IVA Woes

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DBunyan

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Post by DBunyan » Sun Oct 04, 2015 3:09 pm
Hi There

I have an IVA which started in Dec 2012 for 60 months at £175 per month. It ends in Nov 2017. I have paid each month faithfully without any payment breaks or default and the amount I pay each month has never changed because nothing has changed in my circumstances. My original debt was £18,621.70 and they agreed I would pay back £10,500. I have personally pursued PPI claims and have received £11,579.84 back which has went straight to the IVA company. Two of the PPI claims were from accounts I had 15 years before the IVA was taken out. Between my payments and the PPI payments to date I have contributed £17,704.84. In just under 6 months months I will have paid over the original debt I took the IVA out for. I will still be paying the IVA for another 20 months after that, which will be another £3,500. In total I will have paid back £22,254.84 Will this extra money go towards the lost interest due to the creditors or will it simply go to the IVA company. Is there any chance that this IVA could be ended earlier due to the added bonus they have received with my personal pursuit of the PPI claims. I would appreciate any advice as I would so very like this whole ordeal to be over as soon as possible.

Thank You
Last edited by DBunyan on Sun Oct 04, 2015 4:08 pm, edited 1 time in total.
Deborah Bunyan
 
 

kallis3

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Post by kallis3 » Sun Oct 04, 2015 3:20 pm
Hi and welcome,

Your IVA will complete once you have either come to the end of the term or paid 100p in the pound plus fees. Anything left over would be returned to you.
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.
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DBunyan

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Post by DBunyan » Sun Oct 04, 2015 3:33 pm
Hi There

Thank you for your reply. Excuse my Ignorance on this matter, but would that mean when the initial amount that I owed is reached in 6 months time, then its just the IVA company's fee to pay. Do they take £11,579.84 in PPI claims into consideration, i have a letter basically saying in so many words "thats all very nice, but it doesnt change your IVA agreement" which i think is very crue as £11,579.84 is a lot of money, which was conned out of me in the first place.
Last edited by DBunyan on Sun Oct 04, 2015 4:08 pm, edited 1 time in total.
Deborah Bunyan
 
 

kallis3

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Post by kallis3 » Sun Oct 04, 2015 3:41 pm
You will never owe more than the full amount of your total original debt so if your PPI pays this off in full then the IVA will be completed.
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
 
 

DBunyan

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Post by DBunyan » Sun Oct 04, 2015 3:57 pm
Again, thank you for your reply
Is there any legal obligation for the IVA company to take these PPI paybacks into consideration or can they simply wipe them off which seems to be happening in my case.
Last edited by DBunyan on Sun Oct 04, 2015 4:07 pm, edited 1 time in total.
Deborah Bunyan
 
 

kallis3

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Post by kallis3 » Sun Oct 04, 2015 3:59 pm
They will take them into consideration - they have to.
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
 
 

lifenoteasy

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Post by lifenoteasy » Sun Oct 04, 2015 4:06 pm
Hi - suggest you remove your name from your post.

This board has a strong web presence.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

DBunyan

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Post by DBunyan » Sun Oct 04, 2015 4:06 pm
Oh Thank you so much for this information.....I havent slept in 5 years, and all this money I received from the PPI I thought they would just write off, but £11,580 is a lot of money. Is there anybody you could recommend that I could speak to, that would make sure the IVA company did this as I dont trust them. I have all the paper work that came with the 3 PPI's so I can prove they got the money.
Thank you
Last edited by DBunyan on Sun Oct 04, 2015 4:08 pm, edited 1 time in total.
Deborah Bunyan
 
 

kallis3

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Post by kallis3 » Sun Oct 04, 2015 4:18 pm
They won't just write it off - speak to your company tomorrow.

Which company is it?
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
 
 

lifenoteasy

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Post by lifenoteasy » Sun Oct 04, 2015 4:24 pm
Once you factor in supervisor fees etc. the total amount you owe is around £30k.

During the life of an IVA nothing is ever really written off - anything owing is written off at the end.

I am assuming that you do not own a property or have equity otherwise this may add another 12 months on.

From being involved with the board over the last few montsh I cannot see how IVA's can be justified for anything less than £30k.

You may have been better off going into a debt management plan but hindsight is a wonderful thing - not:(

The IVA company will take 15% from the PPI for their fees.

I'm afraid that as it stands you have another 2 years left unless you know someone that can lend you £3500 so that you can offer a full and final payment (20 months x £175).
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

DBunyan

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Post by DBunyan » Sun Oct 04, 2015 5:04 pm
Hi There
It was the Debt management people that persuade me to go for the IVA. I had been with them for 3 years previously paying off the debt and they passed me thru to the IVA department, I dont owe a car or house, I stay in private rental and my ex husband pay's the majority of the IVA payment as I dont earn enough, but want to get it paid off. Thats why I was happy about the PPI claims. The company is DFH (Debt Free Helpline) and they put me thru to their IVA dept DSC (Debt Support centre).
Last edited by DBunyan on Sun Oct 04, 2015 5:05 pm, edited 1 time in total.
Deborah Bunyan
 
 

kallis3

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Post by kallis3 » Sun Oct 04, 2015 5:43 pm
Must admit that I have never heard of them.
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
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