Just as thought as well - have you checked the Insolvency Register to see if you are on there? If you are then the IVA has gone through and as far as I'm aware it is now legally binding.
Hopefull Mel or Andy will be on later to advise.
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
I'm sorry for all the confusion. Yes the meeting took place and the IVA was accepted on the basis that I seek full time employment or increase business hours. We got a copy of the meeting report a few weeks ago the direct debit was already in place to go out on the 27th then I got the letter yesterday saying I need to sign here to confirm I have disposed of credit cards etc and to sign here to agree to finding full time employment or increase business hours. I have not signed and returned it yet I wanted to get advice off you guys first.
If a condition of the IVA being accepted was that you had to increase your hours then you must have agreed to this?
As the IVA is now in place and this is now part of the terms and conditions then yes it is legally binding as Kallis has said and the only way out is for you to fail it by missing 4 payments.
Did you discuss with your IP at the time about the difficulty you would have increasing your hours?
I have looked at the letter I have received and it is a schedual of modifications so I think that because I have not yet signed and returned it WE are not properly on the IVA YET. I would guess that everything is all in place ready to start and they are just waiting to get this letter with our signatures on.
I agreed verbally over the phone to work a few extra hours a week but not to the extent of what they want me to work. We have not yet signed anything to say I will work extra hours.
I will call my IP today and say I'm not signing it and see what they say. After reading about all the different problems with being on an IVA we would prefer to go back on the DMP and pay off extra when we can afford to.
I think that you do need to speak to your IP, make sure that you can just drop back onto the DMP and that your IVA isn't legally binding as yet.
Let us know how you get on.
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
on another note I had no idea that it would be difficult to get business insurance when in an IVA, that's a worry as I'm in business too! Thanks for giving me the heads up, although I'll be sticking with my current provider!
"It is never too late to be what you might have been"
Fiona
I wanted to stick with my current provider but they said they would no longer issue me with insurance. I'm with Simply Business and even though I was with them for a few years they said I was "High Risk" I have since found a company that will insure me but it will cost nearly 3x more than what I pay now and what I pay now is a lot
It's really bad when we get punished like this - we are no more of a risk than anyone else, and let's face it, if you don't pay the money, your insurance is cancelled anyway.
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
I spoke to them today and they said we could go back on the DMP if we write a letter saying why we want to come off the IVA. They said that they will fail the IVA and send a copy of the letter to the creditors. They said they are not in the business of providing information about insurance and I said if being on an IVA affects it you should at least mention that being self employed and going on an IVA may affect Insurance decisions.
We have both learnt from this and we are going to do more research into things in the future.
I hope it works out for you Dave, you can always look into doing another IVA but you need to deal with a company who are well versed in self employed IVA's. There are a couple who post on here who are highly recommended.
My own IP company actually do insurance products for car and home and will also try and help you source utility companies if you want to. Don't know how they would stand on business insurance though.
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
Sorry it hasn't quite worked out for you with the IVA Dave but glad that you are able to go back on a DMP.
As Jan has just said though, there is nothing to stop you proposing another IVA in the future, just make sure you ring around and get all the facts and info you will need for your situation. Remember too, that we are always here for support if needed.
Thanks for all the help. I checked the IVA register and we are not on it yet so if I get the letter to them in time it might not go on and we wont have it on our credit file for 6 years.....I think
Daveddr100 - hope it works out well for you - but be careful that the creditors dont start to load interest/charges/default charges etc on the the balances - if you fail the IVA and go back to the DMP again - unfortunately a DMP will not always prevent this.
Last edited by ginger3232 on Mon Jun 06, 2011 3:45 pm, edited 1 time in total.
Business insurance is a well known problem and I am concerned that your IP firm wasn't aware of these implications for you. However, I think you need to challenge whether the IVA should be failed or whether it actually existed if the paperwork wasn't signed. The difference being whether yu have a failed iva on your credit file or not. As a failed via will be there for six years and possibly still affect insurance whereas an iva that never came into being will have no place on your credit file and no bearing on your insurance.
