We have been in an IVA since 27 February 2008 and suddenly out of the blue today, we have received a letter from The Halifax, who our mortgage is with, to say that they have noted our records to say we are in an IVA. They then asked if we would get the IP to inform them when the IVA finishes.
We have just completed forms this week and posted them on wednesday, authorising a company to reclaim ppi on our behalf. This was on the instructions of our IVA company.
How will the Halifax have found out about our IVA after all this time. Will the PPI reclaim company have contacted them before we gave them authority to do so?
We are with Grant Thornton who I have to say, have been great up to now, and have responded promptly whenever I have contacted them.
Also, my income is going down in April and I have been in touch with our IP. we have been given a new I & E form to complete. We are about to start our 6th year due to not being able to release equity. Does anybody know the least amount acceptable for the IVA to continue each month. We currently pay £239 per month but my wages will be reduced by around £160 per month.
Last edited by everhopeful2011 on Sun Feb 17, 2013 12:59 am, edited 1 time in total.
All that I can suggest is that you get on the phone to GT on Monday morning. I can’t see how this will affect your mortgage. I did raise the point some time ago that investigating PPI could alert your current lender (not a creditor) to the fact that you are in an IVA.
7 years after starting an IVA I finally received a completion certificate from ClearDebt
I am really worried as to why Halifax have suddenly wrote to us now after 5 years.
Also, my wages are to be reduced by around £170 per month from April. I got in touch with our IP and they have asked for a new I & E to be completed. I have been in touch with our HR department and am unable to get a written letter confirming what my monthly wage will be reduced to. That means I won't know until about 24th April. Our May payment will be due May 1st and we won't be able to manage the payment. We are about to enter our 6th year due to the eqquity release clause and I don't want the IVA to fail now. We pay £239 per month at the moment. What is the minimum payment per month that will be accepted or is there anything we can do.
Any advice will be greatly appreciated as it is so worrying.
Everhopeful2011 first of all I wouldn't worry about your mortgage company discovering that you are in an IVA......only time they would be concerned is if they issued a new mortgage and the client had not declared the fact that they were in an IVA.
Secondly dont worry about your IVA payments at the moment....your number one priority debt is to your mortgage......simply pay the mortgage and then pay into the IVA what you can afford whilst you await confirmation of your wages.
Can't really comment on the remainder of your IVA, suffice to say that as you have paid for the last 4 years, your IVA Company "could" possibly look at "payments made to date" and bringing your IVA to a close. In any event dont worry to much, just keep your IP up to-date and I'm sure if they are worth their salt they should find a satisfactory remedy and failure of the IVA at this point shouldn't be in question.
Good luck and try not to worry:)
I came into this world with nothing and still have most of it left!
We are actually about to enter our 6th year due to not being able to release equity. This is why I am anxious that the IVA won't fail at this late stage.
Can anyone give me a reason as to why Halifax have suddenly sent a letter saying they have noted the IVA on their records after 5 years. What effect will this have on us?
Also it is such a worry that my pay is going down by a gross amount of £320 per month from April 1st. Our IVA payments are £289 per month because of a payment break but due to reduce to £239 from july 1st for the final 12 months.
I don't want things to go wrong at this late stage and for the IVA to fail.
Please do not panic over halifax learning of your IVA.
Your change in income needs to be presented to your IP and a full review conducted to establish the new disposable income. No one will want to see your IVA fail at this late stage and if circumstances have changed and your disposable income has reduced dramatically you could ask for payments to date to be accepted and your IVA ended early, although i would imagine they will want to accept smaller payments rather than none.
Pick the phone up and speak to your IP and seek their help and support..
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I agree with previous posts in as much as there's no need to be too concerned that your lender knows about your IVA - it's not a criminal offence! In any event your lender has a statutory responsibility to treat you fairly so you have this protection. If you are keen to know you could always ask them how they found out though. They'll have to tell you. If it's possible you could always consider making an offer to the creditors via your IP for a full and final settlement?
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Having contacted Halifax it would seem that they are approaching customers on an 'interest only' mortgage with a view to confirming/establishing how they will repay the mortgage at the end of the term, if this cant be done then they will be looking to get them to change to a 'repayment'one. I have been asked for the IP to confirm the end date of my IVA. Apparently they will then not be asking me about mine until the IVA is finished (That appears to be very helpful of them).
I work in a global HR team and find it very odd that your HR dept won't give you written confirmation of your nes salary as they are required to do this by law. They are not allowed to change your salary without written notification.
I would go back to them and ask again, or if not you can contact the payroll team and ask them for written confirmation.
