Any advice?

[hara]

Dear all,

Further to my postings under the headings of Re-mortgage and Divorce,my intention to go for a F&F appears,is going to be delayed, as I can not expect the amount of money that I required from them in such a short time.

Which means I have to ask for a variation meeting to get the monthly payment reduced as my mortgage is coming out of fixed rate and may have to pay an additional 200-300, even with a deal.

The prices of everything appears to be going up.

I am paying 1087 for IVA,it is set at 1001 pounds,but I had to miss december payment and arrange it to be made up over the next 12 months.

Mortgage at present is 1037.

I had to get extra insurance as I did not have enough to cover mortgage in case I died.

Every thing appears to be going down hill as days pass by.

The only alternative is to have monthly IVA payment reduced so that I can maintain IVA.

Bankruptacy in not an option.

If I can get IVA payments reduced,Then gradually my sons will be able to give more, say over the next 12 months.Also i seek permision from my IP to sell house,down size and make a proposal for F&F.

I have been in touch with som one at GT and have briefed them about my predicament.

At present it appears that the best and only option appears to be,to ask for a variation meeting to have have the payments reduced.

I hope it works out.

Any advice and views is grately appreciated.

[Adam Davies]

Hi
Your above plan sounds fine,try to get it underway a soon as you can and write to GT enclosing a fresh income and expenditure form and asking for a variation meeting.
Regards


Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[hara]

Dear Mr.Davie,

Thank you for your reply.

Things are slightly on the sunnier side since I posted.I have been on the phone on to one of my sons who has promised to give the amount I have asked.One of my other son can promise only half of what I have asked that leaves about 20,000 pounds short,which I feel can be raised by sale of house.But I need some time for that as I donot wish to be a forced seller.

That is why my primary concern is to have payments reduced and to complete a F&F in the next 12 months.

Mr. Davie do you mind giving your private phone no.

IF IT IS AGREEABLE I WILL SEND MY NO TO YOUR E-MAIL AND YOU CAN DO THE SAME.PLEASE LET ME KNOW.

Hara.

[Adam Davies]

Hara
No problem.
It may pay to have only the one variation meeting and for your IP to propose both reduced payments and your full and final offer
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[hara]

Dear Mr.Davie,

It appears that they are not prepared to do one combined variation meeting.

Probably it has to do with the fee which can be generated by having two meetings.

I will have another word tomorrow and see what happens.

Hara.

[hara]

Dear,Mr.davie,

Can you tell how is the fee paid for variation meeting?

Hara.

[MelanieGiles]

I don't see why this can't be done in one meeting - ie reduced payments for next XX months, together with lump sum from sons and from house sale. Simple!

The variation fee will be paid from the monies you intend to offer.

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

[hara]

Dear Mrs.Giles,

I do not see why a single meeting can not be held.I am not sure what the thinking behind it is?

As I have mentioned,GT is my firm.Now it appears that Mark Allen is my supervisor.

I have never been able to speak to my supervisor .It is always the support staff.They do not seem to encourage you to speak to your IP.I would cosider this to be disappointing.

I will speak again tomorrow and see if I can get a single meeting arranged,if they say no I will write a letter to Mark Allen asking why it can not be done.

My primary concern is to have the payments reduced,because of impending mortgage after March.

That would give me enogh time to arange finances from my sons and raise money by selling house.

I do not see why a single meeting can not be held unless they are thinking of generating additional fee from holding two meetings.

As I see it I am about 20,000-25,000 short to offer a F&F at present.

I have contributed about 5000 so far. my total payment would be in the region of 70,000 over 5 years.been IVA since july.Though there is a 4th year remortgage clause,it also says that IVA may be concluded with remortgage.

Also I have a clause,where I can ask contributions to be reduced by 15%,but it will have to be made up at some point,I think at the end.

I was thinking of offering about 60,000 in the way of F&F.By the time every thing is set I will have conytibuted another 3 to 4 thousand pounds to IVA.

Hara.

[MelanieGiles]

I know Mark Allen and he is a very nice guy. See if you can get a 10 minute chat with him to put your points across directly, but make sure that you do have a firm and definate proposal with regard to the amounts to be offered and the timing.

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

[hara]

Dear Mrs, Giles.

Thanks for yor reply.

I am not sure I have a very firm plan at present,but it it shaping up.

My sons can give a total of 40000 pounds I can get it soon.

I intend to ask them to send it in my wife's name to be usded soley for the purpose of F&F.

Given time I should be able to raise20000 from sale of house.By the time proposal is out and creditors meeting it may take about 2 months I will have contributed another 3000 to IVA by that time making it a total of about 8000.So I intend to propose a sum in the region of 58000-60000 as F&F making it a total of 66,000 to 68000.

I am supposed to pay in the region of 70000.

So my F&F would not be far off the original figure.

Any advice would be appreciated.

MY BIG PROBLEM APPEARS TO BE GETTING A SINGLE VARIATION MEETING.

Hara.

[MelanieGiles]

As I said earlier, you need to discuss this with the IP directly.

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