Hi all,
This is my 1st time posting. To give everyone a bit of background. My iva started with dfd in November 2014, I was told the Iva would be 5 years of 200 quid monthly payments and a possible further year extension due to owning a house (mortgaged).
Anyway, along the way I've had a few bumps and due to personal circumstances I had to take a payment break of almost a year. About two years ago.
Dfd went belly up so aperture took over. My wages have continually dropped over the last couple of years as an self employed. Im am currently waiting on a variation request for payments reduction to 120 a month. The chap from aperture wasn't giving anything away. He said he could tell if this would be excepted or not.
My question is would creditors not agree with this?
It is possible that they might not agree with the reduced payments. They might come back with alternatives, say an extra year to compensate for the reduction, or they might come back with a revised payment figure after looking at your I&E. Bankruptcy is by no means an automatic option if they refuse.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy wrote:It is possible that they might not agree with the reduced payments. They might come back with alternatives, say an extra year to compensate for the reduction, or they might come back with a revised payment figure after looking at your I&E. Bankruptcy is by no means an automatic option if they refuse.
Thanks Foggy. Best wait and see what happens, I'll keep making the 'token' payments to what I can afford and fingers crossed. I think the gent said the process will take 4-5 weeks so will keep you posted. Obviously, I'd prefer if iva didn't fail/made bankrupt but also don't want to extend either. Thanks for the information. Much appreciated.
Foggy wrote:It is possible that they might not agree with the reduced payments. They might come back with alternatives, say an extra year to compensate for the reduction, or they might come back with a revised payment figure after looking at your I&E. Bankruptcy is by no means an automatic option if they refuse.
Sorry foggy, at the end of your message you said 'bankruptcy is by no means an automatic option if they refuse'. What are the other options? Thanks again.
Foggy wrote:It is possible that they might not agree with the reduced payments. They might come back with alternatives, say an extra year to compensate for the reduction, or they might come back with a revised payment figure after looking at your I&E. Bankruptcy is by no means an automatic option if they refuse.
Sorry foggy, at the end of your message you said 'bankruptcy is by no means an automatic option if they refuse'. What are the other options? Thanks again.
You can try to struggle on or if the IVA fails you can try to get them to agree to a debt management programme, but, in the event the IVA fails, the creditors will be free to chase you however they see fit. Bankrupting someone is an expensive option for creditors to do and not always the best way for them to go.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Morning all, I was speaking to my father last night and he said he could gift me £6k to offer as full and final to creditors. In anyone's experience how do these full and final offers go down. If my £120 pm were accepted the 6k would be slightly more than the £120 payments would realise from now till the end of iva including year extension for house ownership.
As regards your discussion with he Aperture employee - to be fair it's not up to him to make the decision so it's difficult for him to give any opinion to you.
Re F&Fs every case is unique - ultimately it will be up to creditors to decide - the more attractive the offer the more likely it is to be accepted. Also consider however the savings on Administration costs and time if you finish early (although I appreciate you have had a break).
Lisa Thomas wrote:As regards your discussion with he Aperture employee - to be fair it's not up to him to make the decision so it's difficult for him to give any opinion to you.
Re F&Fs every case is unique - ultimately it will be up to creditors to decide - the more attractive the offer the more likely it is to be accepted. Also consider however the savings on Administration costs and time if you finish early (although I appreciate you have had a break).
Afternoon,
Thanks for your reply. Regarding the employee at aperture, I see your point, I was just hoping for a bit of direction and advice from an iva professional (chap at aperture) as Im not experienced in the complex working and processes of an iva. But, I understand maybe he is not allowed to give advice and recommendations.
Ref the f&f Lisa, do you think it would be worth contacting aperture and letting them know of the possibility of an f&f or to wait until the variation has been taken to the creditors in its current form? I really appreciate any advice you have for me regarding this. Thank you.
Slightly hard decision as this will mean another variation however if you get it confirmed that the payments will be reduced to £120 then you can make a lower F&F.
(bear in mind most IPs firms charge £500 per variation so the creditors might consider that the costs will rise by £1,000 due to two variations.)
Personally I would try and see if the variation could be amended now so it is all dealt with at the same time i.e F&F based on reduced income available.
Lisa Thomas wrote:Slightly hard decision as this will mean another variation however if you get it confirmed that the payments will be reduced to £120 then you can make a lower F&F.
(bear in mind most IPs firms charge £500 per variation so the creditors might consider that the costs will rise by £1,000 due to two variations.)
Personally I would try and see if the variation could be amended now so it is all dealt with at the same time i.e F&F based on reduced income available.
Thank you Lisa. I'll phone them on Monday, hopefully they can put me through to the bloke dealing with it. I know the aperture chap I had been speaking to said it would probably be a month to five weeks to get variation started. I'll post Monday let you know how it goes.
Thank you Lisa and Foggy for your help.
Bear in mind the person on the end of the phone is probably not a 'professional' as such and just a call handler.
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
