If creditors have voted for a termination have they insisted the IP make you bankrupt? If not, has anyone given you any idea what to do next? It seems very shortsighted of creditors as had you requested permission it surely would have been granted.
No, the creditors have not voted for bankruptcy and GT have not told me what I should do next, they have just sent me a letter telling me that the IVA has failed & will be terminated. I am extremely worried & very anxious especially as I have kept up my monthly payments, I have been very reliable, never missed a payment and offered an increase on the existing IVA but it has not been accepted. I can understand how some people comitt suicide when they have debt problems........ not that I am considering it.
lil.me: "£5000 for a second hand car while in an iva could be seen as slightly on the extreme side. and they will certainly have looked dimly on the fact that you are and can afford to pay a family member 100% of an outstanding loan whilst creditors are only receiving a percentage of what they are owed. even though you are paying £70 per month into your iva by what you have said you could afford to pay £260 extra. in my first post i said your ip was being somewhat harsh,given that the sum is £5000 i think id now be a little more on the side of the ip."
Poor bloke has had his IVA terminated. You are all heart lil.me..
Especially with you giving this dodgy advice: "if you have inherited some money and in your 4th year of an iva,you dont need to refuse the inheritance,just dont accept it or for want of a better term act ignorant of it."
Any people browsing this website for information about going into an IVA will be giving Grant Thornton a wide berth after reading this thread - it seems that there has been a breakdown in communication between both parties to have come to this though!
gdb88 I agree your IP may appear harsh, however, when push comes to shove, I cannot see your creditors being overjoyed that you have raised a further £5k of which you intend to repay the entire amount alongside "their" debts, whereby they are possibly receiving less than 100% return.
I know its in hindsight but I certainly would of sought an IP's perspective in making/accepting such a sum, after all I'm sure I have read that some in IVA/BR have eventually been able to seek finance/hire new or nearly new vehicles.
Hope you get this sorted after all the months you have already payed. Good luck.
I came into this world with nothing and still have most of it left!
I would certainly consider the bankruptcy option or you could propose a new IVA. Creditors may accept this but would have to be approached first with a mini proposal to gauge their views.
I would not necessarily blame Grant Thornton as they followed the letter of the proposal and modifications but creditors were clearly not happy. A new proposal is an option but unfortunately it will have to start again and you would have another five years to pay.
As with all forum posts we only really get one side of the story so
Any people browsing this website for information about going into an IVA will be giving Grant Thornton a wide berth after reading this thread
isn't very helpful.
As for taking out and paying back credit without permission during an IVA I can only agree with the other posters. A gift from a 3rd party would be different matter.
It seems to me that sometimes you can declare too much information, supposing GDB88 had said that a family member had bought him the car then where would the problem be? given that he is paying his family back without disrupting the IVA makes the situation more ludicrous in my opinion.
I think the problem is he is paying them back, if they had bought the car for him it would be different but they have loaned him the money. If he can afford to pay them back almost 200 pounds there is also the argument that he could afford more into his IVA.
Dangerous to assume that when you have no idea of how his income works, he maybe paying it out of his share of monthly bonuses, there is no credit agreement in place & therefore may as well be regardrd as a gift, if he chooses to pay them money back out of his disposable then what is wrong with that?
Im sorry to here about what has happened & I can understand both points of view from yourself & the IVA/creditors.
The creditors will of been thinking if a family member could give you 5,000 then that could of been paid to them.
But also having a run down 2nd hand car I understand your view too.
I am sorry this has happened & at the end of the day the phrase "its only money" comes to mind & life is far to precious no matter how bad it gets.
If your going to think about going BR then have the car valued first as the current climate & millage I bet the value has gone down.
Sometime in BR if the car is essential - the Judge may decided that you can keep it - n from another point of view you have not borrowed from a Credit company for it.
The family member may have to wait if they can.
You could think about a DMP for a short period of time to sort your self out and give you time to think.
Again I think there is more to life than debt n certainly not worth ending your life.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
I think we need to be careful here. We only have one side of the story so it's not fair to criticise Grant Thornton or say that people will give them a wide berth.
Regarding an inheritance, I seem to remember Mel saying that you cannot refuse an inheritance in an IVA. Also, if the person dies when you are in your IVA that is the point that you inherit, not when you receive the money, therefore the money would need to be handed over for your IVA. I know it's off topic but as it's been mentioned I felt that it's important to make it clear what happens.
im not sticking up for ips here but if anything of value needs replacing you should approach them first .
you will probably find that there is a great deal of flexibility in your iva ie payment breaks for you to be able to fund these essentials.
borrowing money without permission is probably more frowned upon than anything else.
the termination seems harsh on face value but i dont have the full facts of this case
