My IVA was approved back in June and I have already made my second payment. I had five debts, two of which were with the same bank, one credit card and one personal loan.
The bank concerned were represented by the insolvency exchange but there was only a vote on the credit card not the loan. I found this odd. Anyway, given no vote the loan debt is still legally bound.
Despite June approval I am still getting letters from the bank about the loan, most recently today threatening legal action and full payment along with debt collectors possibly calling to my door. Now I am worried again. The last thing I need is legal costs building up and people calling at my door.
I have been on the phone a few times to my IP who in fairness are always helpful advising that their creditor services dept will look into it. However by now surely the bank concerned should know? It seems as if they do not know about my IVA.
Please can you offer any advice or even if this kind of thing is normal? Is it normal that insolvency exchange would vote for one debt and not another from the same creditor? All my other creditors stopped contact 3 or 4 weeks ago at least.
Last edited by running99 on Tue Aug 26, 2014 9:42 pm, edited 1 time in total.
Hi -- it does sometimes take a few months for news to filter through from one department to another. I am sure your IP will deal with it. TIX would only vote on debts that have been referred to them. Perhaps they weren't instructed on the "unvoted" loan, however the creditor would have had due notice and will be bound by the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I would be frustrated too ...however I would be simply forwarding any letters to your IP for them to action.
You are fully covered by your IVA do try not yo worry
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
As others have said. Take a deep breath, open the letters, and forward them on to your IVA company safe in the knowledge that you've followed all the necessary steps - and are not liable to pay anything more outside of the IVA.
