at some point my OH may face redundancy...we are 24 mths into 60 month IVA....32p in £ on debts 90,000 plus...
all going well up to date and this has come very much as a huge shock..question is...if he receives redundancy and we can raise a bit from equity/remortgage/friend s etc...are we likely to be able to put forward a F and F rather than possibly fail the IVA and /or go BR.
the total dividend on the proposal/chairmans report was around 41,000 minus approx 10,000 fees so if we were able to offer somewhere around 30,000...what do you reckon..(altho havent a clue if we would have this amount i am just doing mind games here..)
second question....as our IP is unknown to us..on our 2nd in 2 years and they are based in ireland...do we have to go the FF through her or are we able to work through a more local IP...???
i have a further question but will post on different topic...many thanks....
Last edited by moretolife on Fri Sep 05, 2008 4:59 pm, edited 1 time in total.
IVA completed 11th Dec 2009 due to a Full and Final with the fantastic help of Michael Peoples and
Mc Cambridge Duffy
Hey mtl, If your OH is made redundant then I would definitely think about making a full and final offer but as you think that he may not gain employment afterwards(I remember reading that somewhere) then you will need the redundancy package to live on. The creditors may want a bigger cut leaving some of it for living expenses but I think the IPs will be able to advise you about this so hang in there. When you say a local IP do you mean still in the same firm? X
thanks andy....it is def, something we would consider if the redundancy does happen and if we can raise the funds etc....he also has a very good company pension and may be able to access that if/when the time comes..
i am really just looking ahead and trying out different scenarios
on a different note....THANKS for blog award...i still havent had an email from you...admin says you ahave tried several times but are getting them bounce back...i know some of the posters get through okay...where do i find your email add on the forum....should see you next week at slough FF????
IVA completed 11th Dec 2009 due to a Full and Final with the fantastic help of Michael Peoples and
Mc Cambridge Duffy
I do get concerned when posters say that their IP is unknown to them - why did you choose a firm like this - who have had no ongoing working relationship with you? Who referred you to them and why did you choose to appoint them?
Turning to your specific query, I agree with Andy that you appear to have good grounds to settle early, but do be aware that redundancy money is paid to compensate your loss of wages and it is therefore really important that you ensure you will be left with enough money to live on into the future in the event that you do not find andther job easily.
Melanie ... you really are a shining light in comparison to most of the rest out there. In my case, and I think I can speak for many others here, before having found this Forum and seen the good works you and the other ethically sound experts here do, we were all pretty desperate and grateful for anyone who looked like they MIGHT help us with our incredibly scarey debt situation. Some were lucky (like me ... a bit) amd some weren't.
Sadly you are probably right Debbie - although I do think that people are becoming far more aware of the importance of a good and professional relationship with their IP from day 1 - or at least I hope so. If you only ever speak to your IP once - you should at least find out if this will be possible when things go wrong - vitally important and nothing better than dealing with the horse's mouth.
But for many it's a bit like talking to your doctor ... we don't always have the confidence to talk to, let alone challenge, the professional. Still that old school power thing I think. That's why such approachable and 'normal' professionals like you are such a God send Melanie [:)]
melanie...thanks for reply...when we applied for IVA...we contacted an advert in newspaper...we filled in loads of forms and sent off....we hadnt a clue about "looking around".or "choosing"..we were not only naive but didnt even know where to look or who to ask...and didnt even know the correct questions...from your perspective it is maybe hard to believe but i think there are more people like us than the ones who are savvy....
we were then referred on to mc cambridge duffy..it was weeks before we even heard from them and we didnt know they were in ireland....the guy sopke to us twice on phone to clarify the SoA...then next thing we knew we were waiting for outcome of creditors meeting....
since then we have had one letter sept 07 asking for annual review stuff and then another this year asking for 2nd annual review stuff....as everyhing has gone smooth for 24 mths we have had no reason to talk to them and only realised we had a different IP because you said it in a post...
in hindsight and with the knowledge we have gained in the short time we have been on the forum...of course we would have been a bit more diligent...but when you are drowning in debt and can bearly get out of bed in morning then the art of finding the best IP isnt the first thing you think of..
re redundancy money...i appreciate it is to compensate for lack of income until he gets another job...the question i was asking is just a thought of a possible solution for us if it all happens....
IVA completed 11th Dec 2009 due to a Full and Final with the fantastic help of Michael Peoples and
Mc Cambridge Duffy
MTL ... I was with McCambridge Duffy. I also found it very difficult to get to talk to my IP when I needed to ... indeed I ended up being 'granted' an 'audience' ... and I think that that had something to do with Melanie putting a word in the ear of a colleague at a dinner party!
However, I have to say that McCambridge Duffy put together a truly excellent IVA for me and achieved a subsequent brilliant F&F offer being accepted.
I sometimes think it may be a case of 'professional aloofness'. I sometimes find myself guilty of this. As a professional I know that I am getting on with my job and everything WILL be done correctly, and in time, for I have done it many times ... and sometimes I forget that at the end of my knowing that 'it's all under control' is an anxious family for whom this is the first time they have experienced what they are going through ... whereas I have done it 3000 times.
debbie..thats encouraging to hear .....you were with mc C duffy too...and that you had a F and F....we arent sure what the future holds ...just looking at different scenarios really....but glad there could be a sympathetic response...i dont have a beef with them at all....just when you read on here that folk have great IPs ...wewonder.....
we have no problems with our IVA...we dont even have the 50% overtime clause nor the 4th year equity clause so know we are extremely fortunate in that....
will wait and see where the road takes us....
IVA completed 11th Dec 2009 due to a Full and Final with the fantastic help of Michael Peoples and
Mc Cambridge Duffy
I would MTL ... I remember getting myself in a real tizz over all sorts of 'hypothetical' situations ... and life does usually have a tendency to sort itself out in the end ... and there IS always a solution [:)]
its so weird hearing moretolife saying how they got into an iva - that is exactly how we got into it. we answered a "too good to be true" newspaper ad, filled in a pack, had a rep come to our home and somehow manage to talk both of us into an iva instead of just my husband who had enquired. then we signed some papers and sudenly were dealing with a firm based in ireland which at the time annoyed us greatly as we were given the impression we were dealing with a manchester based firm. We had one ip dealing with our case and then with no notice, she disappeared and we have anew guy who seems much more on the ball at Duffys. He answers every question straight away and is much more apporachable. We have found in the past we have had questions ignored and had to constantly fight to get replies, at the moment mainly abou how our iva will end and what happens next as it ends this month, but duffy do seem to be getting more customer friendly - cant moan though, we got a 22p in the £1 deal with duffy meaning by the end fot his month we will have paid off approx £20,000 of the £62,000 we owed five years ago. We have "saved" £42 000 odd by going with the iva. its been worth every step, even though some were painful!
Glad to hear that you are getting a good service from yoru IP, and that the IVA is working out for you. Thank you for contributing these thoughts to the forum.
