hi all just an update and a question really got my second iva appointment through today as u know it was adjourned for week my next meeting is on the 24th of this month 11am gotta be honest though my ip doesnt seem to convinced that they will vote a second time i do think it may fail.
one question though? i was told today by my employers that job security is no longer assured, everybody is at risk of redundancy although we are safe till october and there are certain critera for the redundancies. Is this weighing more in favour for bankruptcy than iva ???
With an IVA, if you were made redundant you would probably have to ask for a payment break whilst you looked for another job, and of course there is no guarantee that you would get one quickly.
I think possibly that bankruptcy could be a good solution for you in these circumstances.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Given the information it would be pointless to try and enter an IVA that last 5 years if you may be out of a job in 5 months!!!
If you have no home to risk or little or no equity I would be very tempted to go down the bankruptcy route rather than an IVA.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
If you have no assets to protect from bankruptcy, and the IVA does not seem to be hopeful due the requirement for increased payments stipulated by your creditors, then bankruptcy may well be a better option for you - especially given the uncertainty over your income for the next few months.
Well, if your IVA is approved that is fine - if not you need to know (a) why not and (b) who is voting against. If it goes through and you are made redudundant in October are you likely to mreceive a large payment as redundancy money? If not you could ask for a payment break (by variation) until you get a new job.
Bankruptcy is in my opinion the final solution if all other factors go against you. Good luck for next week.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
while i do understand the iva solution is sometimes better i think in the current climate where jobs are very difficult to come by and the fact that i may not recieve much redundancy payout, i think it may be to much of a gamble to hope on finding another job if i was to be made redundant. If it was a case that i had any assets to loose then i would fight on for an iva all the way however i think my case is somewhat uniqe. i dont think its sesible to go for an iva when my life this year could be very unstable financialy and physically although the financial side is not worrying me all that much my biggest concern right now is a physical injury which may be life long.
i found it unbelieveable that my creditors wanted me to reduce my rent aswell as my medication expences when i rely on tablets that cant be prescribed and have to be bought over the counter my doctor was discusted to say the least.
Hi Andy, I can sympathise with yr situation. I really didnt want to go the B/R route but due to it being so tough out there finding work I think I may have no other option....
Its a concern as well that temp work is just that- temporary. And where do you end up if that goes belly up back at square one.
You need to weigh up the stress factor of worrying about work and income if the IVA goes through
i think an iva works well when circumstances are stable financialy especialy, its ok offering payment breaks but i think at a time when jobs are so hard to get maybe it needs to be looked at i think my situation is relatively simple and not as complicated as many other people out there, im fortunate to be at a young age where i can make a fresh start financialy. bankruptcy seems a big word but i think it will solve my problem in the long run.
i think its important to carefully analize peoples circumstances and i think creditors can do vastly more to help their customers who get into trouble.
How ridiculous to ask you to reduce your rent payment and your medication. Can you tell us how much you are currently paying on both areas so I can begin to try and interpret exactly where your creditors are coming from here.
i pay approximately £500 per month for rent but this includes gas,electricity and washing expences my medical needs are around £49.00 per month i need to spend around £10 per week on my over the counter meds and the rest is prescriptions my physical injury maybe life long so i dont see why they have the right to ask me to reduce it as it was one of the main factors in me getting into financial problems in the first place.
Well so far as I am concerned those sums are certainly NOT excessive, and I therefore cannot understand the logic of your creditors. If I were your IP I would be fighting tooth and nail for an overturned decision - and would even be bold enough to state that I would not actually anticipate being in this position in the first place.
Sorry but I am getting really cross at the way you are being treated. Can you let us know which creditors are objecting to the expenditure you have put forward, so that I can begin to understand the logic of their unusual demands. How much are they looking for you to reduce your rent and medical costs to?
I am sure that David will have something to say about this when he comes on line later - and rightly so. Someone needs to speak to these people and sort this out.
ok.... santander or abbey credit card or whatever they are. wanted me to reduce my rent by just over £100.00 and my medical costs by £20.00 i cant do that for obvious reasons and as said aemx or american express wanted me to pay them nearly £700.00 back now with demands like that it makes you want to laugh at them.
