I need a little advice..we have a 6 year Iva with an extra 12 month Claus, we are at month 69 but we have 14 months arrears approx £5000 due to a problem we had and none communication from our ip.eventually we had to get a independent financial advisor involved who tried to resolve it, we had a variation meeting for the acceptance of what was already paid in which failed. We then had to continue to pay the iva at the current rate which meant we had arrears and that we had to cut our budget back further to afford it. They offered to extend the term until something further could be arranged. That was over 12 months ago,we have paid in the monies but have had no communication from them since,so nothing has been sorted. My husband is now suffering from a lot of undue stress because of the communication battles we have had with them and is under treatment for it. Due to this his mother has offered to give us money to pay it off,we have no idea what to offer. We owe 17 payments at £320 a month and there is the twelve month clause to consider as well..they have also been investigating the ppi for over two years now and we only know about one successful claim so far which was for £2500.its been a long battle and a long road with them so because of his health issues we want an end to it. We can't afford the full amount though..I have also tried to contact the people who are investigating the ppi as they are taking a ridiculous amount of time and we have had no update from them either.
I am aware that one of the ppi claims they have raised was from a secured loan which was worth approx £12000 but we are unaware of whether this was successful or not. Any advice on what my next move should be would be great. Thanks in advance.
Continuing non communication will make an offer difficult, to say the least. I would make a formal complaint on these grounds and, if that gets you nowhere a complaint through the Government Gateway at:
If you can get two way communication going again the offer would be based on the remaining amount plus the 12 months, if there is likely to be equity to be addressed ( this will need to be investigated in any event). Of course, the offer will them be limited to what you can afford to pay over. I am afraid the PPI refunds hold little weight, but might make them more inclined to consider a lower offer.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It would be worth a proper chat with your IP and a complete file review. A variation for closure seems appropriate again whether with funds paid to date or an injection of third party funds. This will depend on what surplus income you have so it seems important that you do a new up to date income and expenditure account.
Hi there - Your offer should be based on a starting point of the arrears, plus future contributions remaining, plus the additional 12 months regarding the property (on the assumption this will definitely apply). If you are unsure as to what this figure is I suggest you put a written request in to your IP to provide you with the figures. You will then have a starting point on which to make an offer. Do not tell them how much your mum has available. Unless all creditors, costs and interest will be paid the PPI money will not affect your offer as it is an 'additional' asset. If you have had poor communication with your IP I recommend you send your written request by recorded delivery. Also - please ensure you are satisfied that the 12 additional months regarding the property will apply.
