Michael writes:
How many people would enter IVAs if they knew their home was at risk after 5 years even if you do everything required!!!!
That is exactly my point about the strategy of concealment. This is sprung on people at the last minute - to be faced with this prospect after nearly completing the IVA is utterly shattering. So what should be a time for looking forward and making plans now becomes one with darker clouds than ever before. I'm glad I am a strong character because it could have thrown others very badly. Re Michael's point - that's precisely what I mean by saying that my IVA was mis-sold to me right at the start because this crucial piece of information was not disclosed and therefore, due to this concealment, I was unable to make a properly informed decision. Who indeed in their right mind would have opted for an IVA under these conditions only to find themselves confronted with the situation which faces me at the moment. And others will be faced with it also. With bankruptcy, which, as Mels says, is now being offered to the creditors 'on a plate', it would have all been over years ago and I would be well ahead of it all now. Instead, the torment and anguish simply continues. The argument put to me over the telephone by Payplan's representative that this stipulation has been deemed necessary [to protect the interests of creditors] due to the downturn in the housing market which means that equity is unlikely to be realised is utterly facile and would be laughed out of court. Policy is clearly made on the hoof. Payplan should at the very least insert a clause, writ large, in the documentation they provide to anyone seeking to take out an IVA with them to the effect that in effect none of the proposals that you agree to in setting up your IVA with them are actually binding in any sense, shape or form due to possible fluctautions in the world economic climate which might dictate revisions and amendments, concealed from you at the point of signature, as and when such become necessary. Laughable.
Last edited by
brokebryn on Mon Mar 12, 2012 9:38 am, edited 1 time in total.
Last monthly payment made 3 June 2013 after 6 long years. CC issued 21 August 2013, but, er, lost in the post. Finally got it 17 September.