sale of our residential home

[Lesley_x]

We have entered into a full and final settlement IVA,part of which includes the sale of our residential home.
Equity will be in the region of £125,000 of which the IVA allows for £6000 to be retained by us with the balance paid to the IP.
A further £75,000 has already been raised from the sale of other assets,which our IP insisted came directly to her from the solicitors acting in those transactions.
Our solicitor wonders with regards to the house sale can he forward the balance from the sale to us, as part of it is to be retained by us,or is he responsible for the apportionments.

[MelanieGiles]

Your solicitor works under your instructions, and you work under the instructions of your IP - it doesn't really matter how the money is paid over, but most IP's would prefer to have it paid to them directly.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Lesley_x]

Thank you for that.Do we have to hand all 100% of the equity or are we allowed a certain percentage for starting again e.g housing costs,moving etc

[MelanieGiles]

What do the terms of your IVA state? I thought that you had been made an allowance of £6,000?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Lesley_x]

We have £3000 each as my husband and I are going our separate ways once the house is sold.However,because we are in an IVA agents who rent property expect 6 months rent up front plus one and a half months deposit.( average house rental here is £800 pcm)Then we have removal costs,storage etc and the pets to accomodate.

[MelanieGiles]

This is a very well known factor, so I am suprised that it was not addressed within the original proposal, which would be usual procedure. If you need to retain more money than the proposal provides for, your IP will need to call a variation meeting to explain the circumstances. This is entirely possible, so have a chat with them when you have your "shopping list" drawn up, but of course the ultimate decision makers are your creditors.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Lesley_x]

Thank you again.We did mention this is our first and only IVA,and that the company do these all day every day but we have been let down so badly by this compnay.
The employees lie and the advice given is not rightThe IP is never availible and you always get her gofors.
Can we have a percentage out of the house sale or are they entitled to the whole 100%.

[Adam Davies]

Hi
It will be determined by the wording in the IVA.As Melanie states it will need a variation meeting to change things.
Why do you feel that you have been let down?
Regards

Andy Davie
IVA.co.uk Spokesperson

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

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

[Lesley_x]

I feel we have been let down because the staff at the compnay have lied to us,the IP is never availible and we have to speak with junior staff.I know more about my rights now than they do,but only what I have learnt from this site and other sites like it.
The advice they give is all wrong anf surely a company that deals with IVA's on a daily basis should have known we would have needed more than £3000.Intially they were going to give us £1250!!!!
They are rude,but they have had more money out of this than us.We had 1 individual IVA and a partnership IVA and they have charged us over £10,000.The fact my children have suffered as they have taken every penny they can from us seems to be irrelevant.
My daughter has been in private school for 11 years she has 4 to go,but no allowance has been made for her education.She has been forced to a comphrensive,the uniform is £450,but they will not allow me any money to buy this.
Losing my home means I have lost the registered address and premises I ran my small business from.They refuse me money for stationary etc to restablish my business elsewhere so I have lost that little bit of income and will now be depending on the state,to pay me £45 per week.
I find the IP is on an ego trip,she is unapproachable, and I would not recommend her to anyone.Nevermind what goes round comes round I expect.
I would like to complain about her but I do not know how to go about it so any help on this I would be grateful for.
I think alot of these companies forgot who is paying their fees and that at the end of the day we are their clients.

[MelanieGiles]

You can post feedback on the popular website iva.com if you feel that you have received poor service - it does seem to me that you have been treated a little harshly with regard to your allowances. I personally would never recommend that anyone take a child out of an education system, and that decision is ultimately for creditors and not the IP.

You do have to remember that your IP's primary duty of care is to your creditors, although this is no excuse for not treating you with respect and dignity, through what has obviously been a traumatic experience.

And it is also not for the IP to set your relocation allowance, but for you to state what you feel you need - but as I said in my earlier post this should have been considered at the time the proposals were drafted.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Hi
If you wish to complain you first need to find out which body licenses your IP.Phone the Insolvency service on 020 7637 1110 to find out.
regards

Andy Davie
IVA.co.uk Spokesperson

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

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

[Lesley_x]

Thank you again Melanie.

Is there anything I can do about my childs education?

The IP has called a meeting of creditors for 1st October,we have to be out of our house by 2nd October.We gave her our list,she said I will not get uniform allowence,I will not get allowence for my business stationary etc so I will not be able to operate my business,she is not allowing for temp accomodation for the animals,she said we will get housing,removal if we are lucky.We gave her the statements from the agents for the money and she got on of her gofers to look up the houses on the internet and said we should have gone for something cheaper.We explain that we are lucky to get anything as with the floods, alot of people are in rented accomadation and landlords are making alot of money out of other peoples misery as the insurance companies are paying the rent,so they have put them up.
I thought she could only take 75-85% of the equity.I want to challenge her and I will lodge a complaint,how do I do this.

[MelanieGiles]

Your IP appears to be making decisions that really are within your creditors domain, but she clearly feels that she is doing the right thing. She should be giving you guidance, but not dictating the costs, which are for you to put to your creditors as a revised proposal given your circumstances.

The key to knowing whether she is right or wrong lies in the IVA proposals and associated terms and conditions. Read through them again and remind yourself what they say about the property, and what was going to happen when it was sold.

The sort of costs that I would be prepared to recommend to creditors in your circumstances are up to 6 months rental deposit, removal costs, the purchase of any essential applicances and furniture (only if your own equipment will not suffice), the cost of new items if you are separating - in your case this is relevant - kenneling and cattery costs if necessary - but does your new landlord allow pets? and temporary storage costs for your furniture. I have put forward many similar proposals over the last few years on this basis, and the allowances have generally been acceptable to creditors.

The problem in your case is that your proposal sets a fait accompli. The proposal is yours, not your IP's and you cannot now complain about something which you agreed to and signed up to - including the £3,000 allowance. How did you think that you were going to cope with this figure when you agreed to the proposals? The regulatory bodies will not entertain complaints like this I am afraid, as you contractually agreed to enter into this arrangement and had a choice at that time to say yes or no.

With regard to your daughter's education, again you clearly agreed to take her out of the private system, so it is difficult to see whey creditors would now agree to fund the cost of her return.

I appreciate that this is not really the response you probably want, and I would urge you to insist that your IP puts forward the variation you instruct her to submit. If she doesn't agree with it she doesn't have to recommend it at the end of the day.

Your creditors are reasonable people, and if your argument is put forward appropriately, there is no reason why they would not accept higher but reasonable expenditure that can be justified.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Lesley_x]

Melanie like many people we didn't have a clue.When you employ professionals that do this for a living you expect them to know what they are talking about.
I was told my daughter would have to come out of school.
We were told we were only allowed £3000 after a big argument as she only wanted to give us £1250.
She has not advised us correctly and I am sure we have cause for complaint.
These people bully you into belieing that this is what we have to do.They treat you like criminals and make you feel that you should be so grateful to them for doing what they are doing.
The company who we had our car loans with,wrote to her and said we could keep our cars they were happy as we had nearly paid it.She insisted it went to vote with the creditors and they then said no we have to sell them and we can keep £2500 and the rest had to go in the pot.
I use my car for work,I live in the middle of nowhere with no bus route,I am losing my house,I have very little money as she writes and asks if I have sold my car yet?
The company obvious has let us down,perhaps Alan understands where I am coming from now.
The company is Lameys.The IP is Michelle Weir

[Lesley_x]

Dear Melanie
My husband had a meeting with Michelle Weir today.She has agreed to only put forward the proposal for rent and removal,she said if you start including other items which I gave her on my list,you may have the variation rejected out of hand,and therefore not obtain the essential funding.Given the time critical nature of the variation,although if she had done this when requested we would not be against the clock.
She only seen my husband and not me therefore I have not signed and agreed anything,although I believe from my husband this has already gone out in todays post.
What shall I do?