we were told that our IVA was to last for no longer than 18 months. After 4years we were told that the IVA had been terminated the letter reads..
"I write to advise that pursuant to rule 5.34 of the insolvency act 1986, the supervisor must terminate the voluntary arrangement.
Accordingly I hereby issue this notice of termination of the above-mentioned voluntary arrangement by reason of the effluxion of time. Furthermore, I confirm that I will now vacate office and cease to act as supervisor of such arrangement."
Can anybody tell us what this means because we kept up our payments for 18 months.
An IVA usually lasts for 5 years. Can you tell us exactly what your proposal said and why it was only supposed to be for 18 months?
Were you supposed to remortgage to finish the IVA?
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
Hi kallis3, yes we were, the proposal said we intend to remortgage after 12 months.
we contacted our IP to ask him what the figure would be that we would have to remortgage for he did not know what the final figure was. We contacted him and Debt matters several times and could not get any answer. In the meantime we carried on with our monthly contributions.
I do think you need to contact them as a matter of urgency. If you have continued to make payments, you need to know what has happened to them. Have you ever had any annual reports to tell you if any payments have been distributed to creditors?
Send him/her an email and let us know what happens.
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
'The normal expiration of a lease due to the passage of time, rather than due to a specific event that might cause the lease to end, such as destruction of the building.'
Are we all clear on that?[:D]
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
We continued to pay the contributions for a further 5 months after the 18 months but we still had not heard anything from DM. We asked the only company that would offer us a remortgage at the time to try and get in touch with DM and they said that DMatters were about to go bankrupt. we had also read this in the daily post a local paper. When we heard this we thought it would be wise not to send them anymore payments, because we were not sure where our payments would be going. By this time we had made 5 more payments than the 18 months worth of payments we were required to make.So 23 payments in all. We did not hear anything more from DM until April 2009 which was 25 months later. That is when we received this letter about "the effluxion of time" the next day we received a cheque for £1250 for the IP saying that he had no power to use this money because the IVA proposal said our IVA was to last a maximum of 18 months. The £1250 was the 5 extra payments we had made, which had been sitting in their bank for 25 months .
Debt matters do still have an active website, and even if they had gone bankrupt, their business would have gone to another company. I am sure the IP will still be operating, so have a look at the link that I posted and see if you can contact him/her direct via email.
This does need sorting out.
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
Hi
An interesting case.
You need to find out from your IP if your IVA has failed or has been concluded.
You may find yourself back to square one.
Regards
Hi Andy,
Yes thanks we will try to find out. We have tried to phone DM it just rings a few times and goes dead and also the website looks broken (words in wrong position) looks like its not maintained we will keep you posted.
The company is still trading, and continues to propose a few IVAs, but the majority of its IVA book was sold last year to Grant Thornton and Payplan, so you should check whether your case was transferred to either firm.
Send your IP an email via the link I posted. They should be able to tell you what is happening.
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
