www.iva.co.uk

F&F settle due this weekend asked for a variation to extend and start making payments for a further year but cant afford the variation fee (750) - Bankruptcy here i come!

Can you reduce your F&F offer by £750? Variation fees are normally modified at meeting anyway. If its TIX voting, then the chances are the variation fee will be reduced to around £300/£400. Why can't your IP take his/her fee from the F&F offer, many IP's do.

Im not sure I understand - can you explain that a bit more please

hiya clare, the variation fees are usually taken out of your payments and calculated within the payment structure by your IP, we are after all in IVA's they must understand we dont have a spare £750 lying around, i dont think you will be expected to find this up front.

Some IP's insist that you pay the variation fee upfront which I think is what is happening in Lozza's case. However, many IP's are willing to let the variation fee come out of the F&F estate, which is better. Lozza, you need to speak to your IP to see if they are willing to put forward the variation based on this?

I will try but don't hold out much hope! When I asked why the first one only cost £250 upfront she went all defensive and unhelpful

Which company is it? It seems really unfair to expect you to pay the variation fee upfront! £750 is also quite a lot to ask also!

IP says now too late as I haven't provided her with the money upfront and she doesn't have time today to do variation paperwork - I know I left it late but as the decision had to be made by before 24/3/13 I had assumed yesterday/today would be fine Is there anything I can do? I am going to be made bankrupt for the sale of not having £400 (I have £350 available)

Your IP can apply to stop the bankruptcy hearing by way of a stay of execution, they should be doing this for you! I find it incomprensible that your IP 'hasn't got the time'! You need to pursue this and speak to whoever is in charge immediately. This is appalling!

I have just emailed her and asked her if she will either let the variation fee come out of the F&F settlement or ask for a stay of execution. I know its all a bit last minute.com but this is utter stress

Best of British. I hope that they can sort this for you, keep us updated.

I hope this is sorted for you too.

Thanks for your support. How long can a stay of execution be for?

I share Clare's concerns about the way your case is being handled. It is up to creditors to determine how the variation fees will be charged - and it is most usual to have them paid from the funds on hand, rather than to ask for them to be paid up front.

Is there some confusion about the bankruptcy here? I don't read it that there is a bankruptcy hearing at all, rather that Lozza feels that bankruptcy might be the only option now due to the attitude of their IP.

I was told that if I do not make my F&F by 24/3/13 then my IVA would fail and I would receive a termination notice. My creditors will then be free to apply for my bankrupty.

She had said no fee no variation. I have explained to her that I can pay £350 which I have but she wants the remaining £400 within a week which I can't get so I have asked to pay it over the next two months. I have also asked if the £750 if for the stay of execution or the varation