circumstances being reviewed since nov. help!!

[tom_]

Hi

I have been having my current IVA circumstances reviewed by my IVA company since November last year (06) and I still do not know what my new monthly contribution should be.

Is there any way I can complain / get this sorted, as this is having serius financial impact on me as I am hoping to purchase a house and i am waiting for approval from my practitioner - a requirement of the mortgage.

Is there any way i can change companies without being made bankrupt - i feel i am in danger of this anyway as i am not making my payments as i do not know how much i should be paying etc.

i want to purchase a house in order to do it up and re-mortgage to make a full and final offer to my creditors,

help!!

Tom

[MelanieGiles]

Hi Tom and welcome to the forum

Are you already in an IVA? If so, you will be unable to change your IP. I am assuming that you are struggling to make your payments, but your IP is being unresponsive? Try asking to speak to them directly to see why there is a delay.

Your latter suggestion is unlikely to be viable if you are already in financial trouble! How will you fund the deposit and the costs of building works?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jamesfalla]

Welcome to the forum Tom

I assume that you are in an IVA. This being the case, it is generally not possible to change your IP.

How much were you paying into your IVA when it was agreed and do you feel that given your changed circumstances this is no longer possible? What do you feel you can pay now?

I suggest that you need to speak to you IP as a matter of urgancy. Most importantly, you should not be taking a new mortgage while in a IVA without the OK of your IP as this may contravine the terms of your IVA and cause it to fail.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk

[tom_]

HI

Thanks for your replys.

In answer to your questions i can confirm that I am in my IVA and i was due to be pay £353 pcm.

I obtained a new position which although paid less, was a permanent position. As a result i asked for my contribution to be reviewed as i could no longer afford the £353.

I sent all requested documentation in and waitied. When i phoned to see why there was a delay, I was told and i qoute " i have been too busy to look at your case" I then waited again and phoned back to be told that lady had now left and my case was being reviewed by someone else. The new lady then phoned me to say there was no documentation with my case. I re-sent the information, recorded delivery and waited. I then phoned back, and they clained they had not received any documentation, even though when i checked with the post office they had signed for it. I re-sent and i am still waiting - i was told last week it will be at least eight weeks yet.

In the meantime i decided i need to get out of this situation so started looking for mortgages for people with IVA's. i informed my iva comapany i was doing this.

I obtained a mortgage offer from GMAC with the proviso that i obtained written consent from my IVA supervisor.

I found a property that needs purely decorating and modernising ( which my girlfriend has agreed to pay and the 5% deposit - with no claim on the property)

When i contaced my iva company to request consent, i was told they could not do this as my iva was under review as i was behind on my payments. No consent can be obtained until my review was complete.

All i want is for my new monthly figure to be calculated and for permission to go ahead and buy a house that will offer my creditors more security than me renting and which will cost less per month than my current rent whilst giving me the chance to end my IVA early through a full and final offer.

I really regret entering into the IVA as i feel the monthly payment is much more than i was originally told and leaves me struggling every month.

[MelanieGiles]

Hi Tom

I am sorry that you are suffering this experience at the moment, when it appears that your are doing all you can to honour your commitment to creditors. Try speaking to your IP directly to see if they know why there is a delay, and get them to commit to a firm timescale to review your case and report back to you. The review that they need to undertake should not take more than half an hour.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[MelanieGiles]

Hi Tom

I am sorry that you are suffering this experience at the moment, when it appears that your are doing all you can to honour your commitment to creditors. Try speaking to your IP directly to see if they know why there is a delay, and get them to commit to a firm timescale to review your case and report back to you. The review that they need to undertake should not take more than half an hour.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Hi
why not request a face to face meeting with your IP ? You can get all points sorted and agreed.
You need to be persistent and remember to remind your IP that your disposible income and hence IVA payments will increase once you move house.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Chris.z]

Hi tom I have a had a very similar problem to you in that my partner left me and I tried to vary my IVA to reduce the payments. This started in October and I haven't been making payments either. Just had lots of worry and stress and numerous failed attempts to speak with my IP. It worries me sick that they just don't seem to make decisions. I did recently hear from them and it was a very unrealistic proposal - Just wish I had seen this site prior to me going into an IVA.

Chris