They may have read this board and seen the negative comments.
What a lot of companies do not seem to realise is that these conversations can be found almost instantly on google.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Update: The Conference call was just to see if I could offer more money in my F&F, that's all. Now they are insisting on me providing a letter that I'm unable to re-mortgage regardless of 2 mortgage advisor's saying it's not possible and the senior manager from IVA, agreeing on phone with me a few weeks ago it will be unlikely. Now saying it's a requirement of their process to have it writing, due to the level of equity in the property. I advised him that the 3 lenders I spoke too, who all rejected me for re-mortgage, would not put in writing. Only 1 sent me a box standard letter saying I do not meet their lending criteria.
He still insists he needs it and suggest I find a lender who will put in writing and then asks me rather bluntly are you going to comply with the request Mr XXXX! Yes, I reply, I will try some others.
Still waiting to hear from regulator. Makes me laugh they even refer to T&C's in relation to this request, although it doesn't state you need to provide evidence of rejection, but they ignore them regarding the creditor meeting I requested.
Just wondering if any one had any success in complaining or being able to convince IP to call creditor meeting or put forward a FF offer.
It seems this industry just works under a code of good practice and is not legally required to follow them. Which I believe the banks use to work under "Banking Code" until the FCA /FSA took them over. Just look how they behaved!
Okay I've passed them one rejection letter from Norton Finance, but advised me they normally require two, but will speak with MR XXX (IP Man) tomorrow not in office. I then asked them if high street bank rejection letter would suffice, it doesn't state what lenders I should apply to in the T&C's and if so and I can pop up at lunch time. Response useless as per normal: "I note your comments but Mr XXxx (IP Man) is the decision maker. One of us will revert to you as soon as Mr XXX (IP man) has given his decision." Don't I know, ignores T&C's when he wishes and guess he can make a few new conditions up, if he decides.
Can you remind which company this is that is operating so unprofessionally and outside of their remit -'just so it is very clear and anyone else can know to give them a wide berth !
Also check to see if the name of the insolvency practioner (who these people are acting on behalf of) has had complaints upheld agaisnst them previously on the IPA website (good insolvency practioters name and The word disciplinary ).
Last edited by longslog101 on Thu Sep 17, 2015 1:07 pm, edited 1 time in total.
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
phew.....
I have just read through the 8 pages....
Debt Lifeboat SHAME ON YOU !!
It would seem this inflatable lifeboat is full of holes ....ba da bum... (I'll be here all week)
I really like the communications you have sent and find their responses so amateurish it is cringe worthy to think this is supposed to be a professional organisation.
Check in your agreement, but it is really interesting to note that someone has said if you do the extension the creditors will only get a small percentage of the 12 months equity extension vs what they would receive with the full and final settlement.
This combined with the reduced supervisor fees the IP would get for terminating early suggests it really is all about them enhancing their bottom line.
If you don't receive a satisfactory response and they wont put your offer forward, less an amount for the number of payments made since you first made the offer I would be inclined to write directly to the creditors who will all be listed in your original proposal and chairman reports and tell them you have tried to offer this lump sum and the date you offered it, and how much of that they would actually have received.
Tell them the IP is not willing to put your proposal forward as they have stated it is not in the creditors best interest. then go on to show how much the creditors would receive if you do the extension (where the IP firm keep half of it - or whatever percentage your agreement says), plus the extra IP supervisor fees inured the longer it takes, e.g. imagine they have just passed another invoice date and been hit with another years fees, this further reduces the amount to creditors.
Ask them to contact the Insolvency practitioner asking why it appears they are not acting in the creditors best interest but instead in their own best interests (see IPA website of misconduct - lots of people hauled up for this).
I would also send a copy of that letter to the IP and the senior manager that you have been dealing with advising that unless they put forward your F&F offer with a recommendation to accept in 5 working days this is the letter you will be sending to the creditors and a copy will be sent to the IPA (or whichever body they are part of)and the Ombudsman Gateway.
Finally, you may not want to but an on-line mortgage application could generate the written failure to attain a mortgage but will leave a foot print on your credit file, could a mortgage broker not send you a letter that says unfortunately due to your IVA you do not meet the lending requirement, there are a couple guys on here who arrange mortgages for people post IVA (name forgotten sean and vic I think) who could maybe send you such a letter to supplement your existing ones?
ps is it Philip Allen that has been cc'd in, perhaps worth cc'ing him in too if not and drawing attention to this thread discussion. If I was the MD I would appalled if my staff are communicating with clients in this unprofessional manner.
Worth adding in there that their current strategy does not seem to be representing your best interests or the creditors best interests, only their own financial interests, base don information I have read so far.
Good luck
Last edited by longslog101 on Thu Sep 17, 2015 1:46 pm, edited 1 time in total.
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
longslog thanks for your reply. Yes Phillip Allen is the IP and he basically said no to putting my offer forward and complain if I wish.
It did cross my mind in contacting the creditors about my F&F directly.
Not sure how to work the figures regarding the actual impact of taking FF £4400 to extension (£5112 18mths) with regards to the IP's bottom line. His fees just mention 15% of realisations, so not sure how this is impacted.
You won't be able to contact your creditors directly for a full and final - it has to be done via your IP unless you fail your IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>You won't be able to contact your creditors directly for a full and final - it has to be done via your IP unless you fail your IVA.
agreed, but you can write to the creditors advising it is what you are trying to do and that the maths demonstrate it would be in their best interests but the IP is not acting In THE CREDITORAS best interests so they may want to contact them too ask why !!
Well if the company IP is behind and in agreement with those comms then yes definitely worth the complaint against him, and also complain if the maths clearly demonstrates ihe is failing to represent yours or creditors best interests, many an IP have been brought up on misconduct for that.
Last edited by longslog101 on Thu Sep 17, 2015 5:28 pm, edited 1 time in total.
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
Kallis, there you go, stuck with it then. Another 18 months of this hell! The formal complaint I made to the regulator, can not force him to call a meeting, but just fine him. Not sure how this helps me or the creditors.
Do you know how the creditors would end up with less by going down the extension option rather than accepting the Full and final? How it hits the IP's bottom line.
The possible problem with that is that some of your debts may have been sold on and you have no idea who the company is.
Certainly sounds as though a complaint is in order after the comment he made.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
longslog: I can't see in the T&C's about me requesting a creditors meeting to put my full and final offer forward, needing the backing of Mr Allen(IP).
The condition below in my IVA:
Part IX
MEETINGS OF CREDITORS
19(2) If requested in writing by you, or by creditors with at least one-quarter in value of the total amount of debts subject to the arrangement, the supervisor must call a creditors meeting within 21 days from receiving such request, unless the court decides he/she need not do so.
Mr Allen just decides he doesn't need to follow this, unless I offer £7500.
No good,complaint came back which advised the IP could consider F&F in relation to 85% of equity and so not call the meeting if not within this area. The whole industry is a unregulated scam, just like the banks were when just using the Banks codes of practice, means nothing.
We call meetings all the time even if we do not think creditors will accept them. It is the client's right to put it forward and for creditors to make the decision.
