Hello all,my husband took out and iva nearly 3 years ago,we knew that the joint overdraft we had with the bank we were with at the time was my debt too so i would be liable also.The original debt was 4085,the bank took the debt and added it to a loan i had jointly with my daughter and took my husbands name off of it,we didnt know this untill they started sending back the loan repayments my daughter was making through direct debit and while trying to find out what was happening they had put the loan in default which in turn made my daughter have problems too,they took her debit card and started sending her nasty letters.We have been fighting this now for 2 years and now they have suddenly seperated the two debts,sent me a demand for 4400!!! I cannot understand whats happening at all,not only has the overdraft debt increased but what has happened to the 33 monthly payments that the iva have been paying to the overdraft debt ??The original documents for the iva have the account number and debt amount on them and the account number that they have put on the letters they are sending me are the same so how can they after agreeing the iva then just take his name off of it .Sorry this so long but im hoping someone can shed some light on this because its driving us all crazy!We have had a call from IQOR today and they are now saying its our fault for not making sure the payments were going to the right place!
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You have not received great service from your bank, who would appear to have acted completely inappropriately with regard to your daughter's position. However you are jointly and severally liable for the joint loan, so they are entitled to chase you for the balance.
Can you work out how much you could afford to pay on a montly basis and see whether the bank will accept payment by instalment?
Hello,the bank wont talk to me about it now as it has been passed on to IQOR,and they say there hasnt been any payments made to this debt at all even though the IVA has been paying for nearly 3 years.I know i am liable too and am happy to come to an agreement with them but nobody seems to know what has happened to payments made already,probably because my husbands name has been taken off of it now/.The bank has had all these payments but the balance is now more than the amount we owed originally,how does that make any sense?
I believe IQOR are the new name for Legal and Trade Collections and will almost certainly agree to any reasonable repayment schedule. It may be worth sending them a copy of the last annual report from your husband's supervisor showing how much money was actually paid out.
Given that payments were also made by yourself and your daughter I would request a full statement and breakdown of monies owed before you commit to any repayment plan. I would also seek confirmation that no further interest or charges would be added.
In addition, his IVA should have made an allowance for you to repay this debt and if not his payments will have to be altered.
Finally, your daughter should obtain her own credit file to see what adverse information is recorded against her and given that she may have been badly advised or worse, she should request this information be removed.
It seems to me a complete letter of complaint to the bank is justified, pointing out the matters you have raised and request of them a proper response, failing which you will report them to the Omsbudsman.
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've deleted your other thread as it was a duplicate of this one, just incase you wondered where it had gone!
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
It was possibly a gremlin - we do get a few of them on here![:D]
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
