success but additional contributions needed

[MelanieGiles]

If your income declared in the IVA had been falsely exaggerated, surely this would mean that you would be looking to reduce your payments not increase them?

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

[caraf]

All these high increases in modifications are really worrying.

[OPTIMIST12]

They certainly are caraf. But on a wider point - if it comes to the point where the two "sides" do not believe each others figures and therefore "amend" their own could this not lead to the beginning of the end of IVAs as we know them?

A debtor would not dream (I hope!!!!) of giving inflated or "massaged" figures to their I.P. - so surely it is wrong to do the same with Creditors. On the other hand - surely it cant be right for Creditors to routinely require increased payments on the assumption that the figures provided to them allow further squeezing. It certainly does not bode well for a five-year "relationship" if this is how things start off!!

I think there was a recent post stating that TIX are offering "accreditation" to providers that they reach an agreement with - thereby automatically accepting proposed figures. This would certainly seem a sensible idea if it can be implemented industry-wide.

[Skippy]

I really hope that people start to stand their ground over their offer. I know it's a lot easier said than done (and I'm in no way criticising anyone who has agreed to a higher figure) but I the more people that agree to an increase the more the creditors will ask for.

As I said, this isn't aimed at anyone who has agreed to an increase, as I know how desperate we all feel when we are waiting for the result of the creditors' meeting.

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/

[Mike74]

Melanie, the draft proposal was not submitted, instead it was revised following a meeting with the accountant. The confusion here is I receive additional self-employed income to that of my paid salary, it was the self-employed income that was exaggerated. The income figures were shown to the creditors and it was on that basis that they considered we could afford the additional sum. Quite correctly, CS were not going to stretch my finances unnecessarily, and did ask if and how much more I would be willing to contribute, if it were necessary in order to gain acceptance, prior to the adjourned meeting. I feel creditors on the whole will always push for additional contributions, after all they are facing the prospect off writing off up to 75% of the debt.

"I will creep into your thoughts like a bad debt, that you can't pay, take the easy way out - and give in." Morrissey.

[OPTIMIST12]

mike74 -

Your case sounds much more complicated than mine!!!!

Anyway - just wanted to wish you Good Luck - you and your creditors have obviously reached a figure acceptable to both parties and that is the thing that matters at the end of the day. Who knows what the five years will hold for any of us!!!

[Mike74]

Many thanks optimist12, I anticipate finances will be tight for the duration of the term, but considering the alternatives (i.e. DMP or Bankruptcy), it's still a far more viable option. Caraf, you will be naturally aprehensive, but I think you are in good hands with CS, overall, despite the delays, I've been impressed with their commitment, service and naturally the outcome. I still, like many others, have a long road ahead... Good luck & sincere best wishes to all.

"I will creep into your thoughts like a bad debt, that you can't pay, take the easy way out - and give in." Morrissey.

[OPTIMIST12]

mike -

If I may say - sounds to me like you are going in with the right attitude. When I first started I expected to have a life of continual "Value" brand baked beans on toast (not that there is anything wrong with them) but I was pleasantly surprised. I found adjusting to my new lifestyle surprisingly easy and my first 9 months went by with no problem. Month 10 has been a disaster but I will get through it - hello baked beans!!! - and will learn from it.

Holidays are well and truly out of the window for five years but with fantastic shops like Tesco, Asda, and Primark around it is amazing how much you can buy for not so much money.

And the greatest thing about an IVA is that you have that completion date to look forward to. When the Olympic Games kick off in London in 2012 my IVA will (touchwood!!) be well and truly completed.

The post that really shocked me recently was from Cybus recalling how one of his clients in an IVA had pleaded poverty whilst taking a holiday in Cuba (I think it was). How the HELL can anyone treat their Creditors - and the whole IVA process - with such contempt???? Made my blood boil!!!!!

[Skippy]

Can I just say that holidays don't have to be out of the window for 5 years - others on here have been on Sun holidays, and the Express do this as well. It works out as 9.50 per person (4 sharing) and I've never heard anyone say anything bad about them.

Where there's a will there's a way!

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/

[cr15py]

My mum and dad paid for my partner and I to go away to Berwick for the week (Mon-Fri), as part of a buy-one-get-one-free package, so all it cost us was an occassional coffee and general food shopping for sandwiches during the day. Holidays are possible, but obviously a cruise around the Med is not really acceptable (unless someone else pays for it I guess!)

[caraf]

Yes British Holidays/Haven (I beleive that they are the same company now) but they have a brilliant website and we have had cheap weeks away for less than £100. If you look in their "late deals" section.

[OPTIMIST12]

Yes - sorry. I feel like a right snob now!!! I was just recalling fond memories of two weeks in Spain!!!

To be fair I have been looking at Ryanairs website (sorry if I am breaking any advertising rules) and - if you book well in advance - they do RETURN tickets for £20 INCLUSIVE to certain European destinations. A couple of nights in a cheapo hotel and this could certainly be a possibility for a short break after a few months saving. I am lucky in that I live in Essex so can easily travel to Stansted where most of the flights go from.

[Martin2011]

I still say the tent rules..... two whole weeks last year, mainly agreeable weather and on a small local campsite (with all the usual facilities) essentailly cheap as chips!!!

Martin