Will you posting more stuff like this on a regular basis?

Have a nice day!

Bryan

I have read the above comments with interest. I too am with Synergi (they bought out Capital Insolvency Services with whom I started my IVA with).

Since they have become involved I am now having to submit a payslip every month even though my salary does not change (I do not get overtime or bonuses, etc.).

I started my IVA payments in August 2004 but the IVA was only approved in January 2005. I am constantly struggling to make the payments they request and the IVA is for five years. I have been told that I am unable to increase the expenditure amount for items such as food, even though costs have risen. Is this normal?

Sometimes I feel as though I would be better off stopping my payments and letting Synergi apply for bankruptcy for me. Reading websites such as these is only reinforcing my belief that things are going to become even harder.

My IP is very difficult to track down unless it is a request from them. If I email or write to them I do not receive a response. Telephone calls are never responded to.

Can I move my IP provider to another or do you have to stay with the IP that you originally started the IVA with (even though this company is now part of Synergi)?

Regards

Catherine

I will do just that and will let you know how I get along.

But is it acceptable for creditors to increase amounts after chairmans report that contains all the modifications that had been voted for?

Can I complain against the IP for malpractice in allowing additional claims without informing me or investigating?

My IP is Synergi refered them through Debt Councillors. And now reading through IVA.CO.UK forums, I find that Synergi has built up quite a negative reputation.

Thanks!
Janet

Thank your for your kind words about my blog! It is always nice to feel appreciated.

You are absolutely doing the right thing - but here is what you need to ask the Supervisor to provide you with:-

1 A full listing of agreed creditor claims
2 A summary of his charges to date
3 A receipts and payments account of his administration

I suspect that creditor claims have come in at a higher level that was originally envisaged at the time of the creditors meeting. This will then be easily identifiable once you get the listing from him/her and can compare the figures. If you do not agree with any of the figures, make sure you ask him/her to justify what steps he has taken to verify the claims.

Good luck - and nice to know that you will shortly be debt free.

Your blog is great! I wish more financial expert were just as approachable! I wonder if you can help me here.

I am in a situation where I have been in a 3-year IVA that was approved in Feb 2004 . As of the final creditors meeting then, the total amount of just over £31,600 were submitted to the court and it was agreed that I was to pay 100p in the pound to my creditors.

I had already started making payments 2 months before it was approved but in total I made a further 34 payments from Feburary 2004 to November 2004. In total my IP says total assets collected from me is 37,230.00 and he is, as both supervisor and nominee, on the case, claiming a total of £5,020 in fees and expenses. In January 2007 my IP is asking for a further £1,363 from me, claiming that he had underpaid one of the creditors due to administrative error in the second year of my IVA. If I don’t pay, he’ll bankrupt me despite my making 36 payments, and will not give me letter of satisfaction.

I’m wondering, well if he underpaid one creditor, there is more than enough in the pot to bring the creditor up to date as long as he wasn’t overpaying another creditor. I have asked him to give me a breakdown of how the moneys have been paid in totals not as dividend analysis as I find them confusing. Simple arithmetic tells me that 37,230 - 31,600 - 5,020 leaves a balance of over £600 which I believe is owed to me.

Letters have been going back and forth over the past four weeks and no solution in sight. He is still insisting that I further pay 1,636. I have worked hard and paid my debt in full and unless the creditors have increased the amounts, I shouldn’t be paying more. Yet I’m still under the threat of being made bankrupt for money I don’t believe I owe. What can I do?

I am afraid that Northern Rock do have a 45p in the £ acceptance criteria, and your offer would have been a lot lower than that. This is widely known in the insolvency marketplace, and your IP should have known that this would be rejected. I hope you have not paid them any money, and if so I suggest that you claim a refund.

If you have little equity in your property, I would give serious consideration to declaring yourselves bankrupt.

Hi Andrew

I am glad that you had the courage of your conviction to pull out of an IVA where you were being forced to pay contributions you could not afford. Your IP should also not have been trying to get you to go beyond affordable limits, and I hope you have not paid them anything either.

If you are going to enter into an IVA, only do so if you really feel that you can afford the payments. Creditors are really pushing hard at the moment to squeeze every penny out of people, and in my opinion this will lead to a rise in IVA failures over the next 12-18 months.

Think things through carefully before you commit.