I can only suggest that you speak to the IP about this to find out how you stand.
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
my wife is in a similar situation o/d got sold to dca but since then and after a few court threats she has asked to dca to prove they own the debt
i.e
requested the original agreement we signed when we opened the bank account .
7 months on her account is hold as they still havent come up with it yet .
she still pays back what she can offord into the original bank account (which has never been closed)
fuzzy_dunlop wrote:
my wife is in a similar situation o/d got sold to dca but since then and after a few court threats she has asked to dca to prove they own the debt
i.e
requested the original agreement we signed when we opened the bank account .
7 months on her account is hold as they still havent come up with it yet .
she still pays back what she can offord into the original bank account (which has never been closed)
confused ?
so are we !
We're not the only ones then. In our case the account has been closed (termination notices issued to both holders 18 months after IVA started) and the debt sold on to a DCA. Went through the whole prove the debt thing which they never really have with there threats getting worse each month. We're currently making a small monthly payment to them but I'm still trying to work out if the bank could legally do this.
kallis3 wrote:
I can only suggest that you speak to the IP about this to find out how you stand.
I did and they said they are not going to (can't) pay a dividend to the DCA as the debt they have isn't in the IVA holders name!!! They are also not going to pay the bank as they have sold the debt on!!!
None of this sounds right hence the reason I was seeking advice here. To me the only way to sort this is with the bank or for the IVA to pay a dividend to the non IVA account holder to pay to the DCA. If I knew the bank had acted illegally then it would make my arguement a lot more sound. If however this is some kind of loophole then we're stuck.
Thank you for everyones input so far.
In this instance the bank get the penny and the bun so to speak - in that they will rely on the non-insolvent partner servicing the loan, whilst receiving regular dividend payments from the IVA. The sooner it can be paid off the better.
just been to the bank today to get my name on account of wife, we are post 6 year IVA i also mentioned she might want to change to a better account, after furtive discussions in back i was told i could get application to join account, but despite them obviously seeing IVA was lifted thay said no better account was on offer to us, that was the Halifax
MelanieGiles wrote:
In this instance the bank get the penny and the bun so to speak - in that they will rely on the non-insolvent partner servicing the loan, whilst receiving regular dividend payments from the IVA. The sooner it can be paid off the better.
But they haven't done this, as it stands they are not going to get anything from the IVA.
MelanieGiles wrote:
I would not be relying on that if I were you.
My IP told me they wouldn't be paying them a dividend! I would rather they did as it would be less leftover for the non IVA holder to eventualy find. This was the reason for my post to try and work out if what has happened is correct. Having said that, everything is running quite smoothly at the moment so I don't want to stir things up and actually make things worse than they are.
