My 45yrold daughter has had an IVA for just over 12 months.Single mum 4 children. I do not know the full extent of her debt but think it is over 15k.Grandaughter rang v.worried Mum has cried for 3 days & not sleeping. She has paid £2,500 in to Freeman Jackson this year & only £700 has gone to creditors.They rang and said not enough money to pay agreed amounts.She is on antidepressants & has said she feels like driving her car into a wall.She works part time about 25hrs at the moment work is her only lifeline as she forgets problems there.Trust house,car £250 no assets of any worth.We are pensioner live 150+miles away.My husband has adviced her to cancel IVA close ThinkMoney acc & be made bankrupt.She was unaware of fees thought it was free so yearly statement was shock,overtime has been cut youngest childs father lost job so no maintenance.Is my husbands advice best option?She is incapable of dealing with it all wants Dad to speak to FreemanJones.We are so worried about her.
Hi and welcome. Wot lovely and caring parents. Don't really know the answer on this? Does she own her home is one question that comes to mind. Hopefully One of the more experienced posters comes on here to help you out x
I think the first year is the cost of setting up the IVA (nominees fee) and for running the IVA (supervisors fee) would both be due.
It sounds like it maybe worth getting the IP to look over the income and expenditure, to try and ensure she is paying the right amount.
If she feels she is likely to fail the IVA, it's worth looking at other options such as bankruptcy (which has the advantage of being over with in 3 years, regard less to income changes)
Re the fees if the IVA is less than 100p/£ of debts are repaid the fees don't really cost you anything, mine for instance is about 25p/£ , so the fees of about £3k are saving me about £30K over a free debt management plan
What is happening in your daughter's IVA is perfectly normal, and the fees and timing of dividends are likely to be clearly covered within the proposal document she would have signed when entering into the arrangement with her creditors.
Whether this was properly explained to her at the outset, I cannot comment upon, however if she has any concerns now about whether she has made the right decision, I do suggest that she arranges to have a chat with the IP acting for her. If you are worried about her mental state, perhaps one of you could go along with her for moral support.
Her creditors would have agreed to the timing of payments, and I am sure that any misunderstandings can be cleared up for her very quickly. There are representatives from Freeman Jones who regularly post on the forum to deal with client complaints, so hopefully one of them may pick up on this post and invite your daughter to contact them directly.
I am concerned to read about your daughters circumstances and I can understand how worried you must be at the moment.
If you or your husband would like to get in touch with me and confirm your contact details we'll give you a call.
We will need authority from your daughter to discuss her IVA with you but once we have this it will make it easier for us to be able to help her.
You can contact me at info@FreemanJones.co.uk, please note your profile name and daughters reference or her full name in the subject title and I'll pick this up right away for you.
I do hope this helps.
Sarah
Sarah Jolly IMA CMAP - A member of the IVA team at Freeman Jones
