www.iva.co.uk

Dear all

Desperately need help to work out F&F as getting no joy from PayPlan.

I was recently made redundant and in view of that negotiated the 3 months of suspended payments as there was a prospect of another job. But since then the situation worsened and this new job is also at risk. I've approached PayPlan asking if I could put my flat up for sale and based on Estate Agent's valuation offered an equity release in the sum of £28K which is pretty much all I can get after the fees etc. I am in my final year of IVA, so in an ideal world would have maintained the payments of £633 until March 2011 plus final payment of £28K, this has proved totally inoperable as I tried to re-mortgage and was unable to do so. It's been nearly a month since I contacted PayPlan and despite chasing have not heard anything back. Now that I am facing unemployment, I can not even maintain my monthly payments into IVA, but looks like for a quick sale may be able to raise about £20K for final settlement. What's the best way of dealing with this, shall I just write to PayPlan and make this offer but I am also afraid that if I can't pay into IVA in the meantime will they just fail it? I think my original contribution was 0.51p in a pound. Grateful for advise.

I think that you are suggesting a very good offer here, and it is a real shame that you are not getting the support of your IP firm in presenting this.

Perhaps Andy or Admin have a direct link to Payplan that they can highlight your concerns to?

Thanks, Melanie. I think I will just write to them with F&F proposal for £20K. I am surprised that Payplan are so slow this time, usually I get response the same day. Ironically they've written to me with the annual income and expenditure review after I've told them I will have no income as from mid April because the job I've been doing (covering smb long term sickness and now this person is coming back)will be no longer!

good luck trionon and please keep us updated xx

All the best from myself too x

Dear all

Thank you. I have finally heard from PP saying that they shall move things forward from their side regarding a meeting with the creditors. I made £20K offer and advised that going forward I can not maintain contractual repayments due to the fact that I shall have no regular income - this bit they have ignored, so this month I've made a token payment of £1 as the salary I receive this month will need to last me for the whole of April. There is slim chance I might get some temp work come May but if the property does not sell I am basically pretty snookered