Hi plasticdaft

Thanks for the compliment, it really is appreciated.

If you do what you believe to be the right thing, then it makes a nice balance between the individual and the creditors.

Mark

I have been part of an iva forum for the last 3 years(because when I started the PTD there didnt seem to be a forum like this great place),and can safely say that good IP's are like hens teeth. Clearly you would want to stick up for your fellow Ip's but I have frequently seen some very poor information pushed towards clients that hasnt been in their best interests but has ensured that the iva has trundled along nicely,when other options were better ones!!

I say it like I see it.

Paul

Thanks everyone, teh problem with the income and expenditure is that we had to cut down everything on it to make it come out at teh £201 figure as at the time they told us we either had to pay the £201 or "get in to trouble". We didn't know what this "trouble" meant so panicked and told them that our income and expenditure wouldn't allow for the £201 so it was suggested to us to lessen the amounts on the groceries ect to get the figure to the £201, even though the amount for groceries ect were acceptable (as they were in the first place) it was menaing the amount left for the trust deed was too low. So in real terms we can't afford it but on paper we can. Does that make sense? We can only hope that when we do move they will allow us to do a more realistic income and expenditure again as it will allow us to pay over the £201 but not anywhere near as much as they think with 4 kids under 5!

Hi gillianr2

How much did they allow for food and toiletries for you all?

Our budget for 2 adults and 1 child is much more than that!!! Your expenditure is just that,what you spend,and you shouldnt allow anyone to tell you what you spend. Yes if you are over on things you may be asked to cut back but how the heck do you managed on that???

Paul

Hi Gillianr2, you've certainly got your hands full with this one! May I ask who your IP is? Just so people can avoid them! [:D] They don't sound very understanding at all. I hope it's not ours!

Im not sure about naming them Pammy, if it's allowed or not? Tb assistnat i think the last income and expenditure was for £500 a month which may seem alot but realistically that's under £125 per week for all food for 6 of us, toiletris, cleaning stuff nappies, wipes, formula ect. With the twins and one elder still in nappies we go through £15 a week in nappies alone, then 2 tubs of formula at £20 and £5 of wipes so that's £40 before I even start buying everything else.

£500 per month for household expenses for two adults and four children?

The allowances creditors accept would allow a sum plenty higher than that.

As said before gillianr2, don't be bullied into paying a sum that you just cannot afford. It's not worth it.

Yes, im sure it came out at around £500. They worked it in to months though so ended up being five hundred and odds so it was £125 a week). Will bring this up with them aswell, thanks.

Hi gillianr2

As everyone has said , all income and expenditure should be reviewed when you move. Anything else is just unacceptable. If you cannot manage your mortgage, that is bad enough, but at least repossession takes a while. If you do not meet your rent payments when you eventually move, you could be evicted far quicker. You MUST keep your rent payments up-to-date. Your Trustee is being unrealistic and putting you into more debt - not the purpuse of a Ttust Deed! I would push for sequestration, it soulds far more affordable for you.

Thanks Shona. The trustee already suggested we should just stay where we are and then sell when the trust deed is over,they said we could then work out with Nram how we were going to pay back the shortfall!! So they actually were telling us to get in to alot more debt once the trust deed was finished which seemed like crazy advice to us. We have asked for bankruptcy a good few times now but they keep telling us no and it's better for us to complete the trust deed ect. Other than stopping paying the trust deed and pushing them in to it I don't think there is anything else we can do.

The Trust Deed would be fine, but only if the Trustee is going to be realistic regarding your income & expenditure. You will have to insist on a review of your whole financial situation, be firm that you know this is the procedure when a change of circumstances takes place. Don't agree to figure that is not sustainable.

Thanks Shona, that's our plan when the council get us a place, to insist they do a whole new income and expenditure and be realistic about what we can afford to pay rather than just now all they are interested in is he agreed to pay x amount and they want that x amount realised (which it can be just not as quick as they want it!).