www.iva.co.uk

hi all,my iva accepted last week and they took first payment 209 ponds.now i recieve letter which they ask for 209 pounds for 55 months 94 for one monthe then 3 payments of 417 .they also put 6307 pounds which they said after 4 years of iva my crediter will remortgage the property. my total loan is 18318 and im paying back in five years 19623.they never told me about this before what they said i will pay around 12000 rest going to be written off.i want to finish with them as i already pay 1st payment.will they charge me if i finish with them? can i go with other iva company?
i dont know what to do now.
help plzzzzzz

Hi,

All this should have been sorted out before your meeting. You need to speak to your IP to sort this out.

The only way you can stop your IVA now is to stop paying for three months so it fails. You can try for another IVA but I imagine the terms will be the same.

You will be paying fees on top of what your creditors are asking for and you will always owe the full amount until the end of your IVA.

Surely the payment schedules were properly set out for you within the proposal documents? Which firm are you with?

I agree with Melanie. These repayments would have been listed on the original proposal or if not modified at the meeting. Either way it should have been explained to you.

they didnt told m that before, the meeting
i just got surprised now
im with money debt

Are they in the paperwork (your proposal) that you received and signed loulitalife, you will have received a copy prior to the IVA meeting listing everything? x

Do you mean that you are with Money, Debt and Credit?

yes im with money debt and credit.they didnt mention equity release before after meeting they send us new statement which they put extra six 6 thousand which bank will remortgage after 4 years.i got all my loan with halifax and also got mortgage with them.
thx for your reply

You should have been told of everything by the date of the meeting. Can you tell us exactly what your proposal said?

That is dreadful, and not in accordance with the IVA protocol which insists that IPs make sure their clients are aware of equity release provisions before the proposals are agreed and signed. If this provision was not discussed with you, you may have grounds for a complaint.

I had deaings with MDC initially and was not impressed with them. I would certainly look into making a complaint if it wasn't discussed.

I don't rate them at all.

Firstly you will not fail an iva after 3 payments as one contributor seems to think. You will get a breach notice no more. After that they have to call a creditors meeting and ask the creditor what they want to do. unless you have asetts they will vote to fail this can take usually 6/8 months to happen . at that point you need to deal with your creditors either by another iva if you can get one agreed or if you have negative equity of a tenant bankruptcy. I find it sad when it is not explained to people that there is no way on god's green eath a person in a iva will get a remortgage. It won't happen in this decade.

How much equity have you got in your property?