It perhaps may be tomorrow? Declan did post late on today so I hope he should be able to help you out.
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
What do they mean that the two payments you paid in advance were for the benefit of creditors. Have these been properly recorded in your IP's receipts and payments accounts, and does this mean that your final account will show that you have paid 62 payments rather than 60 Helen? What does your IVA proposal actually say about the frequency and quantum of payments?
Hi Mel,
we checked ours last night and if definately states 60 months - not 62. The 2 payments and a bit up front in theory means we've already paid 60 months. By paying the last 2 payments would mean we've paid 62. As i posted already not only did we pay those payments upfront we were also advised to continue to pay token payments to creditors -which were very small tokens of £10 until the creditors meeting. Because of being all new to this process as all people are we did as we were asked.
Thanks Lesley - i hope so too. I know Declan has posted that DFD used to take the upfront payments and then they were stopped. Is this something that shouldn't be done?
To be fair Jen, I'm not sure about previous IVA's I'm only month 27 of my 60 months, it won't be long for you now and I would guess it was a policy of DFD which has now changed rather than a wrong thing but wait around as I'm sure Declan won't be long before he's online. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Helen - if your IVA proposal says 60 payments then this is what you should pay. I am not sure why your IP firm needed to start taking payments from you in advance, or what this money was used for, but hopefully Declan can throw some light on this. By putting that clause into the proposal, and beginning to take payments from you in advance, they have effectively extended your repayment period which may not have been necessary.
Hi Mel,
In response i have emailed Declan at DFD to shed some light on my situation - as we paid upfront as well as making token payments to creditors before the meeting. Our IVA says 60 months and these 2 payments haven't been included in the repayment programme. In theory this means we have now paid 60 months. Paying the last 2 payments means the IVA is 62 months. I'm sure Declan will sort it out for me.
Declan will want to help you to clear this up as soon as he can Jen. He is bound to look in at some stage today, and I am sure he will ask you to contact him directly.
Thanks Mel, I'm sure he will. We've had no problems with DFD during the whole term and customer care team are always helpful if ever we've needed to contact them which has been very rare over the whole term. The forum is a fantastic source of info and everyone is so helpful. Like everyone trying to solve their debt problems we just did what we were told and were none the wiser at the time.
Hi all
Just to give some understanding on this, back in 2005 it was company policy to ask for upfront payments. These upfront payments counted as part of the 60 month term. We have since stopped doing this and no longer ask for any payment until the IVA has been agreed with creditors.
Jen – I emailed you a few minutes ago and you will be receiving a call shortly to discuss this with you.
Hi Helen
I have asked your IP to look into your case as we speak. I will email you separately.
I think its important to remember one important aspect. The IVA term lasts 60 months - if you make payments prior to the IVA being accepted by creditors then those payments become part of the IVA and are not additional to it.
I appreciate that there may be some confusion and for Jen & Helen, I will ensure you get a resolution to your queries.
