Today our variation meeting was held, with SYNEGI we owe £50K with NO ASSETS
When Synergi rang us they told us the reduced payment had been accepted with an extension of 6 months. we have already missed two payments and are being penilised every time there is a 5 week month, they say we have earned an extra weeks money, when we haven't and keep arguing this with them, but they are not listening.
20 mins later they phoned back to say that it had been accepted with NO extension and that the meeting was adjurned and for them to re vote.
WE feel in between on what to do, as the credit crunch continues and our yearly review is in 6 months and costs going up, that we will be having another variation meeting.
Do we go BR or Continue the IVA. We are fortunate that we won't loose our home as we rent, possibly only the car.
Advice needed as we have to give an answer tomorrow morning please?
Hi smile or cry and welcome to the forum.
How long have you been in your iva. I am not a technical expert but ours is worked out on a monthly payment not 4 weekly, seems strange to me.
I would think it could some what depend on how long you have been paying the iva for, if you are a fair way through then would the possibility of making three years payments to bankrupcy be any better, but on the other hand if you are near the beginning it may be an option to consider.
Just my opinion so await other answers.
Our IVA was accepted 30.03.2007 and we are in the early stages of our IVA.
We can't really work out why the other halfs wages aren't being worked out on a 13 weekly basis to take into account variations of four or five week months. No matter how many times we question Synergi about this they just say that is what the additional income is and we have to pay it, yet clearly it shows in the break down where the so called extra earnings has come from and that is in the 5 week months. At the moment we haven't paid it them as we don't have it.
Both me and hub get paid calendar monthly and this was taken into account.
He also gets benefits which are paid weekly, but we don't have to pay any extra because of that.
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
The other half is paid weekly so with this in mind and the fact they aren't prepared to listen to us when we say we haven't earned any extra money, we are considering BR. But it's not something we want to think about lightly. so any advise given is greatly received.
Hi
Synergie should be able to work out that you are paid every four weeks.You really need to speak directly with the IP and get this problem sorted as I guess that admin staff are dealing with the day to day running of your account.
Insist that you speak with the IP before paying anymore money
regards
I firmly agree with Andy. The IP acting for you must take responsibility for sorting this out and you should e-mail them directly. You can find details of your IP's e-mail address on www.insolvency.gov.uk under "Find an IP".
I am not clear why your variation meeting has been adjourned when they have told you it has been accepted with no extension? Can you clarify that point please?
We e-mailed Synergi after your last advice about working out weekly wages by 13 weeks, a few weeks back, but have had no response as usual.
I couln't quite work out why Synergi were saying that the varitation meeting had been accepted, when the meeting had been adjourned either. They just told us that because one creditor had voted for an extention that they will be re-voting tomorrow (today). I have been getting an uneasy feeling about this due to them first saying it had been accepted with an extension, then 20 mins later after I said I wasn't accepting it with an extension Synergi phoned back to say "There was No extension after all" that only 1 creditor had voted for it and the meeting was adjourned for them to re vote the next day. Are we having the wool pulled over our eyes here?
I think that you are suffering from inexperienced junior staff in the firm perhaps not fully understanding the process. It is now time to engage the IP - as you need to be careful that modification terms are not being accepted for you that you will be stuck with into the future.
I tried speaking with our IP a couple of weeks back and explained how we felt, all he mentioned was that if his colleagues have worked out that amount then that is what you have to pay. We had to push for a break down to be sent tou us again, this was the 3rd time in asking. Our IP told us that he had the breakdown in front of him and that we had clearly earned the extra money. Once again I tried explaining to him that it is because of the 5 week months where Synergi were saying that we were earning the extra money and was told that that is how it is worked out and that is what you need to pay.
We feel we are up against a brick wall here and are very seriously considering BR because of what is happening with the company.
Even if we accept the lower payments they are not listening to us in any way when we keep asking about the 5 week months and how it is worked out. We aren't going to pay them the money they say we need to as we don't have it.
Two hours back I spoke with the women who dealt with the variation meeting and I am just starting to calm down and feel so stressed out.
I told her we were going to accept the reduced payments with no additions and that we won't be paying the £589 asked for regarding extra income as we feel they are not working it out correctly due to the 5 week months and that we had tried getting it sorted out and no one was listening.
I also asked her that I couln't work out why they had adjourned the meeting for the creditors to re-vote today as the vote was 75% in favour of agreeing the reduced costs with no extension. Her answer:
"I adjourned the meeting as the creditor who voted for an extension is a large creditor who we have a hugh dealing with and they wanted 100% vote for an extension".
She also accused us of trying to purposely not make payments to fail the agreement. It was very hard to remain calm at that stage as we are generally struggling. There has beem a mess up in our rent so we have had to pay a grand in rent and the IVA didn't get paid in August and we only found out through our bank statement.
Now I'm not so sure if I want to carry on with the IVA after that response.
I am so sorry youre having to be treated like this by this company. They do not get very good press on this forum.
Its simply not fair, when you are doing all you can to address your debt, having put your trust in these people, only to be stone walled at every turn. Furthermore they get paid for adding insult to misery.
I really feel for you, I am not sure where you can go from here, how long you can tollerate this for or the consequences of another option, ie BR.
I just wanted to wish you the very best and I hope you can get some peace of mind. I hope that one day this company will actually help instead making a difficult, dire, situation so much worse for their users.
Hi
Was the figure used in your variation meeting the correct one for your income ? It should be your net four weekly wage multiplied 13 and divided by 12
Regards
I just wanted to echo Lily's sentiments having come in late on your thread. It can be potentially stressful enough anyway living in an IVA without this kind of thing going on.
I truly think that with the way the economy is going there will be more failing IVAs.
Just to wish you lots of luck in getting this sorted.
