Just wondered if anyone could add some clarity to a letter I received from Egg yesterday. Our IVA was approved on 24 August and Egg did vote on it. They have now sent me a letter stating that they have been informed that our IVA has been approved but go on to say that under the terms and conditions of my credit card agreement they now require payment from me of the full amount owed. They have said that they will liase with our IP for this payment but may need to contact us should they require any further information.
Is this right? My understanding was that once the IVA is approved all creditors are bound by it.
I do intend to speak to our supervisor regarding this but will have to wait until Monday. Does anyone have any advice or info regarding this?
Just let your IP know. They can't demand full payment at all.
Don't worry about it.
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.
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I wouldnt worry about it, we had a few letters of this type during the IVA. I think it's a requirement of some banks/lenders etc to keep you advised of the full amount outstanding, which it technically is until the IVA ends. They have said they will liase with your IP so wouldnt worry just send them a copy. The best one we had was from the tax office, same secnario each year, we had a statement with added interest so sent it to our IP, then received a new statement with the interest removed, the following year same thing happened - interest added then removed, and again the 3rd year! Their postage/admin costs must be huge as I doubt we were the only ones this happens to!
Easy to say dont worry but as Lesley says they are bound by the terms of the IVA, so you shouldnt.
Hi Dumbeh, please don't worry - one of my creditors was Egg as well and for quite a large sum - I also got that letter and like you I came on here straight away. As a rule Egg do send out these letters - just pass it on to your IP Company and they will deal with it. Honestly, it's nothing to worry about - and they are bound by the terms of the IVA and can't ask you for the whole amount to be paid. Further along the future you will probably also receive another one from them saying they have sold your debt on - again nothing to worry about. [:)]