I'm new to the forum but been in my IVA since sept 2005. I asked my IP to supply me with a figure that would settle my IVA in writting , a few weeks later i received a letter sating all my info and the figure of £3590.00 as the amount they would be willing to accept to settle my IVA . I then bit the bullet and got a loan from a family member to finally pay off the IVA , so i transfered the money to my IVA payment account . To my horror i receoved a phone call then from a member of staff at my IP's office stating the fugure they had given me in writing was wrong and i still owed another £2200 ?? Obviousley this was devastating news as i had thought it was all paid and complete . the Iva had involved a variation and extension thats why they said it was possible for me to pay it off in one lump sum . Now i have lost total faith in any info they give me and considering the fees on the IVA are approx £165 to date , i think this error is disgusting , its caused me a total family dilema now as i have to go to the family member nd say it wasn't enough ?? what can i do about this ? who can i complain to ? how do i know if the new figure is correct ?
Hi Stevieg - I think you need to speak to your IP direct and ask for an explanation. Did you advise them that the lump sum was a full and final offer from a third party and the funds would only be available to close the IVA?
Really you should get the explanation in writing or email of both figures and then we can advise further. How much do you pay per month and have there been any missed payments / payment breaks?
A full and final does not normally include a variation and extension. It is what it says it is - full and final and that's it.
You won't be paying £165 an hour fees - this would never be allowed.
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
I advised that a family loan would only be given to close the IVA and i have in writing the figure of £3590 from my IP to close my IVA , I then phoned up to confirm this . I then borrowed the money , i then paid the £3590 to my IVA payment account . then i received a call saying they had given m ethe wrong amount . In regards to the charges I aksed for a breakdown the break down total were hours 63.45 = £8046.10 sorry its an average of £127 per hour and they make this mistake ?
Maybe Jan or a more experienced forum member can help further but I thought if a F&F offer was made it has to be agreed by the creditors and it can be any sum for them to consider (although as close to the o/s amount as possible?)
once i made the payment the guy advised me that there were no other creditors outside of the IVA and that it wouldn't take long to get my complettion certificate . Then a few hours after i transfered the money i got the call telling me there was an error on thier behalf ! and i stilled owed over £2000 .
The full and final should be agreed by the creditors at a meeting and the amount agreed.
Who are you with Stevie?
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
A well known company but I'm surprised at the way things have gone.
Did you make it clear to them that this money was only available for a full and final? If so and this isn't case then they should refund this money.
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
i stated the moeny would only be made available to end the IVA , they sent me a letter with a closing payment amount of £3590 , i paid this , then they stated the figure was a mistake . I can still close the IVA if i pay the extra £2200 according to them . I have now in effect paid in advance of my agreement ( ie agrred payment terms ) where do i stand ? can i ask for the money back ? Can i hold them to there letter ? How do i trust future calculations from them ?
You should certainly get the money back to return this to the person who lent it to you. I'm not sure where you actually stand but maybe one of our IP's will comment a little further but your IP is best placed to discuss why the extra money is required after they sent you in writing a settlement figure. I know human error can occur but this was in writing and confirmed by telephone.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
If this was only available as a full and final and has now been rejected by them as not being enough, then I would think they need to refund that money.
Speak to your IP directly to see what has happened here.
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
