www.iva.co.uk

Hi
i have an IVA in existance for 2 years it was with 6 creditors, i was reading notes and it states once it is up and running i am protected from further court action? But Nationwide came out of it took me to court and got a county court judgement agaisnt me was i not to be protected against this? Also where can i find the public list of all people who have an IVA i am with Spectrum.

Thanks
Orla

You are protected once the IVA is in place so if Nationwide were one of your creditors they cannot do this.

To go on the public list log on to www.insolvency.gov.uk

Hi ya

they did and got a legal charge which is now cleared as it was paid with funds i received.
Spectrum advised that people can come out of the IVA if they wish, also i checked on the public register and i cannot find my details. What does this mean?
Orla

it means spectrum have messed up get back onto the supervisor this might be why nationwide has been able to do what they have done[:0]

Hi, like indebtforever says get straight on to your supervisor. This should not have happened

Once your IVA has been approved and is in place, you will no longer have to deal with any of your creditors either by phone, letter, email or face-to-face. Your IVA also protects you from any further action that is threatened by your creditors. Indeed, if you are contacted by a creditor, you should simple inform them that you are now in an IVA. Your creditors should all be aware of your IVA as they will have been sent a copy of the Chairman's report from your Creditors meeting.

Hi Orla and welcome to the forum. It sounds to me as if you're in a DMP rather than an IVA, as you're not on the Insolvency Register. This would mean that Nationwide are able to take you to court.

Can you expalin the difference between an IVA and an informal agreement?

Thanks

Melanie will be able to do this far better than me but I'll have a go!

If an IVA is accepted all of your creditors are bound by the terms and you are protected from further legal action, and they are no longer allowed to add interest. You pay all of your surplus income into the IVA for a fixed period, usually 5 years, although this may be extended.

Under a DMP you don't have the legal protection offered by an IVA, and while creditors may choose to freeze the interest they are under no obligation to do so. The DMP will run for as long as it takes to pay off the debt in full, plus any interest added during this period.

When you first contacted Spectrum did they say they were proposing an IVA?

Orla,

What paperwork do you have from Spectrum??

This was on watchdog last year. This company are claiming to put people into IVA's and charge quite a lot of money for doing so. You are not in an IVA so youre not protected from creditors taking you to court. I would contact trading standards to find out what the law is regarding this.

I really feel for you right now, its a shame that you trusted this company, they must be feeding on peoples trust and lack of knowledge, I dont know how they are getting away with it..

How can honest people who find themselves in over their heads with debts be conned like this?? It should be AGAINST THE LAW.

I bet they wont be losing anything though, it makes me mad.

http://www.bbc.co.uk/consumer/tv_and_
radio/watchdog/reports/insurance_and_finance/insurance_20061031.shtml

Sorry, you'll need to cut and paste the whole link - it makes the page too wide otherwise!

It should be made crystal clear to you whether or not it is an IVA or DMP you are entering into.

I'll bet you are paying fees to Spectrum as well aren't you?

I've bad things about this firm before on the forum.

As Lily says - it should be against the law to feed on peoples misfortunes. A lot of people don't know which way to turn and will grab at any straw offered to them.

They make my blood boil!!!!!!!

I cannot even find this firm on the internet but what I have found are reviews from other people and they are not favourable at all

http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=12802

http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=12630