Changing IP's?

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3 years in

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Joined: Sun Jun 20, 2021 10:39 am

Post by 3 years in » Sun Jun 20, 2021 1:46 pm
Hi MIchael,
I saw from the experts page that you work for Cambridge McDuffy, which is why I'm approaching you with my dilemma. I am in my second IVA - yes I know. The first time was, I suppose,the consequence of mounting up too much debt on credit cards and loans etc. which over time became unmanageable. I saw the previous IVA through until the end, with Cambridge McDuffy, and was very happy with the advice, response time etc and overall it was a fairly posistive experience (as much is it could be) with questions and concerns being responded to in a timely manner by intelligent and responsive people. Then a few years later my brother was diagnosed with a terminal illness and came to stay with me for the last few months of his life. I gave up work and maxed out credit cards really not caring at the time about any consequences. Then he passed away and I realised once again, that the debt had become unmanageable. So I went back to work and applied for another IVA with a different company. I really regret not approaching Cambridge McDuffy again because I'm not happy with the service I'm getting with the new IP. There have been 3 reviews, in February of each year, and as before I haven't missed a payment. However Mid May this year I had a phone call saying that my payment needed to increase by over £100 per month. Two weeks ago I rang them and asked why it has increased. They said 'oh it will be because of a bonus or something like that'. So I asked for a copy of the review paperwork and the justification for the increase. I have had no response yet and I have just emailed them asking for this to be chased up.
To cut a long story short, my question is - is it possible to change IPs half way through? Probably not but I think it's worth asking. And what, if anything, can I do to challenge their increase? With the review date being every February I don't understand why the increase request came in June. Any advice you can give me would be welcome!

Foggy

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Post by Foggy » Sun Jun 20, 2021 1:59 pm
Hi. Michael rarely visits the forum these days with his work taking him in different directions. However, to answer your question : No, you cannot change IPs yourself and will need to find ways to work with your current firm.

As for the review ( if this is what has led to the increase ). They are supposed to happen and be completed within 2 months of the IVA anniversary date, so to be landed with an increase a few months after this is not really on ! Nor, indeed, is the lack of a response to a perfectly reasonable question. I would make a formal request / complaint direct to your IP which can then be escalated to their regulatory body, if needs be. The RB will not directly intervene but can impose fines ( sometimes quite hefty) on IPs who fall short of good practice and, often, the threat of this is enough to focus the IPs attention !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

3 years in

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Joined: Sun Jun 20, 2021 10:39 am

Post by 3 years in » Mon Jun 21, 2021 6:51 am
Thank you Foggy. That's really helpful. I thought it very likely that I wouldn't be able to change IPs but it was worth checking just to be sure. I'll wait for a reply from my email and then do what you suggest if I haven't heard anything. Thanks again.
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