Help my husbands IVA has been terminated after paying 60 months

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gemma2506
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by gemma2506 » Wed Nov 29, 2017 9:08 pm
Help my husbands IVA has been terminated after paying 60 months because we failed to supply wage slips
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Foggy
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by Foggy » Wed Nov 29, 2017 9:26 pm
Why did you not provide the wage slips ? This seems harsh at that stage of the arrangement -- has a termination notice been issued yet ? You could stop this happening if you comply asap and get the IP to agree not to terminate.
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gemma2506
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by gemma2506 » Wed Nov 29, 2017 9:40 pm
Thanks for coming back to me!
I am sooo stressed!
Basically half way through our Iva my husband had little choice but to go self employed, this meant that he didn’t get a wage slip any longer but needed to wait until end of year for a tax returns, very stupidly we forgot to send in!

The Iva just came out of the account and we didn’t give it a second thought

Yes they have issued a letter of termination to my husbands side of it but mine is completed - can anyone recommend where we can go from here

Thanks
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Foggy
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by Foggy » Thu Nov 30, 2017 7:51 am
If it has been formally terminated there is little you can do. I would still make a plea to the IP to see if he can yet reverse the situation (unlikely, but worth a try). Did he not send a Notice of Breach, reminding you that the accounts were still to be submitted ? How did they carry out the annual reviews ? On the face of it they do not appear to have been doing their bit either! You might have cause for complaint to their regulators.

However, you are now in the position where your husbands creditors can pursue him for the original debt plus lost interest --- I would have an urgent chat with either your IP or another firm to propose a new IVA or to explore other options to deal with the debts.

Might I ask who the firm you are dealing with is ?
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gemma2506
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by gemma2506 » Thu Nov 30, 2017 9:50 am
Hi
Yes it is freeman jones who are basically refusing to help!

I really don’t know what to do?!

We own a house and don’t want to loose it (we don’t have any equity in the house)

What would you advise is the best cause of action now?

I have lodged a formal complaint with freeman jones as I don’t feel that we were given the correct information.

I am gutted as we never missed a payment at any stage and in actual fact our wages are a lot less than what we first declared due to my husband being self employed.
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Foggy
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by Foggy » Thu Nov 30, 2017 10:20 am
If the formal complaint gets nowhere you can escalate it to the regulators via the government gateway using this link:

https://www.gov.uk/complain-about-insol ... actitioner

The regulator, however, will not intercede on your behalf -- they will merely investigate the matter and, if found against FJ, will issue a reprimand and maybe a fine. So, in the meantime you need to sort out a solution for the debts and I suggest you chat with another firm to see how the land lies. Use a company well versed in the needs of the self employed and I would avoid the large "IVA factories".
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Keith White
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by Keith White » Thu Nov 30, 2017 3:17 pm
The other option I guess is that if your husband's income is now less than when you started the IVA - and there is no equity in your property - is whether bankruptcy would draw a line under this? But do take further advice.
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Freeman Jones
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by Freeman Jones » Thu Nov 30, 2017 5:26 pm
Dear Gemma2506,

My name is Ian, one of the team here at Freeman Jones. Thanks for the post.

Clearly, I can’t go into great detail about your husband’s IVA here on the Forum.

IVAs are an extremely effective debt solution, providing that all parties involved keep to their part of the bargain. For the customer this includes making the payment each month and providing evidence of income – in the form of pay slips (or tax returns for the self-employed). We have a long and exhaustive chase process to ensure that we have all the information we need to conduct each Annual Review and keep the IVA on track.

Failing an IVA really is the last thing we want to do and we work very hard to contact customers and give them every chance to provide the evidence we need. Before an IVA is failed we submit a variation to the creditors bound by the IVA, presenting all the evidence and asking them if we should fail the IVA or not. We give customers four week’s notice of this process – and if the correct evidence is submitted at any time then we can keep the IVA going.

We will of course investigate your husband’s complaint and respond directly to him in detail.

Thank you,



Ian
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Foggy
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by Foggy » Thu Nov 30, 2017 6:11 pm
Thank you Ian.

Gemma -- I hope this can be worked out for you and your husband. Please do let us know how you get on. Good luck.
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gemma2506
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by gemma2506 » Thu Nov 30, 2017 11:02 pm
Thank you all for taking the time to comment.

So present we are in limbo and are completely panic stricken (4 weeks before Christmas and with 3 children is like worst timing)

Ian - I completely understand where you are coming from and we take full responsibility for the fact that we didn’t supply the tax returns on time, an oversight on our behalf; it is just so very disappointing that nothing can be done by yourselves to help us know

Feel sick thinking about what the future holds at the minute.

Once again thanks all - support is appreciated!

Regards
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Foggy
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by Foggy » Fri Dec 01, 2017 8:00 am
gemma2506 wrote:
Thank you all for taking the time to comment.

So present we are in limbo and are completely panic stricken (4 weeks before Christmas and with 3 children is like worst timing)

Ian - I completely understand where you are coming from and we take full responsibility for the fact that we didn’t supply the tax returns on time, an oversight on our behalf; it is just so very disappointing that nothing can be done by yourselves to help us know

Feel sick thinking about what the future holds at the minute.

Once again thanks all - support is appreciated!

Regards



Gemma -- please don't be so quick to shoulder the full responsibility. As Ian says they " have a long and exhaustive chase process to ensure that we have all the information we need to conduct each Annual Review and keep the IVA on track." -- it would seem that that might not have happened. Let Ian check it out and get to the bottom of this.
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