Hi, hopefully will soon be in or IVA, i have asked a similar question,but need to double check on things. We also have a secured loan with first plus,3 years into it no payments missed etc,cccs have said they would also have to notify them if IVA is approved. Can First plus then suddenly change our payments or terms regarding the loan because of this?
I'm afraid First Plus can alter your payments, they will also be informed of 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
We have a secured loan with Picture Finance (another shark), who like First Plus are hemorrhaging money. Picture were informed of our IVA by our IP, and they contacted us asking if they can assist by way of debt counselling.
I explained to them that the best way going forward is to keep a lid on any movement in respect of our monthly payment. Everytime the BoE raise the interest rate, they [Picture] raise their rate; but when the rate falls - you guessed it no movement whatsoever. having had a mini strop with them, I explained in nice terms, that if the IVA becomes unaffordable we will have to go BR; surrender the property and include their 2nd charge within the petition.
No doubt this gave there representative some food for thought. I would say to date though, our payments have been unaffected by our IVA.