creditors have accepted my proposal with the exeption of NR(surprise) who want a large modification! i am already agreeing to a 6 year iva to appease them but they are asking for my payments to increase by an etra £100 in year 3 (£340 for first 3 years the £440 for next 3). This is because they state at this point my partner will have extra disposable income as her own debts are paid off. 2 concerns:
I dont want to tie myself to extra commitments when its somebody elses income eg (i may not be with my partner in 3 years god for bid)
Its a sole apllication and she is already contributing fairly so why do i have to penalise her.I will accept modifications on my part/income but cant tie myself down to my partners income.Also she may choose to inrease her own credit in this period something i can not really dictate to as she is not in a mess like me
i feel they have me over a barrel
thoughts
'There are no secrets to success. It is the result of preparation, hard work, and learning from failure
Surley just because your partner will have extra disposable income, they cannot expect you to pay that into an IVA. I thought there I&E was only considered to make sure they were paying there fair share towards bills.
If my partner was not entering an IVa then I could not agree to those modifications on the grounds you have said above, and i feel it unfair for them to expect you to.
As I am married my IVA was joint but I fail to see how your partners income can be included on this as it is a sole IVA for you for all yuor creditors are aware she may have no disposable income.
I am no expert in this area but you would probably have needed to split your expenditure on household bills etc down the middle and show what your contribution was in the financial statement.
There maybe some difficulty if you receive any benefits as a couple as you would need to show what if any percentage of that was disposable for yourself.
I do not know if this is helpful and please do not take my word for it as I am not a financial expert but when we started our IVA we were given the option of having it in one or the others name or jointly but as we were clearing debts from both of us it was best if we went in this together.
i have gone back to mels team and expressed my concerns regarding my partners 'possible' disposable income in 3 years.
I am well miffed at the min as I feel im putting my best offer forward and dont want to agree to something that i personally feel is unfair. If it was my money it would be a yes without hesitation. what do any of the experts think i should do? stand my ground or commit to something i feel unomfortale with.
sorry to moan,tired now, havent been to bed since going to work at ten last night
'There are no secrets to success. It is the result of preparation, hard work, and learning from failure
Some of the stupid concepts I see creditors coming up with on here make me sick. Billions in handouts and squeezing every last penny, even where it doesn't even exist yet! If these bankers are so clever at predicting the future how come they didn't see the credit crunch coming!
Andy
I can't imagine how gutted you must be right now. I'm no expert but I wouldn't have thought they could take all of your partner's extra disposable income in future years, if they could take any then surely only a proportion (worked on the basis that your partner could afford to pay a bit more towards the household expenses).
I've seen somewhere else on here very recently where creditors say a wife/husband may not be entering into an iva but have probably benefitted from the credit obtained by the person doing the iva. If you've not been with your partner that long ( and I don't know your circumstances obviously) then maybe that's another argument in your favour.
I'm absolutely sure that Melanie's team will be doing their best to sort this out for you but its a worry for you in the meantime I know.
Someone who works in an ip company told us very recently that it seems that even though iva's are a legal government policy to help people, now that NR are no longer independent, it almost seems like the government are giving with one hand and taking back with the other!
Keep strong, you will get there
Let us know how you're doing
Hello Pap - have a look at David M's post on Protocol IVAs and see what he has done! He is giving a certain creditor something to think about!It will interest you. How you doing Pap anyway?
Yes I saw David M's post this morning and it did give me a bit more hope. I'm okish today, thanks, trying very hard to keep thinking it will turn out ok and to keep myself busy so I'm not brooding too much (although at 12.10 today I was saying in my head "6 days exactly and hubby's meeting will be on"). Trying to reply to lots of posts on here as there seem to be a fair few newbies all looking for a bit of encouragement and we all know how that feels!
How's J today? You looking after yourself?
anais743 - I agree with your sentiments and I don't know what Mel's team have told you but my gut feeling is to accept at this stage and then in year 2 do a variation - much better coming from strength showing how you have kept to say 18/19 months of regular contributions.
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.
The PP saw J today - spent over an hour with her - don't know what he said because I left hem alone but she certainly seems a lot better. J has got her mother to focus on now- GP thinks she has either an enlarged heart or cancer - the chest sympptoms are identical he said. Tking her into hospital for tests - she may (I hope) come to live with us when the docs have finished and we know what is what. Glad you are keeping busy and helping people - you have certaily helped me!
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.
We are exploring all options for anais at the moment, and are in dialogue with the objecting creditor on behalf of our client. I am sure we will find a resolution to suit all parties - we usually do!
