Our 5 year IVA is due to end on the 29/3/09. Approximately 2 weeks ago I emailed our Supervisor to ask what the procedure is to complete the process and how much shortfall there is (we were aware there might be)as our parents had offered to help clear anything left. Our supervisor responded by saying she was unable to deal with it by email and to make an appointment. I advised her that it was difficult as my husband and I both work full-time and have 2 children to look after, and requested that we do as much as possible by email. She replied again that she was unable to deal with it by email and to make an appointment. We feel like we are being pressured into another meeting that will cost even more than the £11k they have included in our original IVA agreement and it is still very difficult to get the time off together to deal with it. Are they being reasonable in their approach and could anyone tell us what the process will be to complete it. Do we have to have a meeting?
Hi
That seems very unreasonable to me.
Your IP could deal via email or letter.
Who is your IP ?
Send a letter, recorded, asking how much is needed to close your IVA.
If you do not receive a suitable answer then ask your IP for their regulator details.
Regards
Also ask them for an up to date Receipts and Payment Account. In your original proposal what did it say about their fees? How much for Nominees and how much for Supervisors? Who is the IP or firm you are with?
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.
In both IVAs (My husband and I both have them), it refers to £4000 plus vat as being the limit, although in their annual statements there are also pre-IVA fees included of just under £2k each. Can they just fail it, or do they have to give us some warning so that we can rectify the shortfall? (We have paid all 59 installments on time)
Hi Jackie - Well done and nearing the end of your IVA. [:)]
After making all these payments you'd think the IP would treat you with respect, afterall they've earned a nice fee from you. I don't think they can fail you now, can you say which company you're with and why there's a shortfall?
Take Andy's advice and send a letter. Also you may find by naming the company, David might be able to help.
I don't think you need worry about them failing it now, as you are so close, it is in no-ones best interests for it to fail.
Who is your IP?
I don't think you should be pressured into a meeting. Just be firm in an email and say it is impossible for you to do this and you insist on her sorting this out either by email or letter.
Be firm.
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
You should ask them what the Pre-IVA fees were for and who did they bill in respect thereof and what work was done for you for this!
Who is your IP?
They won't fail it as you have not been in breach.
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.
Their letterhead says they are regulated by the Insolvency Practitioners Association. Is there any reason why they couldn't deal with this issue by email or letter? They haven't even suggested talking about it over the phone, just to make an appointment.
This is my original email: Good evening
It is now only a month to go until our IVA's reach their conclusion. Could you outline the process for completing these. For example,
I believe at the moment that there is a shortfall on both agreements, but I am unsure exactly how much this is. Will we be given details of the exact amount to settle these in order that we can arrange something with our parents, or will we just be told that the agreement has failed?
How long will the completion take? If I allow the April/May standing orders to go through, will these be taken into account as part of the shortfall.
Once settled, when will the court order be removed from our files?
I have also noticed that the proceeds from the sale of our house show as £20480, but the cheques that we paid out were for £20619, could you tell me what the difference is for please.
and this is the response:
Rather than deal with this by email, I should be grateful if you would make an appointment to come into my offices.
You may recall that you were paid moving expenses from the sale proceeds - this was netted off against the receipts. It would appear that you only kept a note of the amount of the cheques which we received!
I therefore replied as follows: Hi
Unless it essential, it is easier for us by email. We both work long hours, plus the children makes time very tight for us. At the moment, I am also alternating between 2 different sites which makes things more difficult (only way to keep my job unfortunately!). Obviously the timescale is quite tight now, so if we can sort out as much as possible this way would be great. We just want to get it all finished and put to bed as soon as we can so that we can get on with our lives, as I am sure you can appreciate.
I'm afraid I cannot remember anything about the moving expenses, I just assumed the cheques were what was paid into our accounts as we had to do individual cheques, so thanks for clearing that up.
The sooner we know how much we need to settle things the better, as our parents are going to lend it to us, and I would like to give them as much notice as possible.
I look forward to hearing from you
and their response:
As explained, I am not able to deal with your enquiries by e mail correspondence.
Hi
I think that it may be true that email is not the best way to deal with the finer detals, however they could certainly deal via letter.
I can see no reason for you having to attend their offices, it really does seem unreasonable
Regards
Just a suggestion...if they're so keen on a face to face meeting, invite the IP to your home at a time thats convenient to you. At least this way you'll get the answers.
I agree with Andy that you should try and deal with this by letter. Get one sent off recorded delivery and tell them that you wish it dealt with in this way.
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
If they refuse to deal with it by letter or email, threaten to report them to their authorising body as they appear to be acting unreasonable.
Who are they?
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.
Thanks to everyone for their support. I took the advice and sent them a recorded delivery letter. Strangely enough, they responded straight away with a figure which we can now settle. Hopefully, come the 29/3 it will all be completed. Fingers crossed.
That's good news Jackie. Hope it does conclude successfully on the 29th and well done for getting through the five years.
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
