After bring in my IVA for 6 months my net pay reduced by £300 per month. DFD agreed a maximum 15% reduction to avoid going back to the creditors or extending the term which is stated in the terms and conditions. I have now been told I have to increase my payments to the original amount or extend by a year (which would mean paying back about 6k more than the reduction). The person I dpoke to said they had introduced this over the past couple of months. Is this fair?
This is not the norm with the discretionary reduction and they cannot now change what was agreed earlier, unless, as Michael says, you have signed any document which covers this.
The other possibility is that there is a minimum dividend to be reached, which should be detailed in your paperwork.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Carol.y
Please drop me an email (address is in my profile), with all your contact details and I will get in touch to discuss your issue further.
Look forward to speaking to you soon.
Regards,
Well I emailed Evette Everest as requested but had a response from someone else basically reiterating DFD's stance on the fact that the change is temporary. I maintain this is not what I was told and in fact was told in December 14 that this is something DFD has recently introduced. I feel something underhand is going on here. Any suggestions as to how I can get to the bottom of this would be appreciated?
When you sign up for an IVA and agree a 60/71 month repayment at whatever amount per month - I assumed this is written in stone for the expected return to the creditors. I had a 15 % reduction myself for around 6 months because of a pay reduction till I could get sorted out and was then told it would be capped on the end regardless? Never questioned the actual rules on this.
