I don't mind carrying on with the payments, as long as they leave us with 6 mths pay or until my husband finds a new job. I know that a payment break will be tagged onto the end of the iva and i just want it over with to be honest.
I still do not understand why the equity situation is even being looked at. In addition I have never really understood how protocol works in regard to redundancy. You are allowed to retain six month living expenses which I would assume would include the payment to the IVA. The IVA then would never go into arrears and no payment break would be required. However this does not seem to be how all firms treat redundancy as the wording is open to interpretation.
After six months the IVA should be closed down with payments to date if your husband has not found a new job or any new employment pays less. The equity situation can only be addressed if you have a surplus as no point in extending an IVA if you cannot make any payments!
No Michael i don't understand it either, but i can't do anything about it because they'll say that i haven't complied to their rules or something? I am waiting for that one.
I do think that everything should be a lot more transparent and that all firms should follow the same rules, because posts on here are always different outcomes depending on which firm you are with.
I also went on a the government insolvency website today and given our equity like Foggy said earlier the 8,500 should be deminis and we should not have to remortgage anyway. There are clear examples on that website on how equity is to be treated, but i know that i am going to be in a long fight with regards to it as well.
When our case worker called my husband back this week he left a message on our answer phone & all you can here us everyone laughing in the background. In my opinion this is very unprofessional. I work in financial services myself & would never pick up the phone if that was happening to call a customer. Neither would i be allowed to send out an e mail without getting my facts right first. It can be very distressing if you send e mails out like that without being able to explain it. I would be in big trouble if i did that at work.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
I still do not understand why the equity situation is even being looked at. In addition I have never really understood how protocol works in regard to redundancy. You are allowed to retain six month living expenses which I would assume would include the payment to the IVA. The IVA then would never go into arrears and no payment break would be required. However this does not seem to be how all firms treat redundancy as the wording is open to interpretation.
After six months the IVA should be closed down with payments to date if your husband has not found a new job or any new employment pays less. The equity situation can only be addressed if you have a surplus as no point in extending an IVA if you cannot make any payments!
Michael. As I understand it your first paragraph is how it should be.
If, after 6 months, re-employment isn't forthcoming, many IP#s agree to a break to allow more time to find work which pays enough to keep the IVA viable.
If, after that the income is reduced, a new I&E is carried out and the creditors asked to accept reduced payments, or payments to date if the IVA is no longer viable.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have e mailed a complaint through to their complaints department, because i think this service is awful. They are showing no compassion to their clients at all! Iva's are very stressful & surely they should try to make you feel better & put your mind at ease.
A couple of years ago we had an argument with our last case worker who said that our monthly payments should go up by £60 a month. She had failed to.take into account though the fact that our mortgage had gone up by £200. Numerous phone calls to her & she wasn't having any of it. So i emailed our ip and he agreed that she was wrong and gave us our extra payments back.
I am just sick of doing their jobs for them & i have no confidence in them giving me the right advice.
If your IP firm is represented on this forum you should contact the representative directly and if not perhaps an email direct to the IP may speed things up.
I have already e mailed him Michael on Saturday. No reply yet. Received a letter off their complaints department today acknowledging my complaint though. I will just send the arrears that my husband owes apparantly in our next payment, because i don't want them saying that we haven't complied or something. With regards to the remortgage i don't know what to do at the moment, whether to just try & remortgage anyway or wait until the complaint is resolved. My husband got his redundancy notice today too 17th July but i don't know who to talk to about it because none if my emails have been responded to.
but i don't know who to talk to about it because none if my emails have been responded to.
