertains to a 20 year old, although I accept that student loans are there to pay for accommodation, bills etc so £20 could be considered to be very cheap for those things.

My IP's argument was that GT work to a set of criteria re maintenance payments which they wouldnt waiver from because that would set a precedent...although they did in the end concede to payments to my ex until July, supposedly against their criteria so this again perplexed me.

Maybe this is why I wasnt delighted when the IVA was agreed.