My IVA has been terminated after 4.5 years. Advice please

[Melanie.a]

My IVA has been terminated after 4.5 years. Advice please

[Shining]

Hi and welcome to the forum. Have you bee experiencing problems with your IVA for it to be terminated?

[luluj]

Sorry to hear your news...what is e reason for the termination ? Have you discussed this in full with your IP to see if there is anything that can be done...seems such a shame after 4.5 years of hard work to repay your creditors.

[Melanie.a]

In between jobs for 2 months hence got behind payments.I informed them about the change in my circumstances.I now have a 5 year job.I feel duped

[Julie]

Hi Melanie, who is your IVA company and how do you know the IVA has been terminated - do you mean failed?

I agree, on the surface this seems harsh. Normally, your IP would either ask for creditors to accept payment to date and finalise the IVA or allow you to take a break to enable you to find employment.

[kazzafunk]

I think you have good reason to ask for a full explanation as to why the IVA was terminated. Normally you can take a break if you have lost your job.

Have you missed any other payments along the way?

[Melanie.a]

I moved to the south for my new job and had an incease of my rent.I informed them along the way.What they said was I exceeded the 3 month limit.
Melanie

[Niobe]

Which company are you with Melanie? Is there anyway they will let you resume payments? It seems a shame for it to fail now.

[Melanie.a]

freeman jones

[Niobe]

Speak to them on Monday - I'm sure something can be salvaged here.

[Melanie.a]

I have already tried anr they do not want to know

[Niobe]

Have you spoken directly to the IP rather than the office staff? You can email them directly via this link:

http://www.insolvencydirect.bis.gov.uk/fip1/

[Broke of London]

I have always thought that if you are in breach by missing three months payments, you have the opportunity to rectify things before the iva is failed. Have you checked your proposal to see how a breach is treated? It would be a good idea to contact your IP directly as you can often get a different answer to that given by their team. Good luck x

[Adam Davies]

Hi

After such along time of paying I would go back to your IP directly to see if they can carry on with your IVA, unless it has been formally terminated you are in with a chance

Good luck

[plasticdaft]

I know we dont know the full facts here but I wonder how many people get shafted like this. Even if you were running 12 months behind Ip's seem to have no problem extending things to allow ppi claims to be settled before discharge so whats the problem with going more than 3 payments behind.

So in this case the IP/IVA firm has made a fortune and the debtor is thrown back to the sharks,with no real recourse over their IVA firm!!!

That would put me off going near an IVA!!


Melanie can you confirm how many payments you have actually made in the 54 months(4 1/2 years)? How many warnings have you been given regarding arrears?

Paul