www.iva.co.uk

I was wondering if this has happended to anyone else. I set up an IVA nearly 2 years ago and didnt have an annual review. Why would this be? Can the IVA be dimissed as its not been run properly?

You should have a review every twelve months.

Who is your IP?

Its Grant Thornton

I would give them a ring and mention that you haven't had one.

Don't know how it affects the IVA that you haven't had one done, one of the professionals can probably help with that.

kallis3 wrote:

I would give them a ring and mention that you haven't had one.

Don't know how it affects the IVA that you haven't had one done, one of the professionals can probably help with that.

It seems these companies get paid for doing very little.

Also another query i have is if the IVA fails after say 4 years. WHat happens to all the payments already made? As it seems very unfair if your back to square one.

Email your IP direct and mention that you haven't had a review - you might just have slipped through the net.

You can contact them here:

http://www.insolvency-service.co.uk/newipsearch.htm

As to the IVA failing, I think whatever money has been paid across is distributed to your creditors, but after that length of time, no one would want to see it fail. Depending upon the reason for the failure, you might even find that your creditors were willing to accept what had been paid in as a full and final figure.

If not, then you would be back to square one.

Thanks i will let them contact me. Was just wondering why it was. They hopefully might not even contact me again for the full 5 years so i would just then be paying the same amount each month. Only contact in the year was a yearly statement and a letter telling me not to contact the company who was sending letters about mis sold IVA's

POLAND wrote:

Thanks i will let them contact me. Was just wondering why it was. They hopefully might not even contact me again for the full 5 years so i would just then be paying the same amount each month. Only contact in the year was a yearly statement and a letter telling me not to contact the company who was sending letters about mis sold IVA's

I would be careful about not contacting them becasue if you get to 5 years almost and they ask for a review and then decide you could have been paying more into the pot you could be asked to extend your IVA for a further year. Dont bury the head in the sand,contact GT and ask why no review has been done.(only my opinion mind)

plasticdaft wrote:

POLAND wrote:

Thanks i will let them contact me. Was just wondering why it was. They hopefully might not even contact me again for the full 5 years so i would just then be paying the same amount each month. Only contact in the year was a yearly statement and a letter telling me not to contact the company who was sending letters about mis sold IVA's

I would be careful about not contacting them becasue if you get to 5 years almost and they ask for a review and then decide you could have been paying more into the pot you could be asked to extend your IVA for a further year. Dont bury the head in the sand,contact GT and ask why no review has been done.(only my opinion mind)

Well surely their incomptetence would stop this from happening as if they havnt done a review they are in the wrong.

They should have done one, but it won't hurt to contact them to find out why they haven't.

kallis3 wrote:

They should have done one, but it won't hurt to contact them to find out why they haven't.

Why contact them to give them more money! In my eyes they are worse as bad as the people you originally owed the money too.

I agree with the others - you need to contact them otherwise you could end up with a nasty surprise.

Surely being in an IVA is better than paying off neverending debts and being chased by creditors?

I agree with Skippy.

They have probably made an administrative error, they are a reputable company.

They have given you a second chance. You may not have to pay anymore money across, but the idea of an IVA is to pay back as much as you can to your creditors, so if you are in a position to up your payments, then you should expect to do so.

Skippy13 wrote:

I agree with the others - you need to contact them otherwise you could end up with a nasty surprise.

Surely being in an IVA is better than paying off neverending debts and being chased by creditors?

It is better but some people on here actually seem to enjoy being on IVA's!!! Its a dog eat dog world out there and these IVA people couldnt give a toss about you your just another number in this dysfunctional country of ours.

I don't think you'll find people enjoy being in an IVA, more that they are pleased they no longer have the worries of their debts and that they have been given a second chance.