Questions about Individual Voluntary Arrangements and Insolvency.

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Bydebtfree1day
#112016 Please excuse the rant :x :

I've just received the outcome of my first annual review from my IP, and notwithstanding the increase in my contributions from £400 to £460 :shock: they've given me a ticking off for extending the finance on my car (to get a bigger one) without permission!

Now, you may think fair enough...if I had just gone and done it, but I didn't. I sent my IP a letter in April explaining why I needed a bigger car and that this would mean I would need to extend and increase my finance agreement, and they replied and said they had no objection as long as I could maintain my contribution...which I have done...so hold on horsey!

So, for £8-9K over the course of the IVA, they can't even keep their correspondance or facts up to date, what a load of rubbish :evil:

This may be a minor point, but its really annoyed me. Sorry for the rant, I just needed to get it off my chest. Writing them a (rather strong) letter to set the straight :wink:
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ByShameless
#112017 who is it?
Bydebtfree1day
#112027 The Debt Advisor, previously Budsworth & Co...although their franking stamp on their letters says Compass Finance Group Plc
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ByShameless
#112030 They were bought out by Compass financerecently. And to be honest they are a good company. I know recently they have moved offices from Manchester to Bury so it may well be that they have just mislaid your paperwork. Accidents happen!! I would write in to them but it sounds like its just one of those things.

And for the record no I dont work there :wink: :wink:
Bydoemichael
#112034 Did you keep a copy of their reply? I would forward a copy o fthis letter to the IP and explain taht you did get permission. If the moved I agree with shameless that they may have misplaced this info, I know it is no excuse but it can happen.

I keep all my IVA info in a box file and every time I call them to ask anything I keep a note on inside of boxfile of who I spoek to , querie and the answer. Any letters I also keep.

Hopefully this is a one off, if everything else going well with IVA just put this out of your head.
Bydebtfree1day
#112038 Thanks for that, do you think I should tone down my letter?...don't really want to p*ss them-off, just wanted to get the message across...I have a go about the increase also :wink:
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ByShameless
#112043 I would tone it down.

On what basis did they increase the contributions? Did you have a pay rise?
Bydoemichael
#112046 has your income increased? when you filled in your I&E did you increase your household bills if they increased?
Bydoemichael
#112047 shamless you got in first lol
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ByShameless
#112048
doemichael wrote:shamless you got in first lol


:P :P :P
Bydebtfree1day
#112050 Yeah, but its a bit complicated. In simple terms I had a £123pcm salary increase...Yay!! (7.3%) But, my understanding was that they take 50% of the increase above the rate of inflation (currently 2.4%). 50% of 4.9% works out to be just over £41, so I expected my contributions to go up to £441.

Despite the fact that its more, I'm also cheesed off because I'm trying to figure out how to afford my own place near where I work and it means my rent & Council Tax (or mortgage if I can get one, because its cheaper than rent) will go up by about £200 a month from what I currently pay, so £19 can make all the difference. I'm not talking anywhere palatial, I'm talking a basic 1 bed flat or studio!!!!! The need to move is also becoming more urgent.
Bydebtfree1day
#112055 No, my I&E actually went down. The salary increase happend at the same time I was doing the I&E, so I did the I&E based on my previous salary, and told them of the increase in my cover letter. Reason it went down was that when my proposal was made I over-estimated my salary (at the time, I had not had a full months pay and didn't know what the Net would be). So, for the last year I've had to live on less than what I stated for my outgoings. When it came to my I&E statement this time, I adjusted everything to make it fit with what I actually got paid which meant that my I&E was £18 less than in my proposal last year.

The fact is, despite my reasonable salary, I've really struggled this year and several times I've had the bank charge me for over spending my account (direct-debits etc) by a few pounds. One month I got charged £110 for going £23 overdrawn!!!!). I also got walloped by Vodafone for £147 one month and had to pay £130 for a crown for one of my teeth. The ubiquitous £25 'Emergency' fund is never going to cover eventualities like these. I'm terrified if my car ever needs fixing because Renault are thieves.
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ByShameless
#112058 I think you should raise all those points in your letter and ask them to reconsider your I&E. They all seam perfectly valid points to me.
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