Hi. I have come to month 60 in my iva however during that time I was awarded my state pension. This was declared on the bank statements and the requested information. My monthly payment increased from £180 to £540 which I simply could not afford. I paid three months at this rate at the cost of any savings I had. I subsequently paid a regular £250 per month. I have been consistently told I have several thousand pounds in arrears. During a phone call with a supervisor I asked if my iva would continue for a further year to be told that it would end September my 60 month because I had never paid less than £180 a month. I recently received an email from a different agency Vanguard Insolvency telling me to cancel my standing order as of now citing my arrears as the reason for this. I am confused as to why they would ask me to do this if there are arrears to be paid. Do you think they are wiping the arrears off however unlikely this is?
Which company were you with initially? I would be very wary of cancelling your standing order and would insist on speaking to someone in a supervisory position - this doesn't sound normal to me.
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
Basically, you have been underpaying without agreement, which has, in the eyes of your IP, put the account into arrears. You need to discuss this with your IP directly and, at the same time, questioning this sudden appearance of Vanguard.
If your income increased on the introduction of the state pension, then your IVA payment should have only gone up by 50% of the net increase, so you should have been able to afford it. Indeed, you should have been a little better off!
You really need to see where your IP got their figures from and attempt to wipe these "arrears".
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
In my experience you should question these arrears.
I was told I had arrears of excess of £4500 when in fact it was £850.
I questioned where the arrears came from and was told from tax rebates I had received.
After a few phone call the tax rebates were mine because of expenses.
Ask for a break down of the arrears and remind them that YOU are paying them to administer your iva and are not happy with how the arrears have built up.
Today 1st of December 2016 the vultures finally flew away
