hi all, i am selfemployed on iva from jan, my 1st 6th monthly review was on july, i have not heard from my iva firm at all after that, i tried to call him mid aug he had not finished review then, how long does it take for review ??
I am sure that a review should be completed within a couple of months of the due date.
You need to keep badgering the firm for an answer.
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
It is difficult to carry out a six month review for someone who is self emoployed since their accounts are only submitted annually. If you were required to submit management accounts to monitor the business a review could have been carried out.
Sometimes the modifications proposed by creditors and accepted by debtors at the time of the meeting are impossible to adhere to but this should have been noticed at the creditor's meeting.
Self employed IVAs are totally different to those of the employed and you should always use a firm that understands this. Ask your IP for clarification and being self employed you should seek a face to face meeting. Your IVA is only going since January but already there is a problem.
freeman jones..I phoned my relationship manager and he said, he just received the letter last week, ..because of the postal problems and so on whrere there wasnt any postal strike then. I had phoned end of july to confirm whether they received my documents, his colleage said he could see a something there. last week he said i would hear by this friday which is today but nothing arrived today. why do you think this happening, actually my income was down ...so as my mortgage from jan.....please share..thank you
I'm sorry, I can't help you with this as I don't know. The forum has been down for much of today so hopefully now it's back up you'll get a reply soon x
It is odd that the forum has been down all day. I have tried many times to log on and thoght there may have been something wrong with my computer.
If your IP is insisting on a 6 monthly review, it would be a good idea to call him/her to find out exactly what information they require in order to perfome this. You should have been advised about this from the outset of the IVA in order to be properly prepared.
I called them today..dint get him, a lady told me that there isn;t any problem with the IVA its just a work load and he will contact me as soon as he finishes.. dont have any idea how long to finish ? my yearly review coming up in jan.
I am worried because whether he goonna come up with like...for eg..£4000 to pay or my iva will be failed or so.
or
Like oh you not supposed to have less income or kind of thing????
I hope that there won't be such a problem.
By the way i received a letter from the IVA wathch dog, i dint get whats its exactly saying?? appreciate your help and comennts.
thank yoo
If your IP takes longer than normal to complete his review, which should not happen in a properly resourced and staffed office, then they can hardly penalise you for this. Do you feel that your disposable income has increased over the last year? If so, I would try and put a little extra into savings just in case you are obliged to pay more over under the terms and conditions of your own arrangement.
Fergidoggy, didn't you find their letter very official and the fact that they call themselves a Watchdog with a .org website makes you think it is something government run.... Thank god for this forum to ask the question!
Approved 3rd June 2009 first payment made on the day.
Offer made and settled - happy days
76.5k debt creditors:- Northern Rock, MBNA, Barclaycard, LloydsTSB and Capital One
tele2002 - thats what IVA watchdog want everyone to think and unfortunatley some people will assume its government backed. They shound be hung, drawn and quartered in my opinion.
As you say, just as well we have the forum. At least we find out about these things and can be prepared.
BBB - hope you've had a repsonse regarding your review.
We are so thankful that we can advise against firms like this, but of course for every poster who asks on here, there are a dozen who are taken in and end up possibly losing everything.
I think every IP company should give clients our web address when they do an IVA or DMP or even BR.
BBB, I also hope you have had a reply. Let us know.
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
