Posted: Wed May 28, 2014 10:04 pm
I apologies for what may be a rambling post but I am trying to unscramble my mind after my variation was rejected.
My IVA was set up in 2009 paying £380 giving a dividend of 22p in the £. During the first couple of years things were tough but I was offered a promotion at work resulting in the ability to earn bonuses. I took this as I wanted to pay back as much as I could and somehow try and get a better quality of life.
My circumstances changed in October last year 4 1/2 years in and I could no longer afford the contractual payments. The past few months have been taken up getting together the documents for a F&F offer.
I had some arrears of uplift due to this being used to subsidise payments and of course technical arrears since September. My creditors rejected the F&F due to the arrears.
My upset is this, due to the uplift I have so far paid the equivalent of 34p in the £, also my IVA technically ended its 5 years today.
My questions are this, why would they reject this when they have had 50% more already, how can they expect the arrears to be paid if I couldn't afford them in the first place and this was the reason for the variation.
5 years in and I am really worried, what will they do ask for the IFA to fail? then bankruptcy would mean losing my job!
Has anyone had this situation? my meeting has been adjourned for the 2nd time today but I am sick with worry.
Apologies for the long post.
My IVA was set up in 2009 paying £380 giving a dividend of 22p in the £. During the first couple of years things were tough but I was offered a promotion at work resulting in the ability to earn bonuses. I took this as I wanted to pay back as much as I could and somehow try and get a better quality of life.
My circumstances changed in October last year 4 1/2 years in and I could no longer afford the contractual payments. The past few months have been taken up getting together the documents for a F&F offer.
I had some arrears of uplift due to this being used to subsidise payments and of course technical arrears since September. My creditors rejected the F&F due to the arrears.
My upset is this, due to the uplift I have so far paid the equivalent of 34p in the £, also my IVA technically ended its 5 years today.
My questions are this, why would they reject this when they have had 50% more already, how can they expect the arrears to be paid if I couldn't afford them in the first place and this was the reason for the variation.
5 years in and I am really worried, what will they do ask for the IFA to fail? then bankruptcy would mean losing my job!
Has anyone had this situation? my meeting has been adjourned for the 2nd time today but I am sick with worry.
Apologies for the long post.
