Comments for Insolvency Views and News http://insolvencyviews.wordpress.com UK insolvency laws demystified ! Fri, 30 Oct 2009 21:13:14 +0000 http://wordpress.com/ hourly 1 Comment on Missold IVAs and Failed/failing IVAs by TL http://insolvencyviews.wordpress.com/2007/07/20/missold-ivas-and-failedfailing-ivas/#comment-596 TL Fri, 30 Oct 2009 21:13:14 +0000 http://insolvencyviews.wordpress.com/2007/07/20/missold-ivas-and-failedfailing-ivas/#comment-596 I entered into an IVA a few years ago shortly atfer arranging a mortgage and buying a home. I had previously lived with my parents and all of my correspondance including work paylips etc was still sent to my parents house. I felt like I couldnt afford a house but my wife was living with me at my parents house and to put it bluntly my parents wanted some freedom back and we had to get out. I didnt want to rent as the cost was the same as a mortgage so was trying to be sensible. Now you have that background shortly afterwards it became evident that I couldnt meet my debt commitments and the mortgage etc and although I do not have this in writing and now see how naieve I have been the lady I spoke with on the phone at the company I entered into the IVA agreement with advised me to say that I was still living with my parents paying rent to them etc and that I had no property. I was also advised to "Let us worry about that" and "at yearly reviews send the same information" thereby not instructing them of changes of circumstances etc. At the time I earned £21000 PA and have been paying in £350 per month to my IVA plus a mortgage and bills/living costs and so I am sure you can do the maths to establish how difficult our lives have been for a few years. Within months of starting the IVA I secured new employment on around £25000 which over the last 3 years rose to £28000 Per Annum as I moved through the business and was working hard to give us some money to live. They have recently written to me requesting my P60's from the last 2 years, payslips etc (They could have asked for 2008 P60 at the time but for obvious reasons that are now apparent didn't) and upon reviewing have said I need to send a cheque for close to £6000 in owed payments from the last couple of years and are increasing my monthly contributions to £790 per month. In September last year my wife and I had our first child but have also not disclosed this as was advised to not inform any cicumstancial changes and these additional payments would cripple us. We have now paid into a mortgage for 4 years also ofcourse and it's evident when I piece everything together how tactically shrewd they have been. What angers me is the fact they said they would advise me of the best possible route at the time and advised an IVA and all along knew they would take monthly contributions from me and then towards the end do what they have. I know it is likely to be impossible for me to save our home and am worried about my baby daughter and wife having nowhere to live and us losing everything. From investigating it now seems obvious to me also that as I had virtually no assets 4 years ago and a significantly lower income bankruptcy would have been my best option. I am guilty of trusting the company I went to for debt management. I have paid into an IVA succesfully for 4 years however and now the goalposts have been moved to a place I cant reach which will leave me in the same place as bankruptcy but having lost obviously much more. I really don't know what my next steps are and if I have a case for a mis-sold IVA as I have clearly broken the terms of my agreement by not informing of change of circumstances but this is because I was advised to. Any advice or support would be very welcome. I entered into an IVA a few years ago shortly atfer arranging a mortgage and buying a home. I had previously lived with my parents and all of my correspondance including work paylips etc was still sent to my parents house. I felt like I couldnt afford a house but my wife was living with me at my parents house and to put it bluntly my parents wanted some freedom back and we had to get out. I didnt want to rent as the cost was the same as a mortgage so was trying to be sensible. Now you have that background shortly afterwards it became evident that I couldnt meet my debt commitments and the mortgage etc and although I do not have this in writing and now see how naieve I have been the lady I spoke with on the phone at the company I entered into the IVA agreement with advised me to say that I was still living with my parents paying rent to them etc and that I had no property. I was also advised to “Let us worry about that” and “at yearly reviews send the same information” thereby not instructing them of changes of circumstances etc. At the time I earned £21000 PA and have been paying in £350 per month to my IVA plus a mortgage and bills/living costs and so I am sure you can do the maths to establish how difficult our lives have been for a few years. Within months of starting the IVA I secured new employment on around £25000 which over the last 3 years rose to £28000 Per Annum as I moved through the business and was working hard to give us some money to live. They have recently written to me requesting my P60’s from the last 2 years, payslips etc (They could have asked for 2008 P60 at the time but for obvious reasons that are now apparent didn’t) and upon reviewing have said I need to send a cheque for close to £6000 in owed payments from the last couple of years and are increasing my monthly contributions to £790 per month. In September last year my wife and I had our first child but have also not disclosed this as was advised to not inform any cicumstancial changes and these additional payments would cripple us. We have now paid into a mortgage for 4 years also ofcourse and it’s evident when I piece everything together how tactically shrewd they have been. What angers me is the fact they said they would advise me of the best possible route at the time and advised an IVA and all along knew they would take monthly contributions from me and then towards the end do what they have. I know it is likely to be impossible for me to save our home and am worried about my baby daughter and wife having nowhere to live and us losing everything. From investigating it now seems obvious to me also that as I had virtually no assets 4 years ago and a significantly lower income bankruptcy would have been my best option. I am guilty of trusting the company I went to for debt management. I have paid into an IVA succesfully for 4 years however and now the goalposts have been moved to a place I cant reach which will leave me in the same place as bankruptcy but having lost obviously much more. I really don’t know what my next steps are and if I have a case for a mis-sold IVA as I have clearly broken the terms of my agreement by not informing of change of circumstances but this is because I was advised to. Any advice or support would be very welcome.

]]> Comment on Should I go bankrupt? – tips and pointers by Sandy http://insolvencyviews.wordpress.com/2007/03/01/should-i-go-bankrupt-tips-and-pointers/#comment-595 Sandy Thu, 18 Jun 2009 21:04:02 +0000 http://insolvencyviews.wordpress.com/2007/03/01/should-i-go-bankrupt-tips-and-pointers/#comment-595 Thanks very much for your informative articles. Please do keep on adding to them as they have filled in information I have not found elsewhere. Sandy Thanks very much for your informative articles. Please do keep on adding to them as they have filled in information I have not found elsewhere.

Sandy

]]> Comment on Missold IVAs and Failed/failing IVAs by stock http://insolvencyviews.wordpress.com/2007/07/20/missold-ivas-and-failedfailing-ivas/#comment-594 stock Thu, 04 Jun 2009 00:07:32 +0000 http://insolvencyviews.wordpress.com/2007/07/20/missold-ivas-and-failedfailing-ivas/#comment-594 OHH I am amazed with it. It is a good thing for my me. Thanks. ^_^ OHH I am amazed with it. It is a good thing for my me. Thanks. ^_^

]]> Comment on I own my home: what will happen to it in a bankruptcy? by How to Get Six Pack Fast http://insolvencyviews.wordpress.com/2007/03/01/what-will-happen-to-your-home-in-a-bankruptcy/#comment-593 How to Get Six Pack Fast Wed, 15 Apr 2009 13:52:52 +0000 http://insolvencyviews.wordpress.com/2007/03/01/what-will-happen-to-your-home-in-a-bankruptcy/#comment-593 Not that I'm totally impressed, but this is a lot more than I expected when I found a link on SU telling that the info is awesome. Thanks. Not that I’m totally impressed, but this is a lot more than I expected when I found a link on SU telling that the info is awesome. Thanks.

]]> Comment on Should I go bankrupt? – tips and pointers by dean http://insolvencyviews.wordpress.com/2007/03/01/should-i-go-bankrupt-tips-and-pointers/#comment-592 dean Sun, 15 Feb 2009 11:42:08 +0000 http://insolvencyviews.wordpress.com/2007/03/01/should-i-go-bankrupt-tips-and-pointers/#comment-592 thanks for your help thanks for your help

]]> Comment on Antecedent transactions: A twist on Transactions Defrauding Creditors? by Sammy http://insolvencyviews.wordpress.com/2007/02/08/antecedent-transactions-a-twist-on-transactions-defrauding-creditors/#comment-591 Sammy Tue, 06 Jan 2009 18:26:03 +0000 http://insolvencyviews.wordpress.com/2007/02/08/antecedent-transactions-a-twist-on-transactions-defrauding-creditors/#comment-591 50vIZTqOuounm 50vIZTqOuounm

]]> Comment on I own my home: what will happen to it in a bankruptcy? by stuart http://insolvencyviews.wordpress.com/2007/03/01/what-will-happen-to-your-home-in-a-bankruptcy/#comment-590 stuart Tue, 29 Jul 2008 21:31:15 +0000 http://insolvencyviews.wordpress.com/2007/03/01/what-will-happen-to-your-home-in-a-bankruptcy/#comment-590 I am in the same position as Nicola on a shared ownership scheme and the council has applyed to make me bankrupt for none payment of council tax, will i lose my house or will i be able to stop in it. I am in the same position as Nicola on a shared ownership scheme and the council has applyed to make me bankrupt for none payment of council tax,
will i lose my house or will i be able to stop in it.

]]> Comment on My business is struggling: should I sell up? by T Scott http://insolvencyviews.wordpress.com/2007/03/31/my-business-is-struggling-should-i-sell-up/#comment-586 T Scott Fri, 01 Feb 2008 12:14:19 +0000 http://insolvencyviews.wordpress.com/2007/03/31/my-business-is-struggling-should-i-sell-up/#comment-586 Thank you so very much for such an interesting topic. I have worked at my home care agency for some time now and although things have been good in the past; it's becoming an increasing demand on me, my staff and my family. Again, thank you for the discussing this emotional topic. Best Regards, T. Scott Thank you so very much for such an interesting topic. I have worked at my home care agency for some time now and although things have been good in the past; it’s becoming an increasing demand on me, my staff and my family.

Again, thank you for the discussing this emotional topic.

Best Regards,

T. Scott

]]> Comment on Should I go bankrupt? – tips and pointers by kate http://insolvencyviews.wordpress.com/2007/03/01/should-i-go-bankrupt-tips-and-pointers/#comment-585 kate Tue, 29 Jan 2008 22:30:08 +0000 http://insolvencyviews.wordpress.com/2007/03/01/should-i-go-bankrupt-tips-and-pointers/#comment-585 Really interesting - but i am still unsure how the OR will calculate allowable expenses. My partner and i are considering separation, but i have been told he will be limited in the amount he is allowed to pay me until he is discharged. We have never been married, but we have 2 children. If we don't separate, will they consider our income jointly? Since the house is mine, will he be allowed to make a contributionto the mortgage if he is still living with me? He has also been told that there are some new regulations re bankruptcy that have just come into force, but i can't find any mention of them on the web...can anyone throw any light on this? thanks Really interesting – but i am still unsure how the OR will calculate allowable expenses. My partner and i are considering separation, but i have been told he will be limited in the amount he is allowed to pay me until he is discharged. We have never been married, but we have 2 children. If we don’t separate, will they consider our income jointly? Since the house is mine, will he be allowed to make a contributionto the mortgage if he is still living with me?

He has also been told that there are some new regulations re bankruptcy that have just come into force, but i can’t find any mention of them on the web…can anyone throw any light on this?

thanks

]]> Comment on My business is struggling: should I merge with another? by Paul Brindley http://insolvencyviews.wordpress.com/2007/03/31/my-business-is-struggling-should-i-merge-with-another/#comment-493 Paul Brindley Sun, 16 Dec 2007 07:11:47 +0000 http://insolvencyviews.wordpress.com/2007/03/31/my-business-is-struggling-should-i-merge-with-another/#comment-493 On what basis? On what basis?

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