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Dear Mrs Giles,

Further to my posting under the heading of divorce and the valuable advice given by you and others,I phoned GT to day.

I wanted to speak to my IP,but the person I spoke to wanted me to discuss it with him.

I must say he was very helpful.I mentioned my intention of a F&F,he has informed me that he would write to me as to what is required.

Also I mentioned about the impending mortgage increase and asked if a combined variation meeting be called to discuss a reduction in payment and F&F.

It appears that it can not be discussed as a combined variation meeting.

I also understand that my IP now is Gareth Neil.

I am trying for a F&F.It all depends on my sons support.

If it appears that finances can be arranged by a combination of help from my sons and sale of house I shall opt for that.

As I understand that I have 12 months time to complete it after it has been accepted and I do not have to contribute to IVA while I am arranging things,such as selling house.If for some unforeseen circumstances it can not be done, would IVA fail or continue with payments,including a sum for the previous months that I have not been paid and continue as per previous arrangement.

I woud grately appreciate comments and advice,please.

Hara.

You don't get much better than Gareth Neill - I know him personally and he is a very professional and knowledgeable IP.

I am not sure, however, that I would not be prepared to put a variation forward on the basis of alternatives - ie

I would like to offer a full and final settlement to my creditors, but if this is not acceptable then I can no longer afford payments at the current level so would creditors be prepared to accept a reduction.

I cannot personally see anything wrong in giving alternative options as part of a variation meeting. And if you were my client, I would like to have your sons's money sitting in my client account pending the outcome of the meeting, rather than waiting up to another 12 months.

My views are personal ones, and may not be the right answer in your case, but I would strongly recommend that you try to speak to Gareth directly if you have any more concerns.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

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Thank you for your kind reply,Mrs Giles.

It was one of the support staff taht I spoke to,once I receive the letter I will see if I can speak to Mr.Neil personally or ask his support staff to clarify the issue of a single variation meeting.The person I spoke, though nice,did not appear to know much in depth.

With regard to my sons help,I am not sure how much they can give,hence I may have to sell house or additional barrowing on house just for the purpose of F&F.

I shall be asking my sons for the money to be sent at the earliest.

Importantly I would like to know what happens,if a F&F is agreed and it can not be fullfilled in 12 months.Will IVA fail or continue under the origional agreement.

The intention if F&F is agreed,is to complete it with in the 12 months stipulated period.

I believe that if you are offering a full and final offer of settlement to your creditors, it must be with the intention of paying them fairly soon after the meeting - ideally within 3 months, and definately not longer than 12.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Dear Mrs.Giles,

The intention is to seek a F&F at the earliest and full fill it at the earliest.

But as it also involves,preferably selling and down sizing,if for some unforeseen reason a F&F can not be fulfilled,will IVA fail or continue under the original terms is what I am keen to clarify.

Thanks.

Hara.

Get some advice then from a local estate agent who may be able to tell you how long it would take to reasonably sell your property. And do remember that the creditors are not trying to catch you out here, merely get the very best financial return you can pay, so if that means waiting a little longer for your property to sell, so bet it. The outcome in bankruptcy would be far worse if your IVA were to fail.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp