I allowed my IVA to fail after I had a comminication breakdown with the practitioner.
I asked them to send me all meeting notes and all documents relating to my file and after going through it I found evidence on how they made my IVA unaffordable. Every review they upped the monthly to a point where I couldnt afford to get to work or buy food. Hence why I refused to pay in the end.
Basically they overestimated my basic salary by a huge amount and therefore made it unaffordable. This is scary because they have my payslips etc on file.
My real problem is now that my creditors are demanding the full amount owed after I have been paying into the IVA for over three years.
The IVA company is not replying to any of my emails and they are unhelpful on the phone.
I paid well over 20K to them but none of that money has gone to my creditors and I am being hounded day in day out.
I need any advice please, I am at the brink of just ending it all.
Hi Waynie. I would have thought that your first port of call, having failed to sort the matter out with your IP, would be to their regulatory body. Unfortunately there are several to chose from and I doubt the company will tell you which is theirs! Hopefully an expert will be along to point you in the right direction.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks Foggy - I called the Insolvency Practitioners Association but the IP is not a member and therefore they could not help. I have made a written complaint through the Financial Ombudsman but its all taking time - while I am trying to get closure my creditors are moving to make me homeless. I will rather die than live on the streets, I have been paying those people in good faith for all this time but that money has dissapeared into thin air. To top it off my creditors are demanding the full amounts. My life couldnt get any worse, I cant beleive they could get away with this.
Hi Waynie, hopefully one of the IVA experts on here can help you with this nightmare situation, there must be something you can do about the creditors, esp as you've been paying the IP in good faith all this time.
Oh my goodness, this is dreadful. I just don't know what to suggest. There must be some sort of help out there for you. I hope one of our professionals will be able to come along with some sound advice for you.
Was the company one that you approached yourself, or was there some form of recommendation from another party?
Thanks guys - I replied to an ad in a newspaper - I wanted a consolidation loan but went for the IVA in the end.
The firm is Kingsgate Insolvency in Southport.
Waynie I would seriously consider contacting a company or 3 from www.iva.com and let them advise you. If the company you are with are taking that much in fees that nothing has gone to creditors its atrocious but you may find theres little you can do. I dont often do this but I suggest one of the companies you talk to is the one run by Melanie Giles a poster on here who is very well though of. You may find she can weave some magic and get your old firm to work with her to get something paid over.
Whats clear is you must do something to protect yourself from creditors.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Waynie -- is that Kingsgate of Stockport ( not Southport)?
They are part of the Churchwood Group of companies and are, apparently, regulated by the IPA and ICA, according to their website.
I recall Kingsgate have had very mixed reviews in the past. As Paul suggests it might be an idea to have a word with Melanie to see if she can see a way forward. Obviously something has to be done to keep the wolves from the door, even if it is a new ( and affordable ) IVA with a better company.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Insolvency practioners are obliged to provide details of their regulatory bodies on their letterhead, and also to publish full details of their complaints procedures so that this is transparent to their clients.
You could offer another IVA to your creditors if you have the stomach for another five years of payments, or alternatively consider bankrtuptcy proceedings. What a shame that your IP did not appear to try and work with you to reduce payments to an affordable level, and if they have falsely inflated your income then that may well give grounds for a complaint.
If you want to e-mail me privately, I can find out details of your IPs regulatory body for you.
Thank you Melanie - I have all the paperwork that they sent me and copies of all meeting notes and internal communications regarding my file. I will gladly make this available to whoever will help me with this. Kingsgate states that they are members of the Insolvency Practitioners Association but when I wanted to make a complaint the Association said that Kingsgate is not a member.
How do I find your email address? Its not on your profile.
