I wonder if anyone can help me. I have been paying into an iva for 3 years and have recently been told by the company that i need to have a resolution meeting due to my dividends going down. I have been told that this could fail my iva if the creditors decline this. I am really concerned that my iva will fail and i will have to pay back all of my debts or become bankrupt. can anyone tell me what might happen, from own experience?
Is there any reason why your dividends won't be as much as was first agreed?
What company are you with?
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
Is there any reason why your dividends won't be as much as was first agreed?
What company are you with?
I am with ideal debt solutions. Originally when i took out my iva 3 years ago i asked my bank for the amount i owed on my loan, i was informed that I owed 18,000 and now 3 years later ideal debt solutions tell me that natwest are claiming back 25,000. I was told by ids that the 18,00 was a settlement figure. I am not happy with this as this was not what I asked for, and also why is it that i am only being told 3 years into my IVA?
I am really worried that i will fail my iva and the last 3 years have been for nothing!!!
Tanya I am sure an expert will be able to answer your question but surely "interest" should of been frozen 3 years ago?
Will follow this closely as I too have been given a figure by Barc and NR for my loans and I dont expect that figure to get any bigger over the coming years, of course that is in the event that my IVA is accepted.
Do you mind if I ask what the initial amount of the loan was?
Last edited by Pennyless on Wed Sep 16, 2009 9:49 pm, edited 1 time in total.
I came into this world with nothing and still have most of it left!
Tanya,, try not to worry,, have a look at your list of creditors & the amounts that you owed when going into your IVA. If it says you owe 18k then it cant be 25k now,,the whole idea of an IVA is to give you a bit of peace of mind that your debts wont be increasing,, at least thats what I thought, hopefully someone with more knowledge than me wil beable to help further.
IPs need to be very careful when presenting proposals for clients that they do not include settlement figures but rather account balances. There can be a vast difference, and of course settlement figures can only be accpeted if you are going to pay the settlement in full.
Thanx elv...not much more to gather up now for Angela before she takes it a step closer to Melanie.
Had been putting off completion of my "Background" statement but Angela prised it out of me today. Have bombarded her with emails, letters and phone calls and she's been excellant!
Thanks for the support elv...it really means a lot to us.
I came into this world with nothing and still have most of it left!
I will be honest, I can't actually remember the original loan figure. But ids accepted my iva proposal on the figures i provided them with. Having taken the time to contact my creditors for figures, I expected that it was all ok. Now 3 years into my iva, I get told that I owe 7,000 more to natwest than i originally thought
Ask your IP if there is a minimum dividend requirement stipulated under the terms of the proposal. If not, then there should be no need for you to pay additional contributions.
Hi
They do have the right to confirm the debt at anytime during the IVA, however these days all protocol compliant IVAS, post Feb 2008,have strict timetables and this sort of thing can't happen.
Don't be too concerned as at the worst you can extend your IVA to make up any shortfall,
Your IP should really have picked this up before the initial creditors meeting
Regards
Melanie do the "amounts of loan outstanding" to an individual loan company figures given to you by clients ever get double checked/confirmed with the Company by yourselves...or are the figures given to you by the client the ones you take?
I came into this world with nothing and still have most of it left!
The support we got from here was out of this world - particularly from Jan (Kallis 3) - along with Melanie who never stopped for my husband she kept us both relatively sane!! J
In my company we validate every single balance before presenting the proposals. I cannot speak for other companies, but fear that this may not always be the case. This is really important, as a number of creditors will still put forward minimum dividend requirements.
