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
Had my bankruptcy hearing this morning and all went well.
I am now officially bankrupt and awaiting a call from the OR.
Thanks for all the suppport.
regrds Tony H
Hi Tony
Good to hear that your debts are now behind you.
I must say that Payplan did seem very quick off the mark in failing your IVA in the first place
Regards
Glad it all went well. Good luck for the future and keep us informed as to how you are getting on.
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
I think its apalling how they treated this poor gentleman. From my understanding he had 6 months payment break advised he was in financial difficulties at the end of it updated them one month later he was in a position to pay and they failed it prior to that without even putting any form of variation through to the creditors for vote. It all seems extremely poorly run if it all panned out exactly as Tony has stated. I personally would have complained to the IP on their channels, if I had no luck would have complained to the authorising body who covers them and if that failed would have took it to court for a judge to review the decision made and who as far as I am aware the power to overrule creditor or IP decisions.
I had bad experience on one of my reviews and I researched all of this then because I felt my IP was not acting in my best interests or fairly at all. 3 years of payments and then get failed just like that by the IP then dismissed or rejected on the phone really sounds to me a company who are happy when they're getting fees out of you but don't care when they're no longer getting money from you. Seems like a big warning for this IP unless they can come forward and put their side forward.
It is important for us all to remember that an IVA is a contractual document, which will dictate the process for how cases are dealt with when they fail. IPs often have little discretion on this outside of the contractual framework, and variations cannot always be put forward.
I do, however, agree with Andy that the IP firm in this case do appear to have been inflexible - and given that they are often the firm of choice recommended by a lot of lending institutions I too am suprised that more effort was not made to engage creditors views in the way forward.
Glad to see that the bankruptcy hearing went smoothly in any case.
Surprising how most people are told 3 missed payments constitutes a breach of the IVA whereas here they allowed him 6 months break with no creditors meeting to approve such a change? Seems to me they got it wrong and possibly to cover that up they terminated the IVA in haste. just a gut feeling for this particular case
i,m glad you can put this behind you now tony and move on good look mate.although i agree with mel about the individual document,iva,s are very flexible, and i too was with payplan,my iva was for 60 payments over a 72 month period,so it gave me a 12 month window for any payment breaks to make up any shortfall.i would advise people considering a iva to ask for this condition when considering a iva, it helped make me feel very secure,and could prevent this sort of thing happening to tony.
Last edited by MRBLUESKY on Tue May 25, 2010 12:16 am, edited 1 time in total.
