Hi , Im in much need of advice please for a way forward for my partners IVA situation . Briefley he took out an IVA in Feb 2011 , after the company agreed an amount of £130pm (he was also misinformed greatly at the beginning) , after a year of payments and a PPI claim he was informed the payments would be £400pm . With no change of circumstances he panicked as unable to pay that amount and cancelled the direct debit , hes had no contact from the IVA company until Oct 2013 which they stated they are doing yet another PPI investigation and his new monthly payment would now be £659pm .
Ive come into this situation after the event and was amazed to find he was informed his mortgage snd secured loan hsd been included or so he was told , however he has two cc debts of just under £14k . Is his best option cancelling this IVA and making sn srragement direct with the cc companies ?
he wants to psy his debts and admits he has buried his head but with my help snd support he is ready to move forward .
Sorry its so long snd thank you for your time
I am not an expert but I would advise that he contacts his IVA company and asks to speak to his IP .
I think that this is a confused situation and it needs to be resolved. There is almost always a way forward and in an Iva payments are based on what can be afforded .
Payments would not increase from £130 TO £400 when there has been no change in circumstances. My advice would be to urge your partner to contact their IP urgently to rescue this situation. Hopefully an expert will be along soon to help .
Hi thanks for your reply , he has tried on several occasions but at the moment all they seem interested in is investigating possible PPI. Even though they did that last year ? Ive also noticed that the IVA company and the PPI claim company is the same address but a different name ? Conflict of interest ? Again thank you
Some confusion over inclusion of secured debts and mortgages ..... these are not included in the debts covered by the IVA itself, but allowance to make the repayments IS included in the expenses part of the Income and Expenses review ... so they have to be paid seperately.
As said above, the payments cannot increase without a corrsponding increase in income, or decrease in expenditure (such as a secured loan or HP being paid off).
I would suggest you strongly request a discussion with your IP as soon as possible to find a way forward.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi when he originally contacted them he was told his total debts were over £130k , which included his mortgage and secured loan , but in reality it was £14k he was also told he would only have to pay for 3 years . He is with clear debt ltd , and like i say its like banging your head against a wall all they are interested in is PPI . I will get him to write another letter as phone calls he gets fobbed off ...
Thank you
David Mond, from ClearDebt often looks in on here and I am sure will want to get this sorted out for you. Hopefully he will pick up on this and ask you to contact him directly.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
