just an update on my earlier postiing regarding my notice of breach

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glassman49

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Post by glassman49 » Sun Nov 06, 2011 2:02 pm
just an update on my earlier postiing regarding my notice of breach from ---.well i got to the bottom of why it had been issued due to the inclusion of our repossesion shortfall and our secured loan becoming unsecured.so i got a phone call from --- saying our payments were going to more than double.i told them i could not meet the repayments they were asking for for and was then asked what could i afford which seems very odd to me.i told them i thought it would be better for me to go bankrupt at which point they magically knocked over £250 pm off the repayments my question is this normal practice.
 
 

kallis3

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Post by kallis3 » Sun Nov 06, 2011 2:16 pm
Was Declan not able to help you at all glassman? Sorry you've had so many problems but I can't assist with why they changed the payment details. This is something you will have to sort out with them.
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.
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MelanieGiles

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Post by MelanieGiles » Mon Nov 07, 2011 1:15 am
Surely this will need the terms of the original IVA to be varied, if the dividend now available to creditors has substantially reduced?
Regards, Melanie Giles, Insolvency Practitioner
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