With the money I am paying in to the iva I only need to up this by about £50 a month to clear my debts over about the same period of time roughly on the dmp, my issue with the register is my job I work in a industry where I know certain departments use it, I thought you were only put on this register if you were declared bankrupt. I thought I iva was different but I have now found out it is very similar.
You have to hope that the creditors start putting on interest and charges again, which could happen. There is no guarantee that they won't.
What industry do you work for?
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 am hoping that the iva can be cancelled as I only been on it for 4 days an I have been on dm for 3 years before this without any issues, they approached me not the otherway around I was happy as I was, I work in believe it or not financial services. An deal with alot of people and companies that would use the insolvent register, I think the ip never called me back today because they know they are massively in the wrong I will just have to persue and persist
Hi Thomas. On the face of it your IP company isn't massively in the wrong. They might have been remiss in not explaining the finer detail, as you have been remiss in not researching the whole subject. Half a dozen of one and 6 of the other.
If you really wish to you can simply allow the IVA to fail by missing three payments. With any luck you will not even make it to the register.
Please be aware, though, that your creditors in a DMP can still add interest and charges, and still pursue you for repayment by any means they wish, including bankruptcy. Just because they have played ball recently doesn't mean they will continue to do so. They can even sell the debts on to less sympathetic collection agencies.
You feel you were rushed into this route, plese don't jump out of the frying pan into the fire.
Might I ask which company you are with ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I think the best thing is to have a sensible chat with my ip, I did try today but got no response, that advise is appreciated, thankyou.
The company trade in Stockport I don't think it's fair to name them but they are big company my dmp was with the other arm of thier business to.
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
Hi Thomas - I'm sorry to hear you're unhappy. If you can prove from paperwork and possibly recorded phone calls that no-one explained about the insolvency register, you may be able to get the via annulled but a professional would need to advise on this as I don't know enough about the criteria. I'm concerned though that you didn't realise about the overtime and bonus payments as this would have been in your proposal or chairman's report - which you would have read and signed. It may be best for you to govthrough everything you have and double check exactly what you did and did not know when you signed the paperwork.
I have spoken to a chap from company today and to be honest I wish I would have spoken to him from the start, he is going to get it sorted for me so I move back in to the dmp, apparently it can be terminated without to much inconvenience, anyway I am going to get a call on Monday to sort it all out. I have lost sleep over the subject which tells me the iva isn't right for me, when it is broken Down I can end my debts earlier than I can on the iva by sticking with the dmp but by just upping my payment by £50 per month. I think the message is here for anyone thinking of entering in to an iva, make sure you give it the thought a descion like that needs and ask lots of questions to make sure it is right for you, don't rush in like I did and regret it when you see the finer details in black and White. Thanks for all your comments and help, I wish I would have found this site before I even thought of an iva.
The company acknowledged my proposal had been rushed through, I only got my paperwork through after the acceptance, the paperworked is what sparked my concerns which is why I think it was held back. All calls are recorded so that would be adequate proof I think about how well informed I was, but i wouldn't have gone this had I have had this information/documents before hand, I also wasn't given 14 days to consider the modifications. I should have just continued as I was on dmp as I had no issues bar the balances not coming down quick enough which again is just a personal issue and not cause for drastic action. I am sure it will get sorted.
Well, at least it is being sorted, Best of luck with your continuing DMP.
Stay with the forum as is can still support you and give hints and tips on money stretching, as well as the social side where you can just have a laugh or a moan.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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'm glad you found the right person to talk to and are getting this resolved now...it is difficult to know at the time that things aren't happening the right way because we've got nothing to compare it to and trust in the experts. Will they be terminating the iva as if it never existed or will you be failing it...try for the former if you can xx
Well I am under the impression that the UVA is being terminated but I have a call with the ip to discuss it on Monday I don't think it will be failed because I have not yet made a payment and my current payments go to the dmp. Your correct we fully trust the experts and we are vulnerable that's why a lot of us are in this position in the first place, I will let you know the outcome of Monday's events. Many thanks
You should be able to tell them to cancel the IVA as it is within the 14 day period from the acceptance date.
Hope it all goes ok.
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
Just to let you know, my iva was today officially terminated as it was deemed unsuitable for me, it was apparently a straight forward process. The company that I have been dealing with were really supportive after I got through to the right person. I am really happy now as I thought it wa to late and I was stuck. Many thanks for all your help and comments without your support I don't think I would have been able or had the correct info to persue the termination of the plan. I am not trying to be negative about the iva plan i am sure it works for many people it just was not right for me, had I have been told the t n c's I wouldn't have got to this point. I wish you all well. Thank you.
