Prior to my IVA being confirmed by the court, I paid 5 payments of £480 to Synergie as requested by them 'to show willing and a serious intention to meet my commitments'. My IVA was confirmed in court and the amoutn raised to £503 as my creditors wanted a better return per pound. I have now been in my IVA for 2 years and despite asking several times whether my initial 5 payments were counted towards my IVA I have not had a definitive answer. Can anyone tell me whether I have simply 'lost' this money and will therefore pay an IVA for 65 months or can I still put in my diary the 60 month point from when I made my first payment? I'm afraid this is causing arguments becasue I can't seem to get a straight answer and am beginning to feel like maybe I was had over by Synergie when we were at our weakest. When you're in the debt trench, £2400 is too large an amount to swallow as simply having been given away, especially when the company are taking their charges out of your monthly fee anyway. Thanks
It is unusual to pay so many payments in advance - "commitment" or no commitment! I am sure that these payments will be treated as part of your IVA contributions, but strictly speaking they should have been declared as cash in hand at the time your statement of affairs was presented to creditors. Did the IP make any declaration of these monies within the proposal?
I am with Synergie and like you paid several months before my IVA creditors meeting I wrote to Synergie and asked if the payments we part of my IVA and received a letter saying that they were and I will stop payments in April 2010 but my IVA would continue until November 2010. Hope that makes sense. I do find Synergie slow in replying to letters etc. so keep on asking them.
Jan
Nothing you can buy feels as good as not being in debt.
This sort of practice might suit this firm of IP's but I doubt that creditors will be too impressed to know that a cash asset was not disclosed at the outset of the case.
I paid for 9 months before my IVA was approved. As to whether they informed my creditors of the several thousands of pounds (i was paying about£400 a month) they already collected I am not sure.
Jan
Nothing you can buy feels as good as not being in debt.
Many thanks for your replies, it has set my mind to rest a little. I will keep pestering Synergie for a written answer that I can keep with my records but they way I understand it now is that I will stop paying Synergie in the September although my IVA will run through till the February (assuming Synergie will make the creditor payments from the my cash build up). A thought has occurred, what happens if my monthly payments increase during my term? I was paying £480 initially but it went up to £503 once it was confirmed by the court and despite the credit crunch right now, I can only assume my payments might increase again in the next 3 years due to pay rises etc.... I hope Jan is correct and I can plan my budget to stop paying my IVA in the September and not have to continue digging into my pocket past my 60 month point (even if it's not the official IVA 60 month point!)[B)]
Synegie should have sent an Annual Report to you and all creditors which would include a Receipts and Payments Account. Press them for one or threaten to report them to their Regulatory Body.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
