my iva was approved in oct 2005, yet i made payments from the 1st of sept 2005 plus a first payment in the august. In a letter sent at the start of the iva it says that the first payment is included in the 60 payments, which would mean that 1st august would be my final payment. however dfd are saying that any payments made before the iva is approved are not included meaning that more payments are due, is what they are saying correct?
Do you still have this letter? If so I would tell DFD this as it may make a difference if you have this in writing.
Declan from DFD normally posts on here and hopefully will pick up on this.
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hi, yes i do still have it, my iva was set up with clear start and transfered to dfd half way through, the letter is "Instruction received next steps". under a sub heading of First monthly payment. It say's "by taking your first monthly payment immediately we are effectively able to fast track the initiation of your iva, meaning that you will have usually only 59 payments remaining once the contract is finalised. Any help to clarify my position is very welcome.
I rather suspect that Declan's intervention into this will ensure that you receive confirmation that your IVA will end as soon as you make your 60th payment. Hopefully he will be around tomorrow to help.
There is a possibility that creditors modified the proposal and you will have to make the extra payments. This would be on your chairman's report and would state something along the lines of 'any payments made to the nominee in advance of the proposal are to be paid into the arrangement in addition to the sixty months.' This was quite common around this time so check your report and seek clarification from Declan.
I have spoken to dfd today, they agree that i made two payments proir to the iva being approved, the initial payments were £397 per month my payments currently are £1015 per month. They have said that although the first two payments may be included, the total ammount of these payments is not sufficient to cover the last two payments. I am not sure but i think this will still result in 62 payments, many thanks for all your help with this.
Hi Guys
Just picking this up. Steve - I’m more then happy to make a note of your case and keep you updated. Without knowing the case details I cannot say for sure, however, assuming the IVA is the standard 60 month term, where a client has made contributions in advance of the IVA being approved they will be treated as part of the 60 months payments.
Steve, my contact details can be found in my profile under the experts section, dont hesitate to get in contact with me as I will be more then happy to look into this for you.
Hi Steve, I did the same with accuma who were then taken over by GT.
I made 2 payments by cheque direct to Accuma prior to my IVA being accepted and these were additional to the 60 monthly payments but added in the total repayment to the creditors. It like a good will jesture that you start making the payments as soon as possible if your not paying direct to your creditors.
