I am 3 years into an IVA with Blair Endersby. I missed 2 months payments in the first year because I was between jobs so my monthly payments were increased from 245 to 311 and an extra 2 years was added onto the length of my IVA to cover the payments I missed.
BE now tell me they have added another 2 years onto the length of my IVA and are increasing the amount of my monthly payments from 311 to 375 a month for the final 3 years of my IVA.
The debt I owed to my creditors 3 years ago was only just 15k, in the 3 years I’ve been in the IVA only about 1500 (from the 4000 I have paid) has been paid to the creditors, if that.
I have now been in steady employment for over 2 years and feel I could have paid my creditors off comfortably a long time ago without the IVA.
What options do I have other than carrying on with the IVA for another 4 years?! If the IVA fails will I be able to go back to my creditors and arrange a payment plan directly to them and what fees would I need to pay Blair Endersby? BE have told me over the phone I would owe them over 5 thousand in fees if the IVA fails, I can’t see how that can be so!?
Any help or guidance you can give me will be very much appreciated.[:)]
This sounds very wrong to me. The maximum an IVA can run for is 6 years I believe and that is only if you are a home owner and are unable to re-mortgage to provide the equity in year 4.
How can they add 2 years on to an IVA for you missing 2 months payments in year one if you had your payments upped to make up the difference?
Check what it says on your original paperwork regarding how long the IVA can run for. BE post on the forum so you may get some joy directly from them.
It may also help to talk directly to your IP not to one of his/her monkeys as sometimes they dont know what they are talking about!!
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
That is what believed would be the case from the start that the IVA would last for 5 years and after that time the remaining debts owed to the creditors would be written off and I would be able to wrap up any payments i owed to BE then. When I asked BE about where the extra money was going from increasing my monthly contributions from 245 to 311 the customer services guy said this money had gone towards the final amount and they had not used it to cover any payments I had missed. This IVA just seems to be going on and on and not actually getting me anywhere. Do I just keep blindly paying BE what they ask for for years and hope one day it ends or is there another option?
Also in reply to the first comment I am not a homeowner and do not have any assets.
As I said previously you need to speak to your IP directly. Follow the link I posted and when you tap in the Companies name it will bring up the IP's name
Are you sure you are talking about an extension of years rather than months? If so, there is something radically wrong about your IVA and you do need to get your IP to confirm to you exactly why it is being extended and under whose authority.
Fredjones - £245 for 5 years equals £14,700. Missing 2 payments of £245 amounts to £490. Increasing your monthly contribution by £65 (£311 - £245) would mean that you would have caught up after 7.5 months.
I cannot see why your IVA should be extended by 2 years let alone going over 5 years.
Please write to your IP setting this out. It is irrelevant what fees they have taken as that was agreed by creditors at the time of the approval.
By the way - what did you proposal and/or and modifications say on this (if anything)?
I will also try and get you a response from them.
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.
I looked through the original paperwork for my IVA last night. The total amount I owed to creditors when I first contacted my IP was calculated by BE to be £17500...The total amount BE are asking me to pay up until 2013 will amount to around £21000 in total. Is this correct that I will have to pay over the full amount I owed to my creditors and another £3-4 thousand in fees to BE?
How is the IVA helping me atall if this is the case? except for getting the creditors off my back
I have contacted my IP, Mr James Kaye directly but am waiting for him to get back to me.
I have contacted my Insolvency Practitioner at Blair Endersby and am awaiting a reply.
I tried to discuss the situation with an advisor at BE the last time I contacted them by telephone but all he had to say was that I would owe them over £5000 in fees if my IVA were to fail, i was £200 in arrears, had no advice or knowledge of my case and was only interested in demanding I pay higher monthly payments. I have lost any trust or faith I had in BE.
James Kaye is out of the office today. Please contact us via info@blairendersby.co.uk giving your name and account number. We will then call you back to clarify your situation.
