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Posted: Wed Mar 19, 2014 6:55 am
by Macca2108
Morning
My partner went into an iva 220211 and from the start was greatly misinformed , long story short he paid for a year and then the iva company have waited nearly 2 years before now asking for a increase in payments of nearly £500 . We wrote to them asking for explanations and was bamboozled with legal jargon , so after considering he had two creditors with a debt of just under £15k he would rather pay them direct and so asked for the termination of the iva , to which the iva company have asked for over £3.5k arrears or they will petition for bankruptcy ?
Understandably my partner now has no idea which way to turn ? Any advice greatly received thank you
Posted: Wed Mar 19, 2014 8:27 am
by ClareSilver
Was there a clause in the IVA proposal or the modifications to state that if the IVA failed, then the IP would start bankruptcy proceedings?
Is there a reason why your partner does not wish to go bankrupt?
Posted: Wed Mar 19, 2014 9:21 am
by Adam Davies
Hi
Problem with bankruptcy is that you partner will have to pay his disposable income into this for three years
Can he work with his current IVA company and agree a way forward ?
Regards
Posted: Wed Mar 19, 2014 9:22 am
by Rickne
3 years or maybe 1 year. What determines this?
Posted: Wed Mar 19, 2014 3:34 pm
by Macca2108
Hi , ive read through the proposal and can see no mention of filing for bankruptcy if IVA fails , the iva company have now said he owes arrears of x amount or bankruptcy basically ? All he wants to do is pay the debts and not have the iva . I cannot work out how paying £659pm over 5 years for a £15k debt works ?
Thanks for your replies
Posted: Wed Mar 19, 2014 10:45 pm
by MelanieGiles
Income payments under bankruptcy proceedings are always generally for three years Rickne. Are you confusing this perhaps with the timeline of 1 year to get discharged from bankruptcy?
Posted: Thu Mar 20, 2014 6:17 am
by Lisadn50
I had an annual review (year 2) and my payments have gone up again since last year. DFD will be making approx £15000 out of me over the 5 year IVA. This is why I would rather go bankrupt than pay them any more money. I'd rather make 3 year more payments through bankruptcy. My original debt was approx £14000. Total amount I will be paying if I stay with DFD for 5 years (so far without any more payment increases) is over £27000. NO ONE HAS replied to my emails, faxes, letters, returned my phone calls since October last year. I have stopped my payments and still no one has contacted me. I wish you good luck and at least your IP are acknowledging your existence.
Posted: Thu Mar 20, 2014 3:14 pm
by MelanieGiles
Surely your IP cannot be charging £15,000 in fees? On what basis are they permitted to take their charges under your IVA?
Hopefully now Judith has picked up on your other post, you will now get the answers you need and deserve.
Posted: Thu Mar 20, 2014 9:32 pm
by Lisadn50
That is just the repayment each month added up over 5 years. I have not given any of my overtime to them over the past 2 years.
Posted: Thu Mar 20, 2014 9:43 pm
by MelanieGiles
Why have you not been required to pay over any overtime, Lisa?