www.iva.co.uk

My IVA has been running for 2 1/2 years now. I've noticed reading through the forum that some people have said that the debts had been sold on to other companies, how would I find that out? I've sent all my paperwork in for a review to reduce payments. My company are keeping us(joint with hubby) in the dark somewhat. Everytime we ask what's going on and if a date's been fixed they just say they'll let us know when they know something. We feel really unsettled and it's driving us crazy. Basically if they don't reduce our payments the IVA will fail. I feel we may have a better chance if the debt has been sold on.

I dont think it makes any difference if the debt is sold on as you would have signed the agreement to pay back xxx amount when you first took the IVA out. With that said your company should be listening to your concerns of maintaining the IVA. I am not an expert and hopefully one will come along soon.

I would guess that things have changed since the start and you can no longer sustain the level on contributions. Nobody will gain if the IVA fails so I feel that you must make the risk absolutely clear.

Who are you using?

Are you waiting for them to put a variation proposal forward for you? If this is the case, it makes no difference to you whether the debts have been sold or not, for the reasons Lily has already provided.

Seems common practice for debts to be factored, but doesn't change your liability sadly. However, if your circumstances have changed then you've little choice but to request a variation - if you're struggling and not hearing anyhting from the company then try to get to speak to your actual IP since they are most likely to be in a position to explain what, if anything is causing the delay.

Best of luck and hope it gets sorted for you soon,

Martin

It is most likely that debts will be sold on, they did with me to eversheds / max recovery. This was post IVA and if they do you will get a letter from them to that effect.

Wont make any difference to your IVA though, they are there to get a Maximum Return on their investment in your debt.

Thanks for your advice, we are struggling with our payments at the moment and I supose I was just looking for any kind of positive that they will accept out proposal. Grabbing at straws really. We've been with Debt Free Direct and have never managed to speak to our IP. My ubby is going to try tomorrow.
Thanks again all.

Hubby was with DFD and had the same problem trying to contact his IP.

Go to www.iva.com and under the heading "find an IP" you should find his/her email address. This is what we did and although when we emailed him, he didnt reply BUT somebody else did immediately and we managed to get our concerns listened to.

Hope this helps.

I'd definitely try to speak to the organ grinder too. I've heard some bad things about the call centre staff at DFD on here.

I'm sure they are not all like that though

Thanks again, we are going to try and speak to our IP today. We have found the staff in general (a couple of bad experiences) to be polite but some seem to be more sympathetic and helpful than others.