we recently separated and found rented homes,my wife has the two teenagers an im on my own,been in iva for 16months regular payment of £470 then £8000from the sale of our house,we sent in ie forms cos we couldn' keep to that payment,they will not accept any less than £200 we can afford 150 max,our advisor was on about bankruptcy but it costs money we dont have,or debt management,any thoughts welcome
You can talk through various options with your IP and contact one or two other companies if you wanted to to gain some case specific advice. There will be a way forward for you I'm sure. Has the house been sold now?
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
It's not your IP's decision whether £150pm is acceptable! It is down to the creditors to decide. In your shoes I'd insist on a variation merting to put forward your offer to the creditors.
hi yes the house sold and the creditors received £8000 of the equity,i wasnt clear but they have had the variation meeting and the creditors will accept no less a figure than £200,according to their working out we should be able to afford it,our ip has given us till monday to decide wether we agree to pay it or not,if not on monday hes going to inform the creditors we cant pay the set amount
Don't agree to pay anything that you cannot afford - you have enough going on for you at the moment without any additional worry. Which creditors in particular are refusing the revised offer and on what basis - and your IP should not be waiting until Monday, he should be negotiating on your behalf now.
Thanks Mel, I think we all appreciate a firm hand and a bit of straight talk from the professionals in the Forum............. sometimes I think that it is a too easy for us little people to be pushed around
Thanks for your kinds words Melanie,i think i lost the thread somewhere about what the ip was doing,hes been negotiating for us he put in £100 then £150 but the main creditor (HBOS) come back and said £190 is minimum they will accept,we were advised that we wpuld be pushed into bankruptcy if we didnt accept the proposal,they have offered a 5month break to give us time to save up for the divorce costs which would have been paid for from the equity but our divorce solicitor left the company we dealt with and no one told us and as of today we still have no statement of how much were owing,anyway,weve agreed to the proposal because other than that,its bankruptcy which simply cant afford or debt management which i dont think is a way forward,were gonna have to manage,the meeting of creditors is monday,thanks
