The point I think the IP might be making is it doesn't matter that you have paid £13.5k against a debt of £15.5k as your IVA continues until you have finished the term OR you have paid off 100% of the debt, plus statutory interest plus the costs in full, whichever came sooner.
In your case the latter is not going to be possible so your monthly payments would continue in the normal way.
Of course you can state that you have paid back almost all of the debt but unfortunately because of the costs involved that doesn't mean creditors have almost been paid back in full.
If you manage to prove your share of equitable interest is less than £5k then the remortgage/extension will not apply to you anyway, which will make the F&F more attractive as there will be less payments to base it on.
Unfortunately I fear there will be equitable interest in the property because part of my IVA was an unsecured loan used as a top up to my mortgage originally. This was £4k so I'm already nearly there
Iva completed with a F&F. Completion certificate received Jan 2017
Insist that Payplan put forward your offer - they have to do so.
Speak to someone senior in the company rather than your case worker if you can.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I agree. Request [in writing] that your IP put forward a variation and they must do so. If they do not you are entitled to complain as it would be a breach of the terms and conditions.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Submitted my third party offer letter yesterday. Any idea roughly how long it would take to at least get an acceptance? I understand the paperwork may take a while.
Iva completed with a F&F. Completion certificate received Jan 2017
Just had this reply from Payplan. I'm not sure I understand. What does this mean? Sounds complicated and long.
"The meeting process take approx. 3 months due to the volume of cases wishing to vary the original terms of their IVA. Currently your case it yet to be worked by the variation team. Once they have started on your case they will be in touch. Please note we have to prepare a circular which is presented to the Creditors ( sent to you first ) and from this point creditors have 28 days to submit their vote. You will be given a date for the meeting by the variation team once they have worked your file and completed all checks, fee sheet and circular."
Iva completed with a F&F. Completion certificate received Jan 2017
Basically it means they are overworked and under staffed and it will take as long as it takes ! Unfortunately Payplan work to their own rules, often making them up as they go along !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Agree with Foggy - it is going to take time to sort out the variation but I would keep pestering them.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
This seems ridiculous to expect people to wait three months for a variation just because they are busy. Payplan are hoovering up debt management companies after the FCA close them down and have been promising the Earth to get this work. If they now have a backlog in variations does this mean that their IVAs clients are being prejudiced in favour of the DMP clients?
Our standard terms and conditions say we must call a meeting of creditors if requested to do so within 21 days. Ask Payplan what their terms and conditions state about variations and are they actually in breach of them by quoting some crazy date way down the line?
I can appreciate you may not want to rock the boat but it would do no harm to remind Payplan of their obligations to you as a paying customer and regardless your offer should decrease by any additional payments made to the IVA. You should not be made to suffer because Payplan do not have enough staff or are ignoring their obligations to their IVA customers.
Last edited by Michael Peoples on Fri Aug 05, 2016 12:48 pm, edited 1 time in total.
