have you heard of this situation before?

Get expert opinion. This is the place for new questions to be posted.
27 posts Page 1 of 2
 
 

liam.cn

User avatar
Posts: 7
Joined: Mon May 03, 2010 10:05 am

Post by liam.cn » Mon May 03, 2010 10:05 am
I've had an IVA for 5 years now and it was due to end on the 1st May 2010. But i recived a letter from payplan saying due to the intrest i have to extend my payments for another 6 months. As it was a saturday i was unable to ring them so i have to wait until tomorrow. I was hoping this was the end of it all and i could start saving the money i was paying to try and get on the property ladder by the end or begining of next year. Can you tell me if youve heard of this situation before?

many thanks
 
 

TheMatrix

User avatar
Posts: 2171
Joined: Sat Mar 17, 2007 8:32 pm
Location: United Kingdom

Post by TheMatrix » Mon May 03, 2010 10:13 am
I thought all interest charges had to stop once the IVA was agreed. That is shocking if that is the case. Hope it works out for you.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
 
 

kallis3

User avatar
Forum Expert
Posts: 77170
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Mon May 03, 2010 10:33 am
It may be that it is statutory interest owed to the IP for the IVA. I know it isn't usually paid now, but it was on older ones.

It won't be interest on the debts.
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
 
 

struggling63

User avatar
Posts: 105
Joined: Sat Aug 08, 2009 6:06 pm
Location:

Post by struggling63 » Mon May 03, 2010 10:45 am
Wow, that's scary for me, as someone whose IVA is due to finish in just over 3 months time.

Can they do this at the last minute?

It seems incredibly unfair if they can, surely it is something that should have been picked up at the 4th year review?
 
 

kallis3

User avatar
Forum Expert
Posts: 77170
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Mon May 03, 2010 10:51 am
I'm only making an assumption, as I know statutory interest used to be charged.

Hopefully one of the experts will be along with advice.
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
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Mon May 03, 2010 10:56 am
A good IP would have alerted you to this at a much earlier stage, and I am suprised that they have only informed you of this at the last minute - however the proposal would have had to provide for interest. I am assuming that you will be repaying your debts in full?
Regards, Melanie Giles, Insolvency Practitioner
 
 

MrsKnight

User avatar
Posts: 3225
Joined: Thu Nov 13, 2008 12:52 pm
Location: United Kingdom

Post by MrsKnight » Mon May 03, 2010 11:46 am
Hi & welcome to the forum.

Im so sorry to here about this & have no idea. How very upsetting to feel as though your at the end n then to be informed you have another 6 months to go. I hope you get an answer n please let us know how you get on.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X



An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt

Lyns x
 
 

liam.cn

User avatar
Posts: 7
Joined: Mon May 03, 2010 10:05 am

Post by liam.cn » Mon May 03, 2010 11:51 am
I will be ringing them up first thing tomorrow to find out why I'm paying for another 6 months. My debt was £25k and with the amount I could afford to pay back it was agreed I would pay £200 p/m over 5 years. Everything has been going fine until I opened my letter on Saturday. How i'm I to know if in 6 months they expect me to pay for another 6 months?
 
 

kallis3

User avatar
Forum Expert
Posts: 77170
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Mon May 03, 2010 11:54 am
Did you have an equity release clause at all?

Is there anything in your proposal/chairmans report which mentions anything about extending?
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
 
 

liam.cn

User avatar
Posts: 7
Joined: Mon May 03, 2010 10:05 am

Post by liam.cn » Mon May 03, 2010 12:01 pm
Not that I can remember but I've never kept them which is stupid and I'm regretting it now. I'll put the full letter on here later on so you can see what it says. I'm really not happy about this especially as the letter was dated 29th April and my payments come out on the 1st of ever month and I revived the letter on the 1st may. I hope nobody else has the same problems as me when your agreements are about to end.
 
 

kallis3

User avatar
Forum Expert
Posts: 77170
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Mon May 03, 2010 12:12 pm
Must admit that I haven't come across this on the forum before. I hope you get some answers tomorrow. Let us know what happens.
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
 
 

liam.cn

User avatar
Posts: 7
Joined: Mon May 03, 2010 10:05 am

Post by liam.cn » Mon May 03, 2010 12:22 pm
Is it worth ringing the number on the top of the webpage or just seeing what payplan say tomorrow?
 
 

kallis3

User avatar
Forum Expert
Posts: 77170
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Mon May 03, 2010 12:25 pm
I think you need to speak to Payplan first before doing anything else. See what they say.
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
 
 

MrsKnight

User avatar
Posts: 3225
Joined: Thu Nov 13, 2008 12:52 pm
Location: United Kingdom

Post by MrsKnight » Mon May 03, 2010 12:48 pm
I know with our IVA we are paying 201 a month over 5 years for debts just short of 15000. Our modifications were that the iva could be extended up to 3 months to help recover costs, as our IVA company had to reduce there costs for the IVA to be accepted. I still don't know if they will n our last payment date is march/april 2013 on our direct debit agreement form.
Hope you get some answers n i think you should give them a ring in the morning. Good Luck.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X



An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt

Lyns x
 
 

kallis3

User avatar
Forum Expert
Posts: 77170
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Mon May 03, 2010 12:52 pm
Ours will probably be extended by twelve months, but that will be because we are unable to remortgage. I'm expecting it, so not too bothered.
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
27 posts Page 1 of 2
Return to “Ask IVA Forum and Industry experts”