Socialising on an IVA

[scaredkez]

i had to do a statement of affairs with myvesta which has been sent out to the creditors to show how much i can pay so i put the together mortgage down as one payment as thats how it is paid although one part of it is unsecured, i would like to try an iva again but just don't know if i could go through the whole upset of it being rejected as it was blackhorse that rejected me being over £20k and under 12 months, i also feel if they see a lower offer then the original one they would say no anyway, or am i wrong as they haven;t had anything for 5 months until this month.

[MelanieGiles]

You should not have included the unsecured element of the Northern Rock mortgage in your mortgage payment, and I am amazed that your IP allowed this to be put forward on this basis. Had this not happened, then your disposable income would be increased by the level of the unsecured element of the monthly repayment, and your dividend would have increased accordingly.

Can you remind me of how much you actually owe - including the Northern Rock unsecured element. You have probably posted this before and I apologise to ask again.

I can understand that you are weary of the IVA process, and Black Horse continue to be one of the most difficult creditors to deal with. Let's have another look - it doesn't cost anything!

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

For further details contact me at http://melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[scaredkez]

sorry melanie i don't think i have been very clear in what i wrote, under the DMP i have not put the northern rock loan down as being unsecured i have just put it as the mortgage, not 2 seperate payments, as NR said no when i asked if they would accept a DMP.

when i went for the iva with the IP it was all separated, so it was shown as an unsecured loan, although i have paid this all the way through it was shown on the proposal that the £214 that i paid towards that would be used as part of my IVA payment.
we owe jointly £93k ,NR is about £25k and BH £20k the rest are small loans.overdrafts and ccards, obviously the interest is now mounting
hope this is a bit more clear, under the iva it was shown as an unsecured element.

[MelanieGiles]

How much disposable income do you feel you realistically have Kerri? In my opinion you would need to make payments of at least £750 per month to satisfy Northern Rock in an IVA, but Black Horse could potentially be outvoted. This seems very high for you, based upon your earlier posts.

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

For further details contact me at http://melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[scaredkez]

we haven't got that disposable amount i am afraid unless i get this new job i have gone for, hence the reason for the DMP, we are paying £500 altogether with the DMP and unsecured loan with NR at the moment and we are managing that, but hubby has been doing a little overtime so we could manage it.
kerri

[MelanieGiles]

It is such a shame that people like you, Kerri, are being denied the ability to propose an IVA - simply because of the decision of one or two creditors.

The legislation was never designed to warrant this, but you know if people continue to enter into DMP's when their IVA's are rejected, it just fuels the creditors argument that people are unlikely to go bankrupt as a result.

Now I'm not saying that you should go bankrupt - just making an observation!

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

For further details contact me at http://melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[scaredkez]

both my husband and i now know that BR is our only option, we have tried every avenue in hope that we could repay and ultimately stop this route, we didn't want to take the easy option and they get nothing we have done our best and that is also why i feel it is my duty at present to at least pay something back but we know were we are heading, just wish it hadn't cost us so much in IP fees to get there, thanks anyway melanie, fingers crossed for this job but hey still doesn't guarentee anything in the long run.kerri
just one last question my hubbies debts are less than £10k and we only have the joint loan with NR is it worth him going BR as we can sevice the NR laon as we have been doing and he could go into DMP just a thought,

[MelanieGiles]

Kerri

That is definately an option for you, so long as your husband can continue to pay the Northern Rock loan and his own debts either directly or through a DMP.

If you have decided that bankruptcy is the best option, what are you waiting for? The sooner it is done, the sooner it ends.

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

For further details contact me at http://melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[neverending]

I just wonder how creditors would vote IF bankruptcy HAD to occur if IVAs were rejected ???